Milliman Study Indicates Second Consecutive Month of Pension Gains

Funded status increases by $23 billion during April

SEATTLE, May 11 /PRNewswire/ -- Milliman, Inc., one of the premier global
consulting and actuarial firms, today released the latest update to the
Milliman 100 Pension Funding Index, which consists of 100 of the nation's
largest defined benefit pension plans. In April, pensions experienced gains
for the second consecutive month, thanks to moderate investment gains of $37
billion which were offset by liability increases of roughly $14 billion for an
overall increase of $23 billion in funded status. For the year, pensions are
up to a 79.6% funded status compared to a 78.2% reported at the end of 2008.

"We've had two consecutive positive months and have nearly reached 80% funded
status, which is certainly encouraging," said John Ehrhardt, co-author of the
Milliman 100 Pension Funding Index. "But we've got a long ways to go yet if
we're to close the next 10%. We estimate it will take a 28.5% asset return for
the rest of 2009 to reach 90%."
Over the last 12 months, the cumulative asset return has been -19.95%,
resulting in a $272 billion drop in funded status and a decrease from 102.4%
to 79.6%. If pensions experience an expected return of 8.1% and a discount
rate of 6.85% for the balance of 2009, the funded status would increase
slightly to $239 billion and a funded ratio of 80.1%.

To view the complete monthly update, go to
www.milliman.com/expertise/employee-benefits/products-tools/pension-funding-study/index.php.

About Milliman

Milliman is among the world's largest independent actuarial and consulting
firms. Founded in Seattle in 1947 as Milliman & Robertson, the company
currently has 49 offices in key locations worldwide. Milliman employs more
than 2000 people, with a professional staff of more than 1000 qualified
consultants and actuaries, including specialists ranging from clinicians to
economists. The firm has consulting practices in healthcare, employee
benefits, property and casualty insurance, life insurance, and financial
services. Milliman serves the full spectrum of business, financial,
government, union, education, and nonprofit organizations. For further
information, visit www.milliman.com.

About the Milliman 100 Pension Funding Index

For the past nine years, Milliman has conducted an annual study of the 100
largest defined benefit pension plans sponsored by U.S. public companies. The
Milliman 100 Pension Funding Index projects the funded status for pension
plans included in our study, reflecting the impact of market returns and
interest-rate changes on pension funded status, utilizing the actual reported
asset values, liabilities, and asset allocations of the companies' pension
plans.

The results of the Milliman 100 Pension Funding Index were based on the actual
pension plan accounting information disclosed in the footnotes to the
companies' annual reports for the preceding fiscal year and for previous
fiscal years. In addition to providing the financial information on the funded
status of U.S. qualified pension plans, the footnotes may also include figures
for the companies' nonqualified and foreign plans, both of which are often
unfunded or subject to funding standards different from those for U.S.
qualified pension plans. The results do not represent the funded status of the
companies' U.S. qualified pension plans under ERISA.

SOURCE Milliman, Inc.

John Ehrhardt, Milliman, Inc., +1-646-473-3300, john.ehrhardt@milliman.com