Pension plan funding dips in April
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Hit by sliding interest rates, which boosted plan liabilities, the funded status of very large pension plans sponsored by public companies slipped in April, according to a Milliman Inc. survey released Monday.
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Defined benefit plans offered by U.S. employers with the 100 largest pension programs were an average of 77.1% funded as of April 30, down from 78.1% as of March 31.
“As we've seen so many times, interest rates are driving the funded status for these 100 pensions,” Zorast Wadia, a Milliman principal and consulting actuary in New York, said in a statement.
At the end of April, the plans had $1.381 trillion in assets and $1.792 trillion in liabilities, resulting in a funding deficit of about $411 billion, an increase of about $25 billion compared to the end of March.
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