As corporate pension plans move further past the fully funded mark, some plan sponsors are changing their approaches to de-risking. The funding ratios of the 100 largest U.S. corporate pension funds rose to 103.8% in fiscal 2025, up from 101.1% one year earlier, according to Milliman’s 2026 Corporate Pension Funding Study, released in April. The funds’ collective surpluses rose to $48.1 billion fr...