The funded status of U.S. corporate pension plans dropped 4.2 percent in January to 91 percent, according to the BNY Mellon Investment Strategy & Solutions Group. The drop was fueled by falling interest rates and declining stocks.
Public defined benefit plans, endowments and foundations also lost ground in January as a result of the falling equity markets, BNY Mellon said.
“January’s decline was the largest monthly drop in funded status for U.S. corporate plans since May 2012,” said Andrew Wozniak, director of portfolio management and investment strategy for the Investment Strategy & Solutions Group.
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