By: Russ Kamp, CEO, Ryan ALM, Inc.

I hope that you’ve enjoyed a great first third of the year.

As the PBGC’s implementation of the critical ARPA pension legislation winds down, these updates will become less robust, including this one, as the only activity centered on the withdrawal of an application. Cincinnati-based, Plasterers Local #1 Pension Plan, withdrew its initial application originally filed on January 27, 2026. They were seeking $2.6 million for 217 plan members.

There are currently 9 applications being reviewed by the PBGC, including three initial applications that must be acted on during May prior to the exhaustion of the 120-day window. The remaining applications currently being reviewed have all been revised at least once. Those begin hitting their 120-day window starting June 25th and running through August.

U.S. interest rates remain at attractive levels for any fund receiving SFA to defease and secure the pension promises (and expenses). With uncertainty surrounding the impact of rising oil prices on near-term inflation, rates are likely to remain elevated.