Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its latest Pension Funding Index, which consists of 100 of the nation's largest defined benefit pension plans. In November, these plans experienced an $11 billion increase in asset value and a $23 billion decrease in pension liabilities. The pension funding deficit decreased to $93 billion at the end of November.

"We haven't seen an 11-digit pension funding deficit since before the 2008 financial crisis," said John Ehrhardt, co-author of the Milliman Pension Funding Index. "Pension assets have improved by more than 10% this year, and the pension liabilities have steeply declined. Now we just wait and see how the year concludes, with all eyes focused on both discount rates and financial markets."

Year-to-date, assets have improved by $118 billion and the projected benefit obligation has been reduced by $180 billion, resulting in a massive improvement in funded status and increasing the funded ratio to 93.9%.

Looking forward, if the Milliman 100 pension plans were to achieve the expected 7.5% median asset return for their pension portfolios, and if the current discount rate of 4.78% were maintained, funded status would improve, with the funded status deficit disappearing (100.0% funded ratio) by the end of 2014 and a surplus of $92 billion (105.9% funded ratio) accumulating by the end of 2015.

To view the complete study, go to http://us.milliman.com/pfi/.