Ryan ALM
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Milliman: Corporate Pension Funding UP - Again!
Milliman released its monthly Milliman 100 Pension Funding Index (PFI), which analyzes the 100 largest U.S. corporate pension plans. They reported that the funded ratio has now improved for nine straight months - impressive! As of December 31, 2025, the...
Ryan ALM, Inc. Q4'25 Newsletter
We are pleased to provide the Ryan ALM, Inc. Q4’25 Newsletter that explores both asset and liability performance for both Q4'25 and calendar year 2025. As you will read, asset growth has exceeded liability growth for both public and private...
ARPA Updated as of January 2, 2026
Happy New Year! We, at Ryan ALM, wish for you and yours an incredible 2026. May all your pension liabilities be covered and secured. The PBGC has updated its ARPA spreadsheet after not updating it for the week of 12/26/25....
Year-end Interest Rate Update
Despite FOMC action that reduced the Fed Funds Rate from 4.25%-4.50% to 3.5%-3.75%, the yield on the U.S. 30-year Treasury bond was higher at 12/31/25 (4.85%) than at year-end 2024 (4.79%). The Treasury yield curve became much steeper during the...
Pension Reform or Just Benefit Cuts?
According to NIRS, at least 48 U.S. states undertook significant public pension reforms in the years following the global financial crisis (GFC), with virtually every state making some form of change to its public pension retirement systems. I've questioned for...
A Time to Look Back
Nearly eight years ago (2/28/18), I produced a blog post titled, "Let's Just Cut Them Off!", in which I took offense to an article trashing pension legislation then referred to as the "Butch Lewis Act" (BLA). The writer of the...
ARPA Update as of December 26, 2025
I hope that you and your families are enjoying a wonderful holiday season. It appears that our friends at the PBGC are in full celebration mode as the weekly update has yet to be posted to their website (PBGC.gov). I...
It's Not Getting Any Easier
I wish for you and your family, friends, and acquaintances a joyous holiday season. I hope that 2026 proves to be an incredibly wonderful year in which the average American once again prospers. As regular readers of this blog know,...
ARPA Update as of December 19, 2025
Welcome to the start of Christmas week. I wish for all you and your families a joyous holiday season and an incredible 2026! So, are we witnessing the winding down of the ARPA pension legislation as far as new applications...