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$20 Billion Club: 2026 Update

2026-02-26

Justin Owens, CFA, FSA, EA

Senior Director, Co-Head of Total Solutions

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Defined benefit

Strong investment returns offset liability losses to push funded status higher.

The biggest trends in the corporate pension industry are reflected in these 21 companies. While many reports estimate funded status changes, this is the first report published each year (since 2011) using actual disclosed 10-K data—offering a data-driven look at how these companies are shaping the industry.

In 2025, strong asset returns more than offset modest liability increases, lifting funded ratios to their highest level since 2007. Risk transfer activity slowed, while expected return assumptions continued to edge higher.

Download the full report for detailed analysis of funded status drivers, discount rate movements, contributions, and strategic actions shaping today’s corporate DB landscape.

This paper reports the findings from the following companies’ DB plan disclosures:

AT&T
Boeing
Caterpillar
Dow Chemical
Exxon Mobil
FedEx
Ford Motor
GE Aerospace
GE HealthCare
GE Vernova
General Motors

Honeywell International
IBM
Johnson & Johnson
Lockheed Martin
Merck
Northrop Grumman
Pacfiic Gas & Electric
Pfizer
Raytheon Technologies
United Parcel Service

Download research

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