The funding ratio at the typical U.S. pension plan fell 0.3 percentage points last month, and liabilities decreased almost the same amount as the assets of a typical U.S. pension plan with a moderate risk portfolio, according to BNY Mellon Asset Management.
So far this year funding ratios for typical plans have declined about 4.3 percentage points, according to a monthly survey the Bank of New York Mellon Corp. unit released Tuesday.
A 75-basis-point widening in high-grade corporate yield spreads helped to drive typical pension liabilities 6.4 percentage points lower last month, BNY Mellon Asset Management said.
The value of the assets in a moderate-risk portfolio decreased 6.7 percentage points.
BNY Mellon Asset Management had $1 trillion of assets under management as of June 30.