Also during February, Milliman said the average annuity purchase cost across all insurers in its index rose slightly to 102.8% from 102.5%.
The competitive bidding process is estimated to have saved plan sponsors about 3.1% of PRT costs as of Feb. 28, Milliman said.
"Even with recent volatility in interest rates and financial markets, retiree buyout costs have remained steady over the last six months, and we expect interest in PRT transactions to remain high moving into the second quarter," said Jake Pringle, a principal and consulting actuary at Milliman, in the release. "It will be interesting to see the Fed's (Federal Reserve's) response to the recent collapse of Silicon Valley Bank, and if that will impact the PRT market."
The Milliman Pension Buyout index uses the FTSE Above Median AA Curve and insurers' composite interest rates to estimate the average cost of pension risk transfer transactions.