S&P 1500 Pension Funded Status Remained Level in November 

The estimated aggregate funding level of pension plans sponsored by S&P 1500 companies remained effectively level in November 2025 at 109 percent as a result of a decrease in discount rates offset by a modest increase in equities. As of November 30, 2025, the estimated aggregate surplus of $141 billion USD decreased by $3 billion USD compared to a surplus of $144 billion USD measured at the end of October, according to Mercer,¹ a business of Marsh McLennan.

The S&P 500 index increased 0.13% percent and the MSCI EAFE index increased 0.46% percent in November. Typical discount rates for pension plans, as measured by the Mercer Yield Curve, decreased from 5.33 percent to 5.32 percent.

“Pension funded status for the S&P 1500 remained effectively level in November, as both domestic and international equity markets increased slightly following a bumpy month,” said Matt McDaniel, a Partner in Mercer’s Wealth Practice. “With 2025 coming to a close, equity markets continue to hover near all-time highs, and investors have shown some hesitancy to buy at these levels. Meanwhile, long-term interest rates remain relatively unchanged, as the market continues to await the Fed’s next move.”

“Changes in either equity valuations or interest rates could have a meaningful impact of pension funded status, so sponsors should carefully evaluate their long-term strategic investment strategy to ensure they are well positioned as we approach the end of the year," McDaniel added.

Mercer estimates the aggregate funded status position of plans sponsored by S&P 1500 companies on a monthly basis. Figure 1 (below) shows the estimated aggregate surplus/(deficit) position and the funded status of all plans sponsored by companies in the S&P 1500. The estimates are based on each company’s latest available year-end statement² and by projections to November 30, 2025, in line with financial indices. The estimates include U.S. domestic qualified and non-qualified plans, along with all non-domestic plans. The estimated aggregate value of pension plan assets of the S&P 1500 companies as of October 31, 2025, was $1.71 trillion USD, compared with estimated aggregate liabilities of $1.57 trillion USD. Allowing for changes in financial markets through November 30, 2025, changes to the S&P 1500 constituents, and newly released financial disclosures at the end of November, the estimated aggregate assets were $1.69 trillion USD, compared with the estimated aggregate liabilities of $1.55 trillion USD. Figure 2 shows the discount rates used in Mercer’s pension funding calculation.

Notes for editors

Information on the Mercer Yield Curve is available at Pension Discount Yield Curve and Index Rates in US.

The Mercer US Pension Buyout Index may be accessed at Mercer US pension buyout index

Unless otherwise stated, the calculations are based on the Financial Accounting Standard (FAS) funding position and include analysis of the S&P 1500 companies.

_{¹ Figures provided by Mercer Investments LLC.}

_{² Source of financial statement data: Standard & Poor’s Capital IQ. Standard and Poor’s is a division of The McGraw-Hill Companies, Inc. This may contain information obtained from third parties, including ratings from credit ratings agencies such as Standard & Poor’s. Reproduction and distribution of third-party content in any form is prohibited except with the prior written permission of the related third party. Third-party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. THIRD-PARTY CONTENT PROVIDERS GIVE NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. THIRD-PARTY CONTENT PROVIDERS shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or profits and opportunity costs) in connection with any use of THEIR CONTENT, INCLUDING ratings. Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold, or sell securities. They do not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice.}