U.S. corporate pension plans saw their funding ratios increase in May thanks to falling liability values offsetting asset losses due to negative non-U.S. equity returns during the month, according to three new reports.

Wilshire Advisors estimated the aggregate funding ratio of U.S. corporate plans increased 0.8% percentage points to land at 99.8% as of May 31.

Liability values declined further than asset values after U.S. Treasury yields rose, primarily due to debt ceiling negotiations and continuing anticipation regarding the Federal Reserve, according to Wilshire.

“Notably, the FT Wilshire 5000 index experienced gains in May driven by a small number of companies with significant positive returns,” said Ned McGuire, managing director at Wilshire, in a June 2 news release. “With May’s month-end funded ratio estimate of 99.8%, U.S. corporate pension plans are nearing full funding in aggregate, reaching the highest level since year-end 2007.”

Driving down asset values were non-U.S. equities, according to Goldman Sachs Asset Management in its own report. Negative returns in that asset class were primarily due to a recession in Germany, partially reversing outperformance from the beginning of January through the end of April, GSAM said.

However, GSAM echoed Wilshire’s report saying liability values dropped more than asset values, resulting in aggregate funding ratio increasing to an estimated 103% as of May 31, a full 100 basis points higher than a month earlier.

In a separate monthly report, Insight Investment said the funding ratio for U.S. corporate pension plans jumped to 102.8% in May, up from 101.7% a month earlier.

The manager cited its estimated increase in the discount rate of 26 basis points for the higher funding ratio to 5.08% as of May 31 from 4.82% as of April 30.

According to the estimate, assets fell by 1.6%, while liabilities fell by 2.6%.

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