By: Russ Kamp, CEO, Ryan ALM, Inc.

We are pleased to provide you with the latest Ryan ALM, Inc. Newsletter as of March 31, 2025. As you will read, private DB pension plan funded ratios fell during the quarter as asset growth tumbled while interest rates (discount rates) fell leading liability growth during the previous 3 months. For public pension plans, asset losses lead to the average plan’s funded ratio to also decline versus a 7.0% (ROA) discount rate.

Q2’25 may prove to have a much more significant impact on pension funding, although rising interest rates will offset falling asset values for corporate plans. The use of the ROA for discounting purposes by public pension funds will not help them if current asset performance trends persist.

We hope that you find our insights related to pension funding useful. Please don’t hesitate to let us know if there is anything that you’d like to see added to our quarterly update. Thank you for your interest in and support of Ryan ALM, Inc.