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Pension Plans Have A Bad Month

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Falling stock prices probably caused the funded status of the typical U.S. defined benefit pension plan to drop in May, according to BNY Mellon Asset Management.

The stock slump probably cut plan assets about 4.8% at a typical plan, and low yields on bonds probably increased plan liabilities about 0.3%, according to BNY Mellon, boston, a unit of the Bank of New York Mellon Corp., New York.