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

We are pleased to share with you our insights and perspectives on the relationship of pension assets to pension liabilities (benefits and expenses) through the Q1’26 Newsletter. As you will read, the first quarter was challenging for pension plans as asset growth fell short of liability growth to start the year. As a result, funded ratios are slightly lower at quarter-end from year-end 2025.

As always, we encourage you to reach out to us with any questions or observations. Thank you for taking the time to read our thoughts.