The funding ratio at the typical corporate pension plan fell 13.4 percentage points last month, the worst monthly performance since the 1987 stock market crash, according to BNY Mellon Asset Management.
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Declining interest rates sent liabilities soaring by 10.2 percentage points, the Bank of New York Mellon Corp. unit said Tuesday.
Asset returns in a typical moderate-risk portfolio (with 60% of assets in equities and 40% in bonds) lost an additional 3.2 percentage points as global equity markets continued to decline, the unit said.
In the first 11 months of the year the typical plan's funding ratio declined nearly 20 percentage points.
