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Two reports indicate that pension funding levels have decreased, with S&P 1500 companies falling by 3 percent as of the end of January and U.S. institutional pension fund assets overall coming in at $21.7 trillion at year-end 2015 (compared with 2014’s $22.1 trillion).

The drop in S&P 1500 companies’ estimated aggregate funding levels was reported by consulting firm Mercer, which said that negative equity markets and a decrease in rates caused the 3 percent drop to a level of 79 percent.

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