The funded status of the Milliman 100 companies declined by $131.3 billion in 2014 as plan liability increases overwhelmed robust asset management gains, and annual contributions declined to $39.8 billion from $44.2 billion in 2013. Pension expense in 2014 was $37.1 billion, a $4.8 billion increase from 2013. The overall funded ratio fell to 81.7% at the end of 2014 from 87.7% at the end of 2013. Equity allocations in the pension portfolios dropped to 37.3% by the end of 2014, marking their lowest concentration in the 15-year history of the Milliman Pension Funding Study.
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2015 Corporate Pension Funding Study
For pension plans with substantive allocation to fixed income investments, declining interest rates made 2014 a banner year.
John Ehrhardt, Alan Perry, Zorast Wadia
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