SEATTLE--(BUSINESS WIRE)--Dec 5, 2025--

Milliman, Inc. , a premier global consulting and actuarial firm, today released its monthly Milliman 100 Pension Funding Index (PFI), which analyzes the 100 largest U.S. corporate pension plans.

During November, the PFI funded ratio edged up from 107.0% at the end of October to 107.1% as of November 30. A 1-basis-point rise in discount rates, to 5.34% in November, drove this result. It shaved $3 billion from plan liabilities and offset market returns of only 0.44%. As of November 30, the PFI plan assets had slipped to $1.325 trillion while projected benefit obligations had dropped to $1.237 trillion.

“Despite poor market returns, the corporate pension funding rally continued in November with an eighth straight month of gains,” said Zorast Wadia,

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