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

Welcome to May. Yes, it is only the beginning of May, but I’m already looking forward to football season, as my “beloved” Mets can’t find a win! It just goes to show that money alone can’t buy a winner.

But, money, especially Special Financial Assistance (SFA) can buy and SECURE lots of promised benefits. In fact, $77.9 billion in SFA grants have gone to supporting the pensions for 2,017,527 American workers/retirees. Just incredible!

As the program winds down, there is less to highlight in the weekly updates. In fact, this week’s review includes just one action item. PMPS-ILA Pension Plan and Trust, a transportation union from Moss Point, MS, has withdrawn its initial application. They were hoping to secure $666k for the 90 plan participants. They will now go back to the drawing board with a revised application.

Teamsters Local 277 Pension Fund, a Hempstead, NY, fund is waiting on payment of their approved SFA. They will receive $20.6 million in SFA grants and interest.

For those pension plans still hoping to secure an SFA grant, U.S. interest rates continue to rise, with the 30-year U.S. Treasury bond yield hitting 5% this morning (5.01% at 10 am). Higher rates mean greater cost reduction to secure those pension promises. Any plan that received SFA that hasn’t engaged in cash flow matching should seriously consider doing so at this time.