Business Services Industry
Pension profit pitfalls; Optimistic outlook pumps up earnings.(Brief Article)(Statistical Data Included)
Crain's Chicago Business, April, 2002 by Daniels, Steve
Rosy forecasts of investment returns on pension plan assets are topping off the bottom line at some local companies. These once-obscure projections are drawing more scrutiny in the wake of the Enron Corp. scandal, as investors, auditors and regulators take a harder look at accounting maneuvers that improve financials but don't reflect business performance.
And the aggressive assumptions of some corporate pension managers seem to ignore the reality of a slumping stock market that has caused others to lower their expectations. Among those bucking the trend toward conservatism is Illinois Tool Works Inc. (ITW), which raised its investment return projection for its pension plan to 10.55% from 9.68% a year ago, in the midst of the market's decline. The move...
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