Milliman PFI funded ratio rises to 107.8% thanks to 2.13% monthly return

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.

The funded status of the Milliman 100 PFI plans improved by $23 billion during April, driven by strong investment returns of 2.13%. This lifted the funded ratio from 105.9% at the end of March to 107.8% at the end of April—the highest mark recorded since October 2007, when it stood at 108.1%. Plan assets increased by $20 billion during the period to $1.297 trillion, while the projected benefit obligation fell to $1.204 trillion as the monthly discount rate edged up one basis point, to 5.66% from 5.65%.

"After a flat first quarter, the funding surplus grew to $94 billion at the end of April, primarily due to strong market returns," said Zorast Wadia, author of the Milliman 100 PFI. "This means plan sponsors continue to have more pension risk management options as plans move further into surplus territory."

Looking ahead, under an optimistic scenario (discount rate reaching 6.06% by end of 2026 and 10.61% annual returns), the funded ratio could reach 116% by end of 2026 and 129% by end of 2027. Under a pessimistic scenario (5.26% discount rate and 2.61% annual returns), the funded ratio could fall to 101% by end of 2026 and 92% by end of 2027.

Read this month’s complete Pension Funding Index or Milliman’s full range of annual Pension Funding Studies. For regular updates of Milliman’s pension funding analysis, email pensionfunding@milliman.com.

About Milliman

Milliman leverages deep expertise, actuarial rigor, and advanced technology to develop solutions for a world at risk. We help clients in the public and private sectors navigate urgent, complex challenges—from extreme weather and market volatility to financial insecurity and rising health costs—so they can meet their business, financial, and social objectives. Our solutions encompass insurance, financial services, healthcare, life sciences, and employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe. Visit us at milliman.com.

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After a flat first quarter, the funding surplus for the 100 largest corporate pension plans grew to $94 billion at the end of April.