The Fall 2018 Multiemployer Pension Funding Study updates the estimated funded status of U.S. multiemployer plans as of June 30, 2018, showing the change in funding levels from December 31, 2017. The estimated investment return for our simplified portfolio for the first six months of 2018 was about 0.2%, below plans’ investment return assumptions. The aggregate funded percentage for multiemployer plans is estimated to be 81% as of June 30, 2018, down from 83% at the end of last year. The gap between the funded percentages of critical versus noncritical plans is widening.