Tuesday, August 04, 2015
Current Weather
Loading Current Weather....
Published: Wednesday, 12/3/2008

Pension funding plunges for 2nd month in row

NEW YORK Pension funding at some of the nation s biggest companies showed a second consecutive month of record losses as the slumping economy drove down the value of retirement-account assets, according to a new report.

Benefits consulting firm Mercer LLC said yesterday that aggregate funding at the approximately 800 firms in the Standard & Poor s 1,500 that still offer pension benefits fell by more than $130 billion in November. Those losses followed a $110 billion decline in October, the report said.

Hundreds of companies are urging Congress to loosen the tougher pension-funding rules signed into law in 2006, saying they cannot afford to meet the new guidelines amid the economic downturn.

Recommended for You

Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. If a comment violates these standards or our privacy statement or visitor's agreement, click the "X" in the upper right corner of the comment box to report abuse. To post comments, you must be a Facebook member. To find out more, please visit the FAQ.