The funding deficit for the nation's 100 largest corporate pension plans grew in September, increasing by $124 billion, according to Milliman's 100 Pension Funding Index. This was the largest monthly drop in the plans' funded status in 11 years, the report said.

The large drop came because of investment losses and a decrease in corporate bond interest rates that are used to value pension liabilities.

"As of Sept. 30, the funded ratio plummeted to 72.8 percent from 79.3 percent at the end of August. The funded status deficit increased from $315 billion to $439 billion. The funded status has eroded by more than $252 billion since June 30. The third calendar quarter of 2011 has been the most significant three-month decline since the start of the financial crisis during the last quarter of 2008," the report concluded.

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