The funded status of the typical U.S. corporate pension plan fell 3.5 percentage points in April to 76.3 percent, the first time this percentage has declined in 2012, according to BNY Mellon Asset Management.

The drop came as a result of a 4.5 percent rise in liabilities, resulting from falling interest rates and a decline in the equity markets, according to BNY's Pension Summary Report for April.

BNY attributed the increase in liabilities to the 29-basis-point drop in the Aa corporate discount rate to 4.29 percent. The decline in the equity markets was the primary reason for the 0.1 percent drop in plan assets during the month, the report said.

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