The Spring 2018 Multiemployer Pension Funding Study reports on the estimated funding status of all U.S. multiemployer plans as of December 31, 2017. The estimated calendar year investment return for our simplified portfolio was about 16%, more than double the investment return assumption of most plans. The aggregate market value funded percentage improved to 83% compared with 85% a decade ago. For noncritical plans, the aggregate funded percentage was 93% compared with 90% a decade ago. The aggregate funded percentage for critical plans was 60% as of December 31, 2017.