As the calendar turned from 2017 to 2018, we observed a strong equity market rally, the most significant overhaul of the corporate tax system in a generation, and a strong economy with simultaneously low unemployment and low inflation. We also observed rising interest rates coupled with a new Federal Reserve chairman appointed by President Trump. And, early in the year, we experienced significant capital market volatility.
Many pension plans in the United States have emerged from this economic environment with improved funded status. In fact, the aggregate funded status of pensions at the nation's largest companies is currently at its highest level since 2013. (See Figure 1, below.)
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