The $20 billion club – which consists of 19 U.S. publicly-listed corporations with the largest pension liabilities – tells us a great deal about what’s happening at corporate pension plans in general. At the start of financial year 2016, the combined pension deficit of these corporations was $177bn, with assets totaling $704bn and liabilities of $881bn. 2016 saw both assets and liabilities increase slightly and the combined deficit rose by $12bn, ending the year at $189bn.

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