USA: Milliman 2024 Corporate Pension Funding Study
Despite the funded ratio of the Milliman 100 pension plans decreasing slightly during FY2023 to 98.5% from 99.4% at the end of FY2022, this is still much better than in years 2008 to 2020, when the funding deficit ranged from $188 billion to $382 billion. A deficit of $19.9 billion this year put corporate DB plans of the Milliman 100 companies within striking distance of achieving full funding.
The 2024 edition of the Milliman Corporate Pension Funding Study (PFS) is our 24th annual analysis of the financial disclosures of the 100 U.S. public companies sponsoring the largest defined benefit (DB) pension plans. These 100 companies are ranked highest to lowest by the value of their pension assets as of the end of fiscal year (FY) 2023. These values have been reported to the public, to shareholders, and to the U.S. federal agencies with an interest in such disclosures.
Key results for 2023
- The funded percentage decreased from 99.4% to 98.5%.
- The pension deficit increased from $8.5 billion to $19.9 billion.
- The average return on investments was 7.2%.
- The average discount rate decreased from 5.18% to 5.01%.
- The average expected return on assets assumption increased from 5.8% to 6.4%.
Contacts
Zorast Wadia
Principal and Consulting Actuary, Milliman
VIEW PROFILE
Email:
zorast.wadia@milliman.com
Tel: +16464733315
Zorast Wadia
Principal and Consulting Actuary, Milliman
Zorast Wadia is a principal and consulting actuary with the New York office of Milliman. He joined the firm in 2002. In addition to his client responsibilities, Zorast manages a team of actuarial analysts and is the principal author of the Milliman 100 Pension Funding Study.
Contacts
Zorast Wadia
Principal and Consulting Actuary, Milliman
VIEW PROFILE
Email:
zorast.wadia@milliman.com
Tel: +16464733315
Zorast Wadia
Principal and Consulting Actuary, Milliman
Zorast Wadia is a principal and consulting actuary with the New York office of Milliman. He joined the firm in 2002. In addition to his client responsibilities, Zorast manages a team of actuarial analysts and is the principal author of the Milliman 100 Pension Funding Study.