By: Russ Kamp, CEO, Ryan ALM, Inc.
I hope that those of you in the Northeast weren’t too badly impacted by this weekend’s nor’easter. For those of you who are like me and had no idea what the difference is between a hurricane and a nor’easter, here are three main differences. A nor’easter is an extratropical (non-tropical) cyclone, that is formed through temperature contrasts between warm and cold air masses, and usually hugs the U.S. East Coast or nearby Atlantic ocean. A hurricane is a tropical cyclone, formed over warm water in tropical or subtropical oceans. Lastly, the nor’easter season is generally Fall to early Spring, while hurricane season is June to November.
Regarding ARPA and the PBGC’s effort to implement this important legislation, the week wending September 25th was relatively calm, as there was one initial application submitted, one application seeking SFA approved, and another withdrawn. There are currently 38 applications before the PBGC.
Brooklyn, NY-based Production Service and Sales District Council Pension Fund, a non-priority fund, submitted its initial application seeking $92.1 million in SFA for the 3,848 members of the pension fund. As with many of the recently submitted applications, this plan is located in the Second Circuit. On the other hand, Retirement Plan of Local 1102 Retirement Fund, also a non-priority fund, withdrew its initial application in which it sought $3.7 million for the 220 members of that plan.
I’m pleased to report that Bakery Drivers Local 550 and Industry Pension Fund has FINALLY received approval for its application. As you may recall, this plan has been on a merry-go-round in its pursuit of SFA grant money. They were initially denied due to ineligibility back in January 2023. This priority Group two member resubmitted an application in May 2025 only to have that application denied. Well, they must have gotten all their ducks in order, because on September 18, 2026, they were approved for $144.5 million in SFA for its 1,122 participants. Congratulations!
In other ARPA news, there were no plans denied and not others sought to be added to the waitlist.
Timing is everything in life, and for those plans that are about to receive SFA grant assets, their timing couldn’t be better, as U.S. interest rates continue to move higher providing plan sponsors with a great opportunity to secure those promised benefits at substantially reduced future values. Let us know how we can help you.
