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The news keeps getting worse for large corporate pension funds.

Just one week after a UBS Global Asset Management survey indicated that U.S. pension funding ratios fell an average 11% in the first quarter and 24% in the past nine months, a Mercer survey found that changes in the value of the assets and liabilities of S&P 1500 companies’ pension plans wiped a collective $70 billion off their balance sheets. In just three months, says Adrian Hartshorn, a principal in Mercer’s financial strategy group, the group has gone from being overfunded with a funded ratio of 103% to only 99% funded at the end of March.

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