Trade Associations
Here's a look at documents from national and international trade associations
Featured Stories
Statement of ACAP CEO Margaret A. Murray on House Passage of Tax Credit Extension
WASHINGTON, Jan. 14 -- The Association for Community Affiliated Plans issued the following news release:
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Statement of ACAP CEO Margaret A. Murray on House Passage of Tax Credit Extension
Margaret A. Murray, CEO of the Association for Community Affiliated Plans (ACAP), issued the following statement after the U.S. House of Representatives approved a bipartisan bill for a three-year extension of enhanced tax credits for Marketplace coverage:
"We commend the House for taking bipartisan action to extend these tax credits and mitigate the ill effects of the skyrocketing premium costs that
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WASHINGTON, Jan. 14 -- The Association for Community Affiliated Plans issued the following news release:
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Statement of ACAP CEO Margaret A. Murray on House Passage of Tax Credit Extension
Margaret A. Murray, CEO of the Association for Community Affiliated Plans (ACAP), issued the following statement after the U.S. House of Representatives approved a bipartisan bill for a three-year extension of enhanced tax credits for Marketplace coverage:
"We commend the House for taking bipartisan action to extend these tax credits and mitigate the ill effects of the skyrocketing premium costs thatmany families who rely on Marketplace coverage have seen.
"These enhanced tax credits have been tremendously successful in containing premium costs for families and individuals who have worked hard and played by the rules in finding affordable coverage through the Marketplace. We commend the House in acting to shield these families from cost shock such as this - and call on the Senate to take similar action.
"American workers and families can't afford for Congress to do nothing."
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ABOUT ACAP
ACAP represents 83 health plans, which collectively provide health coverage to more than 30 million people. Safety Net Health Plans serve their members through Medicaid, Medicare, the Children's Health Insurance Program (CHIP), the Marketplace and other publicly-sponsored health programs. For more information, visit communityplans.net.
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Original text here: https://www.communityplans.net/statement-of-acap-ceo-margaret-a-murray-on-house-passage-of-tax-credit-extension/
[Category: Health Care]
NRF Urges Congress to Pass Federal Retail Crime Bill
WASHINGTON, Jan. 14 -- The National Retail Federation posted the following statement on Jan. 13, 2026:
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NRF Urges Congress to Pass Federal Retail Crime Bill
NRF statement regarding House Judiciary Committee's markup of the Combating Organized Retail Crime Act.
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The following statement may be attributed to National Retail Federation Executive Vice President of Government Relations David French following the House Judiciary Committee's markup of H.R. 2853, the Combating Organized Retail Crime Act.
"ORC continues to be a multifaceted problem, afflicting all aspects of the retail industry
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WASHINGTON, Jan. 14 -- The National Retail Federation posted the following statement on Jan. 13, 2026:
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NRF Urges Congress to Pass Federal Retail Crime Bill
NRF statement regarding House Judiciary Committee's markup of the Combating Organized Retail Crime Act.
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The following statement may be attributed to National Retail Federation Executive Vice President of Government Relations David French following the House Judiciary Committee's markup of H.R. 2853, the Combating Organized Retail Crime Act.
"ORC continues to be a multifaceted problem, afflicting all aspects of the retail industryand the customers they serve. Organized groups are now diversifying their criminal portfolios, exploiting vulnerabilities across the entire retail ecosystem for financial gain.
"The Combating Organized Retail Crime Act establishes a coordinated crime center within Homeland Security Investigations to foster collaboration across jurisdictions, enhance investigative resources and build upon the progress that has been made at the state level.
"NRF has long supported federal legislation to strengthen federal, state and local law enforcement coordination so that they can further counteract these crimes and bring criminals to justice. NRF applauds House Judiciary Committee Chairman Jordan and Ranking Member Raskin for a successful markup of this important legislation. We now urge the House to vote on it and for the Senate to quickly follow suit and pass it into law."
NRF submitted a letter of support in advance of the House Judiciary Committee's markup.
In December 2025, NRF submitted a written statement for the record for a House Judiciary Subcommittee on Crime and Federal Government Surveillance hearing outlining the impacts of ORC on retailers and consumers.
According to NRF's "The Impact of Theft & Violence 2025" report, more than half of retailers surveyed reported increases in phone scams (70%), digital and ecommerce frauds (55%), shoplifting and merchandise theft (52%), and cargo or supply chain thefts (50%) being conducted by ORC groups over the past 12 months.
As the leading authority and voice for retail, NRF has spearheaded industry efforts for policy reform on crucial ORC legislation.
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About NRF
The National Retail Federation passionately advocates for the people, brands, policies and ideas that help retail succeed. From its headquarters in Washington, D.C., NRF empowers the industry that powers the economy. Retail is the nation's largest private-sector employer, contributing $5.3 trillion to annual GDP and supporting more than one in four U.S. jobs -- 55 million working Americans. For over a century, NRF has been a voice for every retailer and every retail job, educating, inspiring and communicating the powerful impact retail has on local communities and global economies. nrf.com
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Original text here: https://nrf.com/media-center/press-releases/nrf-urges-congress-to-pass-federal-retail-crime-bill
[Category: Business]
NRF Renews Call to Pass Swipe Fee Legislation
WASHINGTON, Jan. 14 -- The National Retail Federation posted the following statement on Jan. 13, 2026:
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NRF Renews Call to Pass Swipe Fee Legislation
NRF statement on the reintroduction of the Credit Card Competition Act.
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The following statement may be attributed to National Retail Federation following the reintroduction of the Credit Card Competition Act.
"NRF commends Senators Roger Marshall, R-Kan., and Dick Durbin, D-Ill., and Representatives Lance Gooden, R-Texas, and Zoe Lofgren, D-Calif., for their steadfast leadership in challenging the credit card swipe fee duopoly. The Credit
... Show Full Article
WASHINGTON, Jan. 14 -- The National Retail Federation posted the following statement on Jan. 13, 2026:
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NRF Renews Call to Pass Swipe Fee Legislation
NRF statement on the reintroduction of the Credit Card Competition Act.
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The following statement may be attributed to National Retail Federation following the reintroduction of the Credit Card Competition Act.
"NRF commends Senators Roger Marshall, R-Kan., and Dick Durbin, D-Ill., and Representatives Lance Gooden, R-Texas, and Zoe Lofgren, D-Calif., for their steadfast leadership in challenging the credit card swipe fee duopoly. The CreditCard Competition Act is essential to leveling the playing field for millions of American businesses that currently lack any control over the non-negotiable fees tied to every card transaction.
"By fostering much-needed competition, this bipartisan legislation will provide direct relief to both retailers and consumers, ensuring the industry can continue delivering quality products at affordable prices.
"We urge Congress to move swiftly to pass this bill and protect the American economy from escalating swipe fees."
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About NRF
The National Retail Federation passionately advocates for the people, brands, policies and ideas that help retail succeed. From its headquarters in Washington, D.C., NRF empowers the industry that powers the economy. Retail is the nation's largest private-sector employer, contributing $5.3 trillion to annual GDP and supporting more than one in four U.S. jobs -- 55 million working Americans. For over a century, NRF has been a voice for every retailer and every retail job, educating, inspiring and communicating the powerful impact retail has on local communities and global economies. nrf.com
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Original text here: https://nrf.com/media-center/press-releases/nrf-renews-call-to-pass-swipe-fee-legislation
[Category: Business]
More Surgical Patients Are on Opioid Use Disorder Medications -- Hospitals Must Modernize Pain Care
WASHINGTON, Jan. 14 -- The American Society of Anesthesiologists posted the following news release:
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More Surgical Patients Are on Opioid Use Disorder Medications -- Hospitals Must Modernize Pain Care
As more Americans receive treatment for opioid use disorder, that progress is increasingly showing up in the operating room, creating an urgent need to modernize how pain is managed during and after major surgery, according to a study in the February 2026 issue of Anesthesiology, the peer-reviewed medical journal of the American Society of Anesthesiologists (ASA). The study documents a steady
... Show Full Article
WASHINGTON, Jan. 14 -- The American Society of Anesthesiologists posted the following news release:
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More Surgical Patients Are on Opioid Use Disorder Medications -- Hospitals Must Modernize Pain Care
As more Americans receive treatment for opioid use disorder, that progress is increasingly showing up in the operating room, creating an urgent need to modernize how pain is managed during and after major surgery, according to a study in the February 2026 issue of Anesthesiology, the peer-reviewed medical journal of the American Society of Anesthesiologists (ASA). The study documents a steadyrise in surgical patients using medications for opioid use disorder (MOUD), highlighting a gap between current surgical pain practices and the needs of today's patients.
"From the patient's perspective, our study reinforces that addiction treatment is medical care - not something to pause or hide before surgery," said study lead author Mark C. Bicket, M.D., Ph.D., University of Michigan, Ann Arbor. "If you or a loved one are on a treatment for opioid use disorder and need surgery, your care team needs to know."
MOUD are an essential treatment strategy for patients with opioid use disorder. Medications such as the opioid buprenorphine can reduce cravings and withdrawal symptoms and improve health outcomes, including a reduced risk of opioid overdose.
"Our study shows that more people arriving for surgery are already receiving MOUD, while our surgical system has not fully appreciated or adapted to that reality," said Dr. Bicket. "This is a critical moment for safer, more coordinated care because growing numbers of patients on opioid use disorder treatment are entering the operating room without clear, coordinated plans in place to manage both pain and recovery."
The study included data on adults hospitalized for major surgery, drawn from a national insurance database. Trends in the use of MOUD were assessed, including the types of surgeries associated with the highest prevalence of MOUD use. The analysis included 8.1 million surgical admissions between 2016 and 2022.
During this time, the rate of MOUD use among surgical patients increased significantly: from 154.4 per 100,000 procedures in 2016 to 240.8 per 100,000 procedures in 2022. Throughout the study period, about 80% of MOUD users were taking buprenorphine, which has advantages in safety and pain control compared to other options (e.g., methadone or naltrexone).
Most of the top ten procedures associated with MOUD use were orthopedic surgeries, including shoulder joint replacement, lower extremity amputation, or surgery for hip or pelvis fracture. However, the single most common procedure was surgery (debridement) for serious infections: a common complication of intravenous drug use.
Increases in MOUD use were greater for men than women and in rural versus urban areas. Patients in the Midwest and Northeast regions had higher rates of MOUD use, compared to those in the West and South.
The study is the first to document rising rates of MOUD use among patients undergoing surgery. The authors note that their analysis of insurance claims data likely underestimates the true number of surgical patients receiving MOUD.
"Our findings reflect progress in getting people treated for opioid use disorder," said Dr. Bicket. "However, they also highlight a growing need for hospitals to modernize their approach to pain management for major surgery because pain management practices built for the past don't fully account for the needs of patients on modern treatments for opioid use disorder." The researchers emphasize the need to develop evidence-based guidelines for anesthesia and pain management in patients receiving MOUD.
The study provides "startling evidence" that every anesthesiologist is likely to encounter patients with substance use disorders - including patients taking MOUD, according to an accompanying editorial by Lynn R. Kohan, M.D., and Eugene R. Viscusi, M.D. They wrote: "Anesthesiologists as champions of perioperative medicine are ideally suited to provide the care these patients demand and to integrate addiction management principles into perioperative care."
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The American Society of Anesthesiologists
Founded in 1905, the American Society of Anesthesiologists (ASA) is an educational, research and scientific society with more than 60,000 members organized to advance the medical practice of anesthesiology and secure its future. ASA is committed to ensuring anesthesiologists evaluate and supervise the medical care of all patients before, during, and after surgery. ASA members also lead the care of critically ill patients in intensive care units, as well as treat pain in both acute and chronic settings.
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Original text here: https://www.asahq.org/about-asa/newsroom/news-releases/2026/01/more-surgical-patients-are-on-opioid-use-disorder-medications
[Category: Medical]
IBD Drug Guide: Easy Access to IBD Treatment Recommendations
BETHESDA, Maryland, Jan. 14 -- The American Gastroenterological Association issued the following news:
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IBD Drug Guide: easy access to IBD treatment recommendations
Our IBD Drug Guide is a decision-making tool that offers 59 potential treatments to guide evidence-based IBD management.
The newly launched AGA IBD Drug Guide is now available to support patients, caregivers, and health care professionals as they navigate IBD management.
This tool - created by IBD specialists - provides information about inflammatory bowel disease, and more importantly, offers one-of-a-kind functionality that
... Show Full Article
BETHESDA, Maryland, Jan. 14 -- The American Gastroenterological Association issued the following news:
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IBD Drug Guide: easy access to IBD treatment recommendations
Our IBD Drug Guide is a decision-making tool that offers 59 potential treatments to guide evidence-based IBD management.
The newly launched AGA IBD Drug Guide is now available to support patients, caregivers, and health care professionals as they navigate IBD management.
This tool - created by IBD specialists - provides information about inflammatory bowel disease, and more importantly, offers one-of-a-kind functionality thatprovides three recommended FDA-approved therapies to discuss with a doctor based on IBD severity level, treatment priorities, and life stage.
Take the quiz (https://ibddrugguide.gastro.org/quiz/)
Users are also able to browse the comprehensive list of potential treatments independently of the short quiz.
Results can be filtered through categories such as:
Routes of administration (oral, injection, infusion).
Drug classes
Including 5-aminosalicylic acid (5-ASA), biologic/biosimilar, calcineurin inhibitor, corticosteroid, IL 12-23 inhibitor, and many more/
Additionally, each of the treatments are ranked by safety, efficacy, and convenience, and results can be grouped by brand name or generic name.
Use this guide as you navigate IBD management with your patients and explore how it can better tailor recommendations to patient needs.
Thank you to the specialists - including physicians, APPs, patients, patient advocates, an IBD psychologist, and an IBD pharmacist - for providing their IBD expertise based on current evidence and practice guidelines to design a thoughtful tool to assist individuals with IBD.
This program is supported by independent medical education grants from AbbVie Inc. and Bristol Myers Squibb Company.
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Original text here: https://gastro.org/news/ibd-drug-guide-easy-access-to-ibd-treatment-recommendations/
[Category: Medical]
American Society of Pension Professionals & Actuaries: DOL Provides Insights in Pension Risk Transfer Case
ARLINGTON, Virginia, Jan. 14 -- The American Society of Pension Professionals and Actuaries issued the following news on Jan. 13, 2026:
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DOL Provides Insights in Pension Risk Transfer Case
By Nevin E. Adams, JD
The Labor Department, asserting "profound interest," has provided a federal court with its insights on a case involving pension risk transfers -- as well as a roadmap for fiduciaries to apply in the future.
It did so in one of the few cases of this genre to get past the motion to dismiss stage -- Konya v. Lockheed Martin Corp. (it also happens to be a case where the plaintiffs
... Show Full Article
ARLINGTON, Virginia, Jan. 14 -- The American Society of Pension Professionals and Actuaries issued the following news on Jan. 13, 2026:
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DOL Provides Insights in Pension Risk Transfer Case
By Nevin E. Adams, JD
The Labor Department, asserting "profound interest," has provided a federal court with its insights on a case involving pension risk transfers -- as well as a roadmap for fiduciaries to apply in the future.
It did so in one of the few cases of this genre to get past the motion to dismiss stage -- Konya v. Lockheed Martin Corp. (it also happens to be a case where the plaintiffsare represented by Schlichter Bogard LLP, which has been involved with several of these suits). In this one, as in most others, the suit challenges the transfer of pension obligations to Athene.
The argument? "Instead of selecting the safest possible annuity to ensure that their employees and retirees would have continued financial security of Lockheed employees and retirees, Lockheed Martin selected Athene, which is substantially riskier than numerous traditional annuity providers," the suit notes.
To date, most of these suits have been dismissed, typically because no injury had (yet) been suffered by the plaintiffs (and thus no "standing" to bring suit), and also that the decision to transfer the pension obligations to a third party was a settlor, rather than a fiduciary decision.
The Case
However, in this case U.S. District Judge Brendan Abell Hurson commented that, "while hypothetical or conjectural injuries will not suffice, an allegation of future injury may be sufficient if 'the risk of harm is sufficiently imminent and substantial.'" In that regard, he noted that "plaintiffs need only support their standing 'in the same way as any other matter on which [they] bear[] the burden of proof, i.e., with the manner and degree of evidence required at the successive stages of the litigation.'" He also cited precedent that the standard for such claims "...is not Mount Everest."
In asserting its interest in the case, the Labor Department noted that "the fiduciary-centered issue in this case -- the first of ten similar putative class actions to reach the federal courts of appeal -- resides in the heartland of the sort of standards in which clarity, uniformity, and consistency must prevail."
PRT Background
The brief explained that pension risk transfer, or PRT, is a process "expressly permitted by ERISA." It further noted that for participants and beneficiaries, the process "changes nothing material" -- but acknowledged that there is a difference from the perspective of the plan sponsor where "PRTs allow employers to safely manage financial risks by moving pension-plan obligations off their books without jeopardizing the benefits owed to their employees."
As for the track record of these transactions, the Labor Department brief states "...to put it bluntly, PRTs work -- swimmingly. Over the last three decades, no annuity selected in a PRT transaction has defaulted or failed." It draws a contrast with circumstances where the employer retained that obligation that it asserts resulted in losses of "at least $8.5 billion because their employers were not able to fully fund their plans and the Pension Benefit Guaranty Corporation's minimum guarantee did not cover all of the funding shortfall."
The Crucible of Federal-Court Litigation
Where they don't work, according to the brief -- is "when PRT decisions are forced through the crucible of federal-court litigation," where the "upsides are (at best) obstructed or (at worst) obliterated." At that point, the brief argues "...the damage does not stop with employers such as Lockheed or its employees. Congress intended that states take prime responsibility of regulating insurance and annuity products, like those that arise after a PRT. So, if employers are thwarted from conducting PRTs because of the ever-present specter of litigation, the delicately calibrated balance Congress established between federal and state regulatory prerogatives will deteriorate."
And as if that weren't sufficient, the brief asserts that if employers are "thwarted" from conducting PRTs, they'll be "far less likely" to offer pension plans in the first place.
Key Issues
With that background, the brief turns to two specific issues: standing ("specifically, how the district court misread the Supreme Court's decision in Thole v. U.S. Bank N.A., 590 U.S. 538 (2020)), and "the continued misinterpretation, advocated by the Plaintiffs, of Interpretive Bulletin 95-1."
Or, as it noted a bit later, that court's "expansive approach to standing and misreading of Department guidance threatens to leave every plan sponsor who elects to enter a PRT open to vexatious litigation."
With regard to the former, the brief notes, "Read faithfully, Thole did no more than apply non-controversial and bedrock standing precedents, all of which require plausible allegations that a threatened injury is 'certainly impending' before it can trigger federal-court subject matter jurisdiction. Thole did not, as the district court seemed to believe, water down the threatened-injury test for suits related to pension plans, and this case provides an apt vehicle for this Court to confirm that point." More significantly, the brief notes that what the plaintiffs had not managed to do -- was allege "...a 'certainly impending' risk that Lockheed's PRT will result in their failure to receive the 'fixed payment each month' their defined-benefit plan promised them."
The brief asserts that the district court erred by assigning "talismanic significance" to the Plaintiffs' invocation of Lockheed's fiduciary duties, noting that even if Lockheed acted imprudently or disloyally, "... the Plaintiffs still lack standing because they have not shown, and cannot show, that Lockheed's purported breach caused any monetary harm or has created a certainly impending threat of monetary harm."
Process-Based
Explaining that "ERISA creates a process-based regulatory scheme, not an ends- or results-based regulatory scheme," the brief comments that "So long as the means through which a fiduciary's acts are conducted with the requisite prudence and loyalty, the relative success of the ends matters far less for purposes of, among other things, legal liability under the statute."
"After a PRT concludes, so too does ERISA coverage," the brief continues -- describing this as "a feature, not a bug, of the system." The brief then describes a hand-off -- from the federal regulation and insurance to what it called "rigorous state regulatory regimes, including state guarantee associations that provide protection to persons receiving annuity payments and to other insurance company beneficiaries."
But perhaps the most interesting aspect of this amicus is its focus on Interpretive Bulletin 95-1, which not only "makes clear that a fiduciary must engage in a prudent process aimed at selecting what the fiduciary loyally believes to be the safest available annuity provider," but -- in the words of the brief -- outlines six factors[1] to be considered in that process, factors that it says are expected to be weighted and balanced.
Only One?
What it does NOT require, according to the brief, is that for every PRT there can be only one "safest" annuity that every fiduciary would have selected, the deviation from which necessarily translates into a fiduciary-duty violation.
"To the contrary, and when read holistically, IB 95-1 imposes on fiduciaries a duty to conduct the annuity-selection process for the purpose of selecting the safest available annuity," the brief explains. "So long as the exercise of fiduciary discretion is done for that purpose and follows the prudent process described in IB 95-1, it matters far less if a different fiduciary (or, relevant here, a plaintiffs' lawyer or federal court) may have chosen a different annuity provider."
The brief proceeds to outline Lockheed's potential considerations, noting Athene as "one of the leading players" in PRT, with an A+ credit rating from S&P and A1 from Moody's, and that it has handled $50 billion in those transfers covering a half million participants. It also comments that Athene gives its annuities "several layers of protection arguably more robust than those Lockheed provided to its participants and beneficiaries as pension-plan sponsor."
Specifically -- and this was raised in at least one of the cases dismissed thus far -- that Athene holds annuity liabilities in separate accounts from those of its general liabilities; "this "ring-fencing" technique provides an extra security-structure layer and reduces participant losses in an annuity failure by a factor of 10," according to the brief.
It notes that IB 95-1 advises fiduciaries to "take steps calculated to obtain the safest annuity available, unless under the circumstances it would be in the interests of participants and beneficiaries to do otherwise." And that, the brief notes amounts to "little more than restate a fiduciary's general duty of loyalty and process-based duty of prudence; then, it applies those duties to the specific PRT context."
"So long as the process is followed (and, specifically, followed in accordance with the fiduciary duty of loyalty to try to identify the safest option), different fiduciaries may end up opting for different annuity providers." And thus, the brief concludes, "the Secretary deliberately opted not to endorse (and continues to explicitly disclaim) the proposition that there is one single 'safest' annuity that a fiduciary must select on pain of legal liability, without regard to whether the fiduciary properly followed a prudent process."
"The process is what matters," the brief explains, noting that "because IB 95-1 has been exploited by opportunistic litigants who foresee monetary windfalls in asking federal courts to engage in post hoc second-guessing of fiduciary actions, the Court should take this opportunity to emphasize that fiduciaries are to enjoy flexibility and discretion, so long as they follow the prudent process described in IB 95-1, and do so loyally."
Noting that IB 95-1 has been used as "an ERISA-plaintiff sword in ways that the Secretary never intended, now is the time to clarify that IB 95-1 has never stood for the proposition that there arises a fiduciary breach if a federal court retrospectively proclaims that an annuity provider was the one safest option, and that post-hoc selection happens to differ from the one chosen by a PRT fiduciary who otherwise loyally followed IB 95-1 to the letter."
"Reversing the district court's wayward standing conclusion is right as a matter of blackletter law and unbroken Supreme Court standing precedent," the brief states, in urging the Court to "reverse the district court's order and remand with instructions to dismiss this case for lack of subject-matter jurisdiction."
Stay tuned.
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Footnote:
[1] Those six factors are: the quality and diversification of the annuity provider's investment portfolio; the size of the insurer relative to the proposed contract; the level of the insurer's capital and surplus; the lines of business of the annuity provider and other indications of an insurer's exposure to liability; the structure of the annuity contract and guarantees supporting the annuities, such as the use of separate accounts; and the availability of additional protection through state guaranty associations and the extent of their guarantees.
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Original text here: https://www.asppa-net.org/news/2026/1/dol-provides-insights-in-pension-risk-transfer-case/
[Category: Human Resources/Personnel]
American Society of Pension Professionals & Actuaries: DB 2025 Funding Levels - A+ Work
ARLINGTON, Virginia, Jan. 14 -- The American Society of Pension Professionals and Actuaries issued the following news on Jan. 13, 2026:
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DB 2025 Funding Levels: A+ Work
By John Iekel
Defined benefit plans had a good year in 2025, at least as far as funding levels are concerned. How good?
If private-sector pension plans were issued a report card, they'd get an A+ for funding levels. Multiple analyses report that DB plans run by private-sector employers and sponsors ended the year at 100% funding -- or more. "Overall, the funded ratio soared during 2025," said Milliman in an analysis that
... Show Full Article
ARLINGTON, Virginia, Jan. 14 -- The American Society of Pension Professionals and Actuaries issued the following news on Jan. 13, 2026:
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DB 2025 Funding Levels: A+ Work
By John Iekel
Defined benefit plans had a good year in 2025, at least as far as funding levels are concerned. How good?
If private-sector pension plans were issued a report card, they'd get an A+ for funding levels. Multiple analyses report that DB plans run by private-sector employers and sponsors ended the year at 100% funding -- or more. "Overall, the funded ratio soared during 2025," said Milliman in an analysis thatcaught the tone.
Sustained growth
The growth in DB plans' funding levels was not something that just occurred at the end of the year -- it was consistent throughout 2025.
Milliman, which monitors the performance of the100 largest pension plans sponsored by U.S. public companies reported that at the end of the first quarter of 2025, their funded ratio was 102.7%; in the second quarter, due to a drop in liabilities and assets showed what it termed "robust" growth, it rose by almost 3 percentage points to 105.3%. It rose another 1.2 percentage points to 106.5% the end of the third quarter, and by 1.6 percentage points more to 108.1% by New Year's Eve -- an improvement of more than 5 percentage points.
Wilshire, showed greater growth than that in 2025. They report that by their reckoning, the aggregate funded ratio for U.S. corporate pension plans improved by 6.5 percentage points in 2025 and ended up at 104.3% by the end of the year.
Willis Towers Watson, which looked at 349 Fortune 1000 companies that sponsor pension plans in the United States, also reported a year-end funded ratio of 104%. Aon showed growth of 3 percentage points from 100.5% at the start of 2025 to 103.5% at the end. Slightly lower growth, but still with full funding as its baseline and ending above full funding.
October Three, which tracks a hypothetical plan that is traditionally invested and another that is conservatively invested, reported that their funding ratios grew by 7 percentage points and 2 percentage points for the year, respectively. To be more exact, they report that the traditional plan's funding went from 100% to 107% over the course of the year, and the conservative plan's grew from 100% to 102%.
But funding levels' growth in 2025 was the icing on a cake that started rising years before. October Three not only hailed the 2025 growth, it also observed that it's part of a longer-term trend. "The end of 2025 marks seven consecutive years of improved pension finances, easily the best run during the first quarter of the 21st century," they said in an end-of-year analysis.
Dollars and Cents
The improvement in the fortunes to private-sector pension plans' funded status in 2025 is good news, but what does that mean?
Milliman quantifies the improvement in dollars. They say that the growth in the funded status of the 100 largest U.S. pension plans translated to their assets increasing by $53 million and liabilities falling by $1 billion, for an overall improvement of $54 billion in 2025.
Why?
Analysts attributed funding levels' strong performance to a number of factors, but in the end it came down to the basics -- assets grew and liabilities simply could not keep up with that, if not fell.
Milliman, for instance, said that the "significant improvement" they noted in the funded status of the plans they track was largely due to larger than expected investment returns. At the same time, they say, the plans' liabilities were "essentially flat" in 2025.
Jonathan Sterbanz, senior director, Retirement for Willis Towers Watson, in a press release made a similar assessment. He said that the "primary driver" for the increase in funded status in 2025 was strong market returns coupled with stable interest rates that had little impact on liabilities.
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Original text here: https://www.asppa-net.org/news/2026/1/db-2025-funding-levels-a-work/
[Category: Human Resources/Personnel]
