Pension surpluses are rewriting the ‘hibernate or terminate’ playbook Pensions & InvestmentsMilliman analysis: Corporate pension funded ratio rises to 103.8% for fiscal year 2025, second consecutive year of surplus Yahoo FinanceUS. Pension surplus era reshapes strategy as corporate plans rethink risk and returns Pension Policy InternationalHow Corporate Pension Surpluses Can Climb Higher, per BlackRock plansponsor