Corporate Pension Funding Declines After 11-Month Streak

Milliman analysis finds March market losses end period of improvements

Apr. 7, 2026 at 4:22pm

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An extreme close-up of gears, levers, and other heavy industrial banking mechanisms, dramatically lit to convey a sense of institutional power and financial security.The complex inner workings of the financial system reflect the stability and security of corporate pension plans, even as market volatility impacts short-term funding levels.Seattle Today

A new Milliman analysis has found that corporate pension funding levels declined in March 2026, ending an 11-month streak of improvements. The analysis indicates that the funded status of the 100 largest U.S. corporate pension plans fell from 98.1% at the end of February to 97.1% at the end of March, as investment returns declined amid broader market volatility.

Why it matters

Corporate pension funding levels are a key indicator of the financial health of major U.S. companies and their ability to meet long-term obligations to retirees. The end of the 11-month improvement streak suggests increased financial pressure on some of the country's largest employers.

The details

According to the Milliman analysis, the decline in funded status was driven by a 1.1% drop in asset values for the 100 plans, which offset a 0.1% decline in pension liabilities. The analysis notes that the funded status remains above the 95.6% level recorded at the end of March 2025.

  • The 11-month streak of pension funding improvements ended in March 2026.
  • Pension funding levels declined from 98.1% at the end of February 2026 to 97.1% at the end of March 2026.

The players

Milliman

A leading actuarial and consulting firm that provides the analysis of corporate pension funding levels.

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The takeaway

The end of the 11-month streak of pension funding improvements suggests that some of the country's largest employers may face increased financial pressure in meeting long-term obligations to retirees, though the overall funded status remains above the prior year's level.