Reports continue to relate the fall in funded status of U.S.corporate pensions, with Milliman Inc. reporting a $46 billion decrease in June— thanks likely to Brexit — and the BNY MellonInstitutional Scorecard reporting a 4.0 percent surge inliabilities during the month, along with heightened volatility.

Mercer hadalready put a 3 percent drop in fundedstatus among the plans of S&P 1500 companies downto Brexit, and Milliman’s latest pension funding index chalked upthat $46 billion drop primarily to a $54 billion increase inpension liabilities. Investment gains, Milliman said, partiallyhelped to offset the funded status decline.

The funded ratio for the 100 largest U.S. corporate pension plans, it said,decreased from 77.5 percent to 75.7 percent at the end of June.Having passed the midpoint of 2016, the funded status deficit hasballooned to $447 billion, a $140 billion increase over the pastsix months, the firm said. Why? A combination of Brexit and anoverall discount rate drop of 71 basis points.