Corporate pension plans set a new record they won’t likely be celebrating: Their overall funding deficit increased by nearly $146 billion in July alone, reaching $689 billion in the red.

According to research by Mercer, the aggregate deficit in pension plans sponsored by S&P 1500 companies is indeed a new record-breaker. This deficit corresponds to a record low aggregate funded ratio of 70 percent as of July 31, 2012, compared to a funded ratio of 74 percent as of June 30, 2012, at which point the aggregate deficit was $543 billion.

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