low-interest-rate environment is wreaking havoc with corporate defined benefit plans, according to a new study from Wilshire Consulting, finding that 94 percent of pension plans are underfunded.

“The $282.3 billion funding shortfall at the beginning of the year expanded to a $342.5 billion deficit,” Russ Walker, vice president, Wilshire Associates, said in a statement. “Defined benefit pension assets for S&P 500 Index companies increased by $113 billion, from $1.11 trillion to $1.22 trillion, while liabilities increased $174 billion, from $1.39 trillion to $1.56 trillion. The median corporate funded ratio is 76.9 percent, which represents a modest decline from 77.7 percent last year.”

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