U.S. corporate pension plans' funded status dropped by 3.8% in January to 79.7%, BNY Mellon reported Monday.
The S&P pension deficit of companies with defined benefit plans was also estimated to have increased by $83 billion to $411 billion over the month as assets fell to $1.6 trillion, and liabilities rose to more than $2 trillion, according to the BNY Mellon Institutional Scorecard.
Despite asset returns of -5.2% over the past year, the typical U.S. corporate pension plan's funded status has increased by two percentage points over the last 12 months, up from 77.7%.
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