U.S. corporate pension plans are estimated to be 100% funded for the first time since the Great Financial Crisis.

So their future pension payments should be valued like long-term debt, at fair-market bond yields. International public-sector accounting standards align with this approach, stating that the ...

It had $1.1 billion more than it needed to pay workers their owed retirement income, according to generally accepted accounting principles. “Ordinarily, reverting a pension surplus is futile ...