Milliman analysis: Despite June dip, corporate pensions close strong second quarter 109.5% funded
Milliman PFI plans gained $39 billion in funded status during Q2 after 4.81% quarterly returns
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.
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 period, to $1.208 trillion, as the monthly discount rate fell 1 basis point to 5.61%. The funded ratio dipped to 109.5% as of June 30.
Despite June’s decline, overall second-quarter gains of 4.81% lifted PFI plan assets by $41 billion for the period, while liabilities rose by only $2 billion. June’s funded ratio is ahead of the 106.1% seen at the start of 2026.
