Peter Austin, executive director of BNY Mellon Pension Services, explained in a press release that while the stock market decline resulted in a decline in pension plan assets, this was offset by higher yields on longer-term corporate bonds that resulted in lower liabilities for the typical pension plan.
BNY Mellon’s Pension Liability Indexes showed the assets of the typical moderate risk pension plan benchmark portfolio declined 0.3%, slightly less than the 0.5% fall in liabilities at the average pension plan, according to the release. For the year to date, the funded status of the typical U.S. pension plan has declined 3.6%.
Additional information is at www.bnymellon.com .
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