A study released yesterday by benefits consulting firm Milliman USA shows that based on their annual reports, 100 largest corporate pension plans have gone from a combined surplus of $183 billion to a combined deficit of $157 billion over the last two years. The dollar amounts mean that such corporations as General Motors, Boeing, and AT&T have gone from having almost 25 percent more money in their pension plans than they needed to cover all their obligations, to having almost 18 percent less than they need. While the study's authors point out that these funding gaps do not mean that companies will be unable to make pension payments to employees---many of whom will be working for years to come---money used to fill the gaps will likely come at the cost of reduced hiring.
See ALBERT B. CRENSHAW, The Washington Times, April 16, 2003