NISA Investment Advisors' Pension Surplus Risk index slid 90 basis points to 6.6% in April from 7.5% in March. April marked the second consecutive monthly decline following its runup earlier in the year amid elevated volatility.
The volatility of both the asset and liability components fell, declining 120 basis points and 50 basis points, respectively. The average plan funded status rose to 90.9% from 88.7%, its highest mark since December 2013.
The index is a forward-looking estimate of the funded status volatility of the 100 largest corporate pension plans as determined by NISA from publicly available information.