Letter from the US: Lower rates, deeper holes
Something unprecendented happened in the US in the first weeks of January when the Milliman 100 PFI discount rate fell 35bps to a 20-year low of 2.85% “It was a very poor month for defined benefit (DB) plans, not a good start of the year and it dug an even deeper hole in their financial situation,” points out Zorast Wadia, principal, consulting actuary at Milliman. He is also author of the Milliman 100 pension funding index (PFI), an annual study of the 100 largest DB pension plans sponsored by US public companies.
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