Asset values at typical U.S. defined benefit plans kept pace with rising liabilities in October, says BNY Mellon Asset Management.

Driven by rising equity markets in the United States and around the world, the assets of a moderate-risk pension portfolio increased 1.7% in October, matching a similar increase in liabilities.

“The U.S. stock market has vaulted to a double-digit gain for the year and foreign markets have done even better with the help of a falling dollar,” says Peter Austin, executive director of BNY Mellon Pension Services.

Year-to-date, the typical U.S. plan has improved its status by 4.7%, with moderate-risk assets up 9.1% and moderate-risk liabilities higher by 4.4%.

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Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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