Milliman analysis: Multiemployer pensions' aggregate funding level reaches 106% at midyear 2026, highest in study history

Investment returns, contributions in excess of plan costs, and special financial assistance push funded status to new high

SEATTLE--(BUSINESS WIRE)--Milliman, Inc., a premier global consulting and actuarial firm, today released the midyear 2026 results of its Multiemployer Pension Funding Study (MPFS), an interim update to its annual study, which analyzes the funded status of all U.S. multiemployer defined benefit pension plans based on assumptions and data in the latest Form 5500 filings.

As of June 30, 2026, Milliman estimates that the aggregate funded percentage of all multiemployer plans has reached 106%, up from 103% at year-end 2025. This is the highest aggregate funded percentage for multiemployer plans in the history of the MPFS, which began in 2007.

"Multiemployer plans continue to benefit from strong investment markets and contribution levels that outpace plan costs," said Tim Connor, MPFS co-author. "In the most recent year of available data, for instance, contributions across all plans totaled $37 billion, versus $25 billion in benefit costs and administrative expenses.”

The aggregate funding surplus grew to approximately $55 billion and Milliman's simplified investment portfolio returned an estimated 5.6% for the six-month period.

“While the strong funded position represents a significant milestone, trustees should evaluate the resilience of their funding and investment strategies with the help of plan professionals to understand how demographic or economic shifts could affect their plans over time,” Connor added.

As of June 30, 2026, 161 plans have received nearly $78 billion in Special Financial Assistance (SFA) under the American Rescue Plan Act of 2021, contributing nine percentage points to the aggregate funded percentage since the program's inception.

View the midyear MPFS or read Milliman's full range of Pension Funding Studies. To receive regular updates of Milliman's pension funding analysis, email [e-mail].

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