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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bank of New York Mellon Corporation | NYSE:BK | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.14 | 0.25% | 56.60 | 57.17 | 56.31 | 56.92 | 3,187,565 | 01:00:00 |
By Angela Chen
The funded status of U.S corporate pensions edged up slightly in November, but is still well below its December 2013 high.
The funded status of the typical U.S. corporate-pension plan increased 0.4 percentage point to 89.9% in November and is now back to its September figure, according to the BNY Mellon Investment Strategy & Solutions Group. The asset improvement came from strength in U.S. large cap and international developed-market equities. Endowments and foundations benefited from good performance of private equity and real-estate investment trusts.
November's gain is still down 5.3 percentage points from the December 2013 high of 95.2%, according to BNY Mellon.
"The rebound in funded status in November reversed the damage done in October," said Andrew D. Wozniak, head of fiduciary solutions at ISSG. In October, the funded status of pensions fell 0.4 percentage point to 89.5%.
However, Mr. Wozniak said that plan sponsors are bracing for changes in how regulators view certain liabilities. These changes are likely to drive down the funded status for sponsors who will report earnings as of Dec. 31.
Write to Angela Chen at angela.chen@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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