Returns for the 100 largest U.S. public plans during the month ranged from a loss of 1% to a gain of slightly more than 1%, per Milliman.

The stock market rebound in November and December spurred a $349 billion increase in the 100 largest U.S. public plans’ funding, per Milliman.

Asset gain of $308 billion in April-June period lifts estimated funded ratio to 71.2% from 66%.

But market volatility caused by the coronavirus threatens to erase some of the gains.

Interest, new benefit accrual boosts total pension liability to almost $5 trillion.