Funding of corporate pension plans improves
By Thomas Olson
Published: Saturday, Jan. 5, 2013, 12:01 a.m.
Corporate pensions got a little healthier in 2012, according to a unit of Bank of New York Mellon Corp.
The typical pension's funded status improved to 76.3 percent at the end of the year, an improvement of 1 percentage point for the year, and 1.9 percentage points for the month of December, said BNY Mellon Investment Strategies & Solutions Group.
Assets underlying the typical plan rose 0.9 percent, due to higher stock values. Liabilities, which are pegged to yields on long-term investment-grade bonds, fell 1.7 percent.
The two factors combined to produce a “positive performance for all of 2012,” said Jeffrey Saef, head of the group, in a statement.
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