The Fall 2019 Multiemployer Pension Funding Study updates the estimated funded status of U.S. multiemployer plans as of June 30, 2019, showing the change in funding levels from December 31, 2018. The estimated investment return for our simplified portfolio for the first six months of 2019 was about 13.4%, nearly double many plans’ annual investment return assumption. Overall, multiemployer plans have recovered much of the investment losses suffered during 2018. The aggregate funded percentage for multiemployer plans is estimated to be 82% as of June 30, 2019, up from 74% at the end of 2018. For most troubled plans, the rebound in funded status is not as pronounced.