The chart on the left shows differences in asset allocations between endowments and corporate defined benefit plans. The top right chart shows the liabilities status of defined benefit plans over the last few years versus the average 10-year U.S. Treasury. Funded status is based on the ability of these plans to make their pension payments in a timely fashion. The bottom right chart shows how pension return assumptions for state and local governments and S&P 500 companies have changed over time.