The typical U.S. corporate pension plan saw its funding level drop to 84.2 percent in August.
Public plans, endowments and foundations weren’t happy campers, either, as they too were caught up in market volatility.
According to BNY Mellon Fiduciary Solutions, the funded status of the typical U.S. corporate pension plan fell 2.5 percentage points, thanks to asset values that fell faster than liabilities, benefiting from widening credit spreads.
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