The funded status of the Milliman 100 companies declined by $131.3 billion in 2014 as plan liability increases overwhelmed robust asset management gains, and annual contributions declined to $39.8 billion from $44.2 billion in 2013. Pension expense in 2014 was $37.1 billion, a $4.8 billion increase from 2013. The overall funded ratio fell to 81.7% at the end of 2014 from 87.7% at the end of 2013. Equity allocations in the pension portfolios dropped to 37.3% by the end of 2014, marking their lowest concentration in the 15-year history of the Milliman Pension Funding Study.