Whether they're public or corporate, the funding status of pensions all dropped last month.
The reason? That hefty tumble in stocks on the last day of the month.
"Funded status performance in July was a tale of two markets, July 31st and the rest of the month," said Andrew D. Wozniak, head of fiduciary solutions at BNY Mellon Investment Strategy and Solutions Group. "Unfortunately for plan sponsors, July 31st completely reversed what would have been a positive month for funded status, although losses at corporate plans were cushioned by their holdings in long-duration corporate bonds."
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