The headline numbers show a slight improvement in funded status for the U.S.'s biggest pension plans last year. However, behind those numbers lies a great deal of activity.

The $20 billion club—consisting of 20 U.S. publicly-listed corporations with the largest pension liabilities—offers a window into the trends affecting the wider corporate pension community. At the start of financial year 2015, the combined pension deficit of these corporations was $194bn, with liabilities totaling $968bn and assets $774bn. In 2015, both assets and liabilities fell more than 5% and the deficit ended the year at $182bn..

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