The New York Times calls pension accounting a "dismal science" in this article by Mary Williams Walsh: "Pension Reserve: What's Enough?" The article discusses the lobbying efforts going on in Washington for relief for certain industries from the pension funding rules. The article states that "[a}lways on the minds of pension policy makers is General Motors, whose $25 billion worldwide pension deficit is larger than its market capitalization of $21.8 billion." The Business Roundtable in this letter warns Congress that the whole economic recovery may be at stake if Congress does not provide relief. The letter states: "Companies cannot commit to building new plants, launching new research projects, or hiring new employees if that cash is needed to fund pensions."
Posted by B. Janell Grenier at June 21, 2003 08:23 PM