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

We hope that you had an incredible Labor Day weekend. It turned out to be a spectacular weather weekend in New Jersey. Hope that it was great where you live.

Regarding the PBGC’s effort to implement the ARPA pension legislation, there is now quite the list of plans (35) that have submitted applications seeking SFA, including two funds that submitted initial applications. Asbestos Workers Union Local No. 64 Pension Plan, a Priority Group 1 pension plan is seeking $12 million for their 109 participants, while the Southern Council of Industrial Workers United Brotherhood of Carpenters and Joiners of America AFL/CIO Pension Plan hopes to secure $5.8 million for its 600 members. The Asbestos Workers plan is the last Priority Group 1 member to submit an initial application. All but three of that cohorts 30 members have already received SFA.

In other news, there were no applications approved, denied, withdrawn, or asked to rebate a portion of the SFA received.

The Southern Council’s submission is the 17th application from a plan that identifies as a Mass Withdrawal casualty prior to 2020. Of the 17 submissions, 16 are from funds located in the Second Circuit. Only California Winery Workers Pension Plan Trust is a Mass Withdrawal plan not located in the Second Circuit. Will there be others?

As mentioned previously, U.S. rates are providing recent and future recipients of SFA a unique opportunity to secure promised benefits at great cost savings. We’d be happy to model what a CFM strategy could do for you and your members. Don’t hesitate to reach out to us.