July 2026
08Jul

US. Milliman analysis: Despite June dip, corporate pensions close strong second quarter 109.5% funded

(BUSINESS WIRE)--Milliman, Inc., a premier global consulting and actuarial firm, today released its monthly Milliman 100 Pension Funding Index (PFI), which analyzes the 100 largest U.S. corporate pension plans. June’s funded ratio is significantly ahead of the 106.1% seen at the start of 2026 The funded status of the Milliman 100 PFI plans fell by $2 billion during June, after 0.42% investment returns caused plan assets to slip to $1.323 trillion as of June 30. Plan liabilities also rose during the...

July 8, 2026
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June 2026
25Jun

US. Trump asks Congress for $1 billion to boost pensions of former GM parts company workers

The White House asked Congress on Wednesday for $1 billion to boost the pensions of workers at former ​General Motors (GM.N), opens new tab auto parts unit Delphi that were cut during the Detroit ‌automaker's 2009 bankruptcy restructuring. The White House is also seeking $1 billion to help reconstruct New York's Penn Station and $500 million to support ongoing construction projects at Washington's World War II memorial and ​the Tidal Basin as part of a supplemental funding request. The White House ​also wants...

June 25, 2026
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16Jun

US. Investment Returns Outweigh Small Liability Jump for Pension Finances

Surging investment returns outpaced slow-growing liabilities in May, bringing the funded status of the 100 largest U.S. corporate defined benefit pension funds to 109.6%—the highest ratio recorded since the 109.9% mark observed in July 2001—according to Milliman’s Pension Funding Index. Thanks to last month’s robust 2.22% investment return, more than quadruple Milliman’s expected rate of 0.53%, the market value of Milliman 100 plan assets grew $22 billion during May. The projected pension liability for Milliman 100 plans increased by $4 billion over...

June 16, 2026
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12Jun

France faces deeper pension deficit as population ages

France is on track to run a larger-than-expected pension deficit from 2045 as falling birth rates and an ageing population put increasing pressure on the country's retirement system, according to the body that monitors its sustainability. The French Pensions Advisory Council said a recent downward revision to the fertility rate had worsened the outlook, with the gap between contributions and pension payments now expected to reach 2.4 per cent of GDP by 2070. Falling birth rate worsens outlook The updated forecast was based...

June 12, 2026
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May 2026
29May

Global Pensions at a Glance

The availability of pension fund income to retirees in a country is one indicator of how much people can spend in retirement. Countries dominated by defined contribution plan retirement systems continue to work on how best to convert retirement savings into retirement income and research shows that when people are not confident about income in retirement, spending slows. In a global consumption-based economy, the amount consumers can spend will drive economic activity and demographics will determine how many consumers are...

May 29, 2026
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22May

Investment Decisions of Defined Benefit Pension Plans

By Zhichuan Frank Li, Jun Wang & Yuqi Zhang This paper examines the determinants of defined benefit (DB) pension plan investment decisions of U.S. corporations with the largest 100 DB plans (Milliman 100 companies). We test two contradicting theories on DB plans. The risk-management theory indicates that firms tend to reduce risk in their pension investments when facing high risk, and the risk-shifting theory predicts the opposite because the funds’ downside risk is hedged by federal government insurance. We find...

May 22, 2026
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April 2026
21Apr

US. Pension surplus era reshapes strategy as corporate plans rethink risk and returns

US corporate pension plans are entering 2026 in a position of strength, but that progress is reshaping, not simplifying, decision-making. A new report from BlackRock finds average funded ratios for defined benefit plans have reached roughly 108%, up sharply from about 87% in 2018. With many plans now overfunded, sponsors are shifting focus from closing deficits to preserving gains and determining how best to deploy surplus assets. That shift is altering long-standing investment approaches, particularly around liability-driven investing. While LDI allocations expanded significantly...

April 21, 2026
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08Apr

US. Milliman analysis: March market declines end 11-month streak of corporate pension funding improvements

Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its Milliman 100 Pension Funding Index (PFI), which analyzes the 100 largest U.S. corporate pension plans. During March, investment returns of -3.33% caused PFI plan assets to fall to $1.298 trillion. Meanwhile, a 32-basis-point increase in monthly discount rates, to 5.65%, caused liabilities to fall to $1.192 trillion. The funded ratio slipped from 109.3% as of February 28 to 108.9% as of March 31. Still, the...

April 8, 2026
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March 2026
20Mar

Employee Satisfaction and Pension Shortfall Risk

By Annita Florou, Meng Li, Peter F. Pope & Nipat Puangjampa Defined benefit (DB) pension plans are important to employee welfare. However, they carry risk as they are subject to minimum funding requirements. We examine the effect of a relaxation in pension funding rules on employee satisfaction by exploiting the adoption of the Moving Ahead for Progress in the 21st Century Act (MAP-21). We find that employees of DB firms are less satisfied with their firms and their senior managers, after...

March 20, 2026
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17Mar

US. How every state’s public pension system ranks

Reason Foundation’s 2025 Pension Solvency and Performance Report ranks every state’s pension system across five dimensions—funded status, investment performance, contribution adequacy, asset allocation risk, and the probability of meeting assumed returns—based on the latest fiscal year data from nearly every major plan in the country. The sections below summarize the strongest and weakest performers in each category. For each state, the results reflect the aggregate values of its major pension systems, including plans administered at both the state and local...

March 17, 2026
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