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U.S. markets recover from steep losses
NEW YORK, March 12 (UPI) -- U.S. pension plans fell behind by more than $200 billion in 2008 and by another $54 billion in February, studies show.
By end of 2008, the largest 100 U.S. corporate pension plans were short by $217 billion comparing assets to the long-term liabilities, human resource consultant Watson Wyatt said, USA Today reported Thursday.
The figure contrasts sharply with the $86 billion surplus the corporations' pension plans had on their books at the end of 2007.
On Wednesday, Milliman Inc. said pension plans fell behind by another $54 billion.
The shortfall and new regulations for pension plans will force employers to "make staggering pension contributions over the next couple of years, at a time when they can least afford them," David Speier at Watson Wyatt said.
The National Association of Manufacturers lobbied Congress to include temporary pension plan relief in the $787 billion economic stimulus plan. But, pension relief was not included in the bill that passed.
"This is putting some (companies) on the verge of bankruptcy," said NAM director of tax policy Dena Battle.
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