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

New Jersey’s current weather is like standing in front of a blast furnace, and it will only get worse, so I flew to Orlando, FL to “cool” off at the FPPTA annual conference (42nd annual event). We live in strange times!

Regarding ARPA and the PBGC’s implementation of this critical legislation, things are heating up a bit, too. There was one application approved for SFA by the PBGC and another resubmitted. Columbus, Oh-based Bricklayers Local No. 55 Pension Plan, a non-priority group member, had its revised application approved that will award the fund with $7.2 million in SFA and interest for its 483 members.

In other news, Pension Plan of International Union of Bricklayers and Allied Craftworkers Local #15 Pennsylvania, an Allentown-based construction fund, has filed a revised application seeking $5.6 million in SFA for its 165 plan participants.

No pension funds were denied the opportunity to file based on eligibility and no funds withdrew applications. There were also no systems added to the waitlist. There remains one non-Mass Withdrawal plan on the waitlist that has yet to file an initial application.

There are 38 funds that could still receive SFA considerations exclusive of the 80 Mass Withdrawal funds residing on the waitlist. Three Priority Group members have yet to file an initial application, which seems strange to me, while 35 others have either applications currently before the PBGC (9) or have withdrawn previously submitted applications.

We will not be providing another ARPA update until after the Fourth of July. We wish for you and your family a wonderful long weekend. Stay safe and happy 250th.