Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its latest Pension Funding Index, which consists of 100 of the nation's largest defined benefit pension plans. In July, these plans experienced a$6 billioninvestment loss and a$62 billionincrease in pension liabilities. The resulting$68 billionincrease in the pension funded status deficit is the largest decline so far in 2011.

"July was a brutal month for these pensions," saidJohn Ehrhardt, co-author of the Milliman Pension Funding Study. "In fact it was the tenth worst month for pension status we've seen in the 11-year history of this study. Unfortunately it looks like we may be in for more bad news, with August off to a miserable start. ThroughAugust 8, we estimate that the funded status deficit has grown by an additional$97 billion. The$351 billiondeficit as of today is the worst we've seen all year, though—for now—it is still better than the record$446 billiondeficit in August 2010."

While recent performance has been poor, these pensions are still better off than they were this time last year. Over the last 12 months, the cumulative asset return has been 10.7% and the Milliman 100 PFI funded status has improved by$87 billion, pushing the funded ratio from 76.2% up to 83.0% at the end of July.