By Tim Connor, Rex Barker, Timothy Herman & Nina Lantz

The results in this study were derived from publicly available IRS Form 5500 data filed through June 2026 for all multiemployer DB plans, numbering around 1,200 plans. Data for a limited number of plans that clearly were erroneous was modified to ensure that the results were reasonable and a sufficiently complete representation of the multiemployer universe. Such adjustments were associated with an immaterial number of plans.

Liability amounts were based on unit credit accrued liabilities reported on Schedule MB and were adjusted to the relevant measurement dates using standard actuarial approximation techniques. For this purpose, each plan’s monthly cash flow, benefit cost, and actuarial assumptions were assumed to be constant throughout the year and in the future. Projections of asset values to the measurement date reflect the use of constant cash flows and monthly index returns for a simplified portfolio composed of 40% public equity, 8% private equity, 28% investment grade debt, 4% high-yield debt, 9% real assets, 2% cash and cash equivalents, and 9% other. This asset portfolio is based on the average asset mix reported on Form 5500 Schedule R, weighted based on each plan’s reported market value of assets.

Changes to an individual plan’s data or assumptions would likely not have a significant impact on the aggregate results or the conclusions in this study.

This study reports on funded percentages and levels based on one reasonable measure of funding for these plans, where liabilities are developed using each plan’s assumed return on assets as the discount rate. Other methods of measuring liabilities and funding statuses may produce different results.

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