Report finds underfunding at largest US pensions

Newswire

WASHINGTON, May 31 (Reuters) - Over half of the 100 largest traditional corporate pension plans were underfunded to some degree in 2002, according to a study by congressional auditors issued on Tuesday. A quarter were less than 90 percent funded. From 1995 to 2002, flexible funding rules and accounting credits also meant that each year no cash contributions were made to an average 62.5 percent of the 100 biggest pension plans, the Government Accountability Office (GAO) found. The study ...

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