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Member, Beacon International Group, Ltd.
The funding levels of pension plans sponsored by large, publicly held U.S. employers rose slightly June and were significantly higher than the end of last year, Milliman Inc. said in an analysis.
Defined benefit plans offered by the 100 U.S. employers with the largest pension programs were on average 87.0% funded as of June 30. That’s up from an average funding level of 85.5% at the end of May, 84.1% at the end of last year and 74.2% in June 2010, according to the Seattle-based consulting and actuarial firm.
While the market value of assets held by the plans slipped to $1.241 trillion from $1.250 trillion, plan liabilities also declined by $35 billion, due primarily to a decline in corporate bond interest rates used to value pension liabilities.
In all, plan liabilities fell in June to $1.427 trillion, down from $1.462 trillion at the end of May.
TRENTON, N.J.—New Jersey public employees will contribute more toward the cost of their health care and pension plan coverage under legislation that Gov. Chris Christie signed into law Tuesday.