ARPA Update - New Tracking System

No new Special Financial Assistance (SFA) grants have been approved this week, as we continue to sit with five pension plan applications that have been approved by the PBGC to date. However, the House Committee on Education and Labor that is Chaired by Congressman Bobby Scott (D., VA) has released a Multiemployer Pension Rescue Tracker to highlight the pensions "saved" and businesses protected under the American Rescue Plan Act (ARPA). To date, the ARPA legislation has supported through the SFA grants the pensions for 8,088 participants and roughly 170 businesses (contributing employers). The number of businesses may be inflated as some of these contributors may participate in more than one of the approved plans. It is a good start, but much more needs to be done as the five plans represent a very small subset of those plans that remain eligible to file and receive grant money.