Advertise
Resources
Member, Beacon International Group, Ltd.
The funded status of very large pension plans sponsored by public companies stayed nearly even as solid investment returns largely offset falling interest rates, which boosted plan liabilities, according to a Milliman Inc. survey released Monday.
The 100 largest defined pension programs offered by U.S. employers were an average of 75.7% funded as of July 31, up from 75.6% funded as of July 31.
At the end of July, the plans had $1.415 trillion in assets and $1.868 trillion in liabilities, for a funding deficit of about $453 billion, an increase of about $5 billion from the end of June and $186 billion from a year earlier, when the plans had an aggregate funding shortfall of about $267 billion. Milliman cited the falling interest rates for much of the increase in underfunding.
Cooper Tire & Rubber Co., Findlay, Ohio, offered a lump-sum window to about 1,200 former vested employees who have yet to retire, the company announced in a 10-Q filing with the U.S. Securities and Exchange Commission on Thursday.