U.S. corporate pension fund surpluses continued to climb in March, according to three new reports.

Wilshire Advisors estimated the aggregate funding ratio of U.S. corporate plans reached 110.1% as of March 31, an increase of a full percentage point above the 109.1% funding ratio estimated as of Feb. 29.

“March’s increase in funded status was driven by the continued increase in asset value with most asset classes posting positive monthly performances, highlighted by the FT Wilshire 5000 index, which has now posted five consecutive months of positive returns and the best first-quarter return in five years, and major equity indexes marking all-time highs with the Japanese Nikkei index attaining such after nearly 35 years,” said Ned McGuire, managing director at Wilshire, in an April 4 news release.

“With the second consecutive month, and quarter, of positive asset returns, U.S. corporate pension plans have continued their 15-month streak of overfunding with the estimated funded ratio at its highest month-end level in several decades,” McGuire said.

The increase for March was specifically attributed to a 1.7-percentage-point increase in asset values, partially offset by a 0.08-percentage-point increase in liabilities. The total increase of 1 percentage point was due to rounding.

Wilshire’s assumed asset allocation is 31% long-duration fixed income, 28% core fixed income, 25% domestic equity, 14% international equity and 2% real estate.

Legal & General Investment Management America estimated the average funding ratio of the typical U.S. corporate pension plan rose to 108.2% as of March 31, from 107.3% as of Feb. 29.

In its latest monthly Pension Solutions Monitor, LGIMA said the estimated average funding ratio rose due to a strong equity market in March, which offset rising liability values.

The monitor cited the S&P 500 index and MSCI ACWI Total Gross index gaining 3.2% and 3.1%, respectively, during the period. Also, the monitor estimated that plan discount rates dropped 11 basis points during March, with the Treasury component decreasing by 5 basis points and the credit component tightening by 6 basis points.

The Pension Solutions Monitor assumes a typical liability profile using a duration of 12 years and an asset allocation of 50% MSCI ACWI index and 50% Bloomberg U.S. Long Government/Credit index.

In another monthly report, Insight Investment said the funding ratio for U.S. corporate pension plans increased to 112.2% at the end of March, up from 111.7% a month earlier.

Insight’s report echoed the others in citing a growth in assets offsetting an increase in liabilities for the hike in funding ratios. The manager estimated a 2.3-percentage-point increase in asset values and 1.8-percentage-point increase in liability values.

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