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October 20, 2003 at 08:00 PM
NU Online News Service, Oct. 20, 2003, 2:15 p.m. EDT – Eighteen percent of chief financial officers at big U.S. companies worry that higher pension costs could keep the companies from meeting earnings targets, according to results of an informal survey by Towers Perrin, New York.
Researchers at the benefits consulting firm conducted the survey by polling CFOs at 300 large U.S. employers that offer pension plans.
The researchers found that the average funded status of the pension plans included in the survey dropped to 77% at the end of 2002, down from 120% at the end of 1999.
