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Pension Pain U.S. corporate pension plans saw funding surpluses turn into deep deficits when asset prices plummeted during the financial crisis. But even as assets recovered, many plans remain underfunded as the discount rate they use to calculate their liabilities has fallen. See how the largest U.S. defined benefit pension plans have fared. (All dollar values are in millions.)

Rank Name 1 General Motors Co. Fair value of assets Actuarial liabilities Funded status Funding ratio Assumed rate of return Discount rate Valuation date

2011

2010

2009

2008

2007

$94,349 $108,562 -$14,213 86.9% 8.0% 4.2% 2011-12-31

$91,007 $103,395 -$12,388 88.0% 8.5% 5.0% 2010-12-31

$84,500 $101,571 -$17,071 83.2% 8.5% 5.5% 2009-12-31

$84,545 $98,135 -$13,590 86.2% 8.5% 6.3% 2008-12-31

$104,070 $85,277 $18,793 122.0% 8.5% 6.4% 2007-12-31

International Business 2 Machines Corp. Fair value of assets Actuarial liabilities Funded status Funding ratio Assumed rate of return Discount rate Valuation date

$51,218 $54,085 -$2,867 94.7% 8.0% 4.2% 2011-12-31

$50,259 $51,293 -$1,034 98.0% 8.0% 5.0% 2010-12-31

$47,269 $48,354 -$1,085 97.8% 8.0% 5.6% 2009-12-31

$45,918 $48,756 -$2,838 94.2% 8.0% 5.8% 2008-12-31

$57,191 $47,673 $9,518 120.0% 8.0% 6.0% 2007-12-31

3 Boeing Co. Fair value of assets Actuarial liabilities Funded status Funding ratio Assumed rate of return Discount rate Valuation date

$51,051 $67,651 -$16,600 75.5% 7.8% 4.4% 2011-12-31

$49,252 $59,106 -$9,854 83.3% 7.8% 5.3% 2010-12-31

$45,810 $52,166 -$6,356 87.8% 8.0% 5.8% 2009-12-31

$40,597 $49,017 -$8,420 82.8% 8.0% 6.1% 2008-12-31

$50,439 $45,734 $4,705 110.3% 8.3% 6.2% 2007-09-30

4 AT&T Inc. Fair value of assets Actuarial liabilities Funded status Funding ratio Assumed rate of return Discount rate Valuation date

$45,907 $56,110 -$10,203 81.8% 8.3% 5.3% 2011-12-31

$47,621 $53,917 -$6,296 88.3% 8.5% 5.8% 2010-12-31

$46,873 $50,850 -$3,977 92.2% 8.5% 6.5% 2009-12-31

$46,828 $50,822 -$3,994 92.1% 8.5% 7.0% 2008-12-31

$70,810 $53,522 $17,288 132.3% 8.5% 6.5% 2007-12-31

5 General Electric Co. Fair value of assets Actuarial liabilities Funded status Funding ratio Assumed rate of return Discount rate Valuation date

$42,137 $60,510 -$18,373 69.6% 7.0% 4.1% 2011-12-31

$44,801 $51,999 -$7,198 86.2% 8.0% 5.3% 2010-12-31

$42,097 $48,117 -$6,020 87.5% 8.5% 5.8% 2009-12-31

$40,730 $45,168 -$4,438 90.2% 8.5% 6.1% 2008-12-31

$59,700 $42,947 $16,753 139.0% 8.5% 6.3% 2007-12-31


Rank Name 6 Ford Motor Co. Fair value of assets Actuarial liabilities Funded status Funding ratio Assumed rate of return Discount rate Valuation date

2011

2010

2009

2008

2007

$39,414 $48,816 -$9,402 80.7% 8.0% 4.6% 2011-12-31

$39,960 $46,647 -$6,687 85.7% 8.0% 5.2% 2010-12-31

$38,457 $44,638 -$6,181 86.2% 8.3% 5.9% 2009-12-31

$37,435 $43,130 -$5,695 86.8% 8.3% 6.5% 2008-12-31

$45,759 $44,493 $1,266 102.8% 8.5% 6.3% 2007-12-31

7 Alcatel-Lucent Fair value of assets Actuarial liabilities Funded status Funding ratio Assumed rate of return Discount rate Valuation date

$32,698 $30,232 $2,466 108.2% 6.7% 3.9% 2011-12-31

$31,695 $28,070 $3,625 112.9% 7.3% 6.2% 2010-12-31

$30,977 $27,907 $3,070 111.0% 7.0% 5.5% 2009-12-31

$30,488 $26,431 $4,057 115.3% 7.3% 6.2% 2008-12-31

$36,275 $27,296 $8,979 132.9% 7.6% 6.2% 2007-11-30

8 Lockheed Martin Corp. Fair value of assets Actuarial liabilities Funded status Funding ratio Assumed rate of return Discount rate Valuation date

$27,292 $40,616 -$13,324 67.2% 8.0% 4.8% 2011-12-31

$25,345 $35,773 -$10,428 70.8% 8.5% 5.5% 2010-12-31

$22,154 $32,817 -$10,663 67.5% 8.5% 5.9% 2009-12-31

$18,539 $30,421 -$11,882 60.9% 8.5% 6.1% 2008-12-31

$27,259 $28,138 -$879 96.9% 8.5% 6.4% 2007-12-31

Verizon Communications 9 Inc. Fair value of assets Actuarial liabilities Funded status Funding ratio Assumed rate of return Discount rate Valuation date

$24,110 $30,582 -$6,472 78.8% 8.0% 5.0% 2011-12-31

$25,814 $29,217 -$3,403 88.4% 8.5% 5.8% 2010-12-31

$28,592 $31,818 -$3,226 89.9% 8.5% 6.3% 2009-12-31

$27,791 $30,394 -$2,603 91.4% 8.5% 6.8% 2008-12-31

$42,659 $32,495 $10,164 131.3% 8.5% 6.5% 2007-12-31

$23,542 $27,167 -$3,625 86.7% 7.9% 4.7% 2011-12-31

$22,384 $24,445 -$2,061 91.6% 8.0% 5.4% 2010-12-31

$19,377 $22,271 -$2,894 87.0% 8.2% 5.9% 2009-12-31

$15,940 $21,511 -$5,571 74.1% 8.3% 6.1% 2008-12-31

$22,650 $21,914 $736 103.4% 8.3% 6.0% 2007-11-30

United Technologies 10 Corp. Fair value of assets Actuarial liabilities Funded status Funding ratio Assumed rate of return Discount rate Valuation date

Corporate assets-Fair value of plan assets on valuation date Corporate liabilities-Projected Benefit Obligation (PBO) on valuation date Source: Pensions & Investments All Data and information is the property of Pensions & Investments (P&I) and others and is protected by copyright and other intellectual property laws. All rights are reserved by P&I. The Data may not be resold, republished, redistributed, sublicensed or publicly displayed on a Web site without the permission of P&I.


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