Santa Monica, Calif. (May 15, 2003) -- Corporate pension plans got socked with a one-two punch last year, suffering a double whammy of a bear market and falling interest rates which cut pension assets while raising liabilities, according to a new study.
The Wilshire Associates 2003 Corporate Funding Survey on Pensions found that defined benefit pension assets for S&P 500 companies dropped $106 billion to $892 billion while liabilities increased $105 billion to $1.07 trillion. In addition, 89 percent of corporate pension plans are now under-funded, the study found.
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