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

So, how was your weekend? Ours was a bit crazy, as we welcomed two new granddaughters into the family. Both girls – not twins – were born on Friday, August 7th, 3 1/2 hours and three rooms apart at the same hospital! My wife and I are now blessed with 13 grandkids! It was quite the weekend.

Regarding ARPA, I’m pleased to report that the PBGC continues to invite more plans to submit applications for the SFA grant, including Bakery Drivers Local 550 and Industry Pension Fund, that was denied the opportunity to submit an application due to ineligibility initially in January 2023 and then again September 2025. They have now been able to file again due to the Supreme Court declining to review the Second Circuit Courts ruling. Will the third time prove to be the charm?

There are currently 14 funds in the queue to have their applications reviewed by the PBGC. These 14 funds are seeking $569 million in SFA for >25k American workers and retirees.

There is little to report outside of the two additions to the waitlist, as no applications were approved, denied, or withdrawn. Furthermore, neither of the two additions under review came from the waitlist. There remains only one application under review from the roughly 80 mass withdrawal candidates. I’ll provide more on this subject in a separate blog post.

U.S. interest rates continue to rise as Middle East uncertainty roils oil markets fueling inflation concerns. We recently completed an analysis for a pension plan that asked us to defease 30-years of liabilities. The YTM on that portfolio was 6.03% – incredible! That’s 6% for the life of the program no matter what happens to oil, inflation, interest rates, equity markets, etc.