Where Retirees' Nest Eggs Aren't About To CrackGene Koretz
In light of the financial problems plaguing the business sector, a recent report by Hewitt Associates on 392 of the nation's largest industrial corporations with defined-benefit pension plans is highly reassuring. The consulting firm found that 94% had pension-fund assets in 1989 that exceeded all employee vested benefits--that is, all future benefits that they are now obligated to pay their employees upon retirement. What's more, 91% had enough assets to cover all accrued benefits, including those that have not yet vested. And 75% even had enough to cover all projected pension benefits that their current employees are expected to earn during their working careers.
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