The $635.5 billion fund was aided by being overweight in fixed income and underweight in equities.
Regional equity gains, as well as currency increasing against a declining US dollar, helped the asset classes surge in second quarter.
But financial strains on governments could make it harder to pay required contributions.
Moody’s forecasts a 6% rise in total adjusted pension liabilities in 2020.
If this is the calm between the storms, plan sponsors should consider adjusting their tactics.