The funded status of U.S. pensions fell to 72.4 percent in December, according to the BNY Mellon Pension Summary Report for December. The drop was a result of a sharp increase in liabilities.

New York Life Retirement Plan Services announced Wednesday the availability of a new service powered by Anova Consulting Group, a financial services market research and sales training firm, that it says will help retirement plan advisors assess client satisfaction and measure themselves against peers.

Ten member companies have purchased SPARK and its lobbying wing, the SPARK Institute, transforming the retirement plan trade association into a non-profit.