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Multiemployer Pension Funding Study: Year-end 2024
By Tim Connor,Timothy Herman,Rex Barker & Nina Lantz
The amounts in Figure 1 reflect the $70 billion in SFA granted to 97 plans that received the funds by December 31,
2024, including $16 billion paid during 2024. Without the SFA program, the aggregate funded percentage would be approximately 89%. The liabilities in Figure 1 are projected using discount rates equal to each plan’s actuarial assumed return on assets. Assumed returns generally fall between 6.0% and 8.0%, with a weighted average interest rate assumption for all plans of about 6.8%, an increase from 6.6% a year ago. The assets in Figure 1 are based on the most recently reported market value of assets for each plan, projected forward assuming asset returns observed for a diversified portfolio typical for a U.S. multiemployer pension plan. Our simplified portfolio earned about 10% in 2024.
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