Business Services Industry
Why is our pension plan underfunded?(Ask a Benefit Actuary)
Business Insurance, May, 1996 by Miner, William J.
ASK A BENEFIT ACTUARY Differing interest rates can result in 'underfunding' in corporate pension plans Q Why is our pension plan underfunded? A This question comes from a chief financial officer who just learned that the Pension Benefit Guaranty Corp. views his company's pension plan as underfunded.
The CFO was informed that the plan has more than $50 million in unfunded vested benefit liabilities. This is a surprising result, since the most recent pension valuation showed that plan assets were approximately equal to the plan's current liability. Because of this underfunded status, the plan sponsor will have to make an informational filing with the PBGC. The PBGC recently extended the deadline for this filing to May 31, 1996, for calendar-year plans. This anomaly...
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