The Spring 2019 Multiemployer Pension Funding Study reports on the estimated funding status of all U.S. multiemployer plans as of December 31, 2018. The estimated investment return for our simplified portfolio for the 12 months ending December 31, 2018, was about -5%, resulting in double-digit losses compared to plans’ investment return assumptions. The average investment return assumption dropped from 7.34% in our Fall 2018 study to 7.26%. The aggregate funded percentage for multiemployer plans is estimated to be 74% as of December 31, 2018, down from 81% as of June 30, 2018. Many critical and declining plans will not be able to avoid insolvency without additional tools or options. Since 2008, the majority of plans are trending toward stronger financial health despite investment setbacks.