Word: p
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Dates: during 2000-2009
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Remember those defined-benefit programs through which companies promised a certain amount every month to retirees? The market crash may be dealing that already waning concept a final, fatal blow. A new report from Goldman Sachs' Global Markets Institute illustrates that massive equity losses have resulted in S&P 500 companies' pension funds, which had been overfunded at the start of the year, fading so fast that they are now underfunded as a group. Instead of holding 108% of the assets they were promising to provide to retirees, they now hold just 91% (and falling...
...appropriately dubbed "Pension Palpitations" report details, the S&P 500's pensions are now collectively underfunded by at least $115 billion. The problem stretches far beyond the finance sector. Five of the companies with the highest dollar amount of pension underfunding, according to the report, are Raytheon (underfunded by $1.6 billion), Johnson & Johnson ($1.5 billion), ExxonMobil ($1.4 billion), Macy's ($980 million) and Alcoa ($950 billion). "This is affecting the broad swath of companies that make up the fabric of what we call the 'real economy,'" says Mark T. Williams, a risk-management expert and finance professor at the Boston...
...Republicans on the panel—media consultant Alex Castellanos and Tammy Mosher, the Massachusetts director of Concerned Women for America–supported Palin’s record against the challenges of the two Democratic members of the panel—Kennedy School lecturer Timothy P. McCarthy ’93 and Massachusetts leader of the National Organization for Women Vicky Steinberg...
...Energy And Environment, a new program that will pool the intellectual resources of doctoral students across the University to help solve two global crises. “Climate change and energy security—these are two of the greatest issues confronting the world,” said Daniel P. Schrag, professor of earth and planetary sciences and the program’s mastermind. “Harvard has a responsibility to train future leaders that are going to help solve this problem.” The consortium—the first of an array to come under...
...less-than-favorable price. “No one’s done well lately, but in the private equity market, there are some desperate cases,” he said. “Harvard is not one of them.” —Staff writer Wyatt P. Gleichauf can be reached at wgleich@fas.harvard.edu...