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As the 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...
With the stock market shedding more than a third of its value this year, pension funds at big companies have been battered beyond recognition. What looked like safe stowaway spots where corporations securely tucked away assets for their employees' retirements now look like roller-coaster funds. In addition to sending...
"In the past, the IBMs and GEs of the world have not had to worry about underfunded pensions," says Williams. Now, though, successful firms with undervalued obligations may have to accumulate additional cash, amid the credit crunch, just to prop up their pension accounts. That's in part because evolving...
Where will all this lead? Companies that haven't done so already will likely move even more swiftly toward defined-contribution plans in place of defined benefits, because doing so reduces the potential scale of their future liabilities. The shift means firms will assure you, the employee, of how much...
The "It's Time" Factor The brewers arms in the Christchurch suburb of Merivale attracts a range of patrons, from high-fliers to battlers and everyone in between. In the evenings, the genial publican Wayne Williams likes to move among them, to hear their stories and their gripes. "My gut...