“The funded status of U.S. corporate pension plans has now been above 85 percent for three months in a row,” said Peter Austin, executive director of BNY Mellon Pension Services, the pension services arm of BNY Mellon Asset Management. “We are ever so close to the 90 percent funded-status milestone, which was last achieved in October 2008. Sponsors expect funding levels to continue to improve, and are expressing strong interest in reviewing asset allocation options for their plans.”

Austin noted that many plans are weighing the advantages of implementing risk reduction strategies through higher bond allocations that reduce future funding volatility versus pursuing additional returns through equities, alternatives and other return-seeking asset classes to further improve their funded status in a rising rate environment.

BNY Mellon Asset Management is the umbrella organization for BNY Mellon's affiliated investment management firms and global distribution companies.

BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $25.0 trillion in assets under custody and administration and $1.17 trillion in assets under management, services $12.0 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available at www.bnymellon.com.