The Coming Pensions Crunch

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The Coming Pensions Crunch FlorianPascale

The Coming Pensions Crunch

 
#1
The Coming Pensions Crunch
hxxp://www.businessweek.com/bwdaily/dnflash/sep2004/nf20040915_8863.htm

Auszug:

US Airways' bankruptcy points to a wider problem: Corporate America hasn't been meeting pension-fund obligations
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BAILING OUT. The airlines, along with steel companies, auto makers, and a number of other Rust Belt manufacturers, have been struggling with these costs for years. Now other problems, including high fuel costs and a hypercompetitive marketplace, have made coming up with the cash for these payments that much harder.

Vaughn Cordle, an analyst with Airline Forecasts, calculates that the top seven airline pensions are underfunded by $20.5 billion. By his math, United Airlines would have to pay $820 million a year for the next five years to fill its pension gap. That's equal to 6% of the airline's expected 2004 revenue. Delta Air Lines (DAL ), which many worry could be the next to go, would have to put in $754 million a year for five years, 5% of its expected revenue.
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The PBGC can't handle all that seems to be headed its way. The agency has its own deficit of $9 billion to $15 billion, depending on the calculation. The PBGC, which is funded by insurance premiums levied on all participating plans and which also absorbs what assets are in a pension plan when it takes one over, has long been arguing for stronger funding requirements. On Sept. 14, Representative John Boehner (R-Ohio), chairman of the House Education & Workforce Committee, joined in, called for "comprehensive reform" of the pension laws.

Corporate America hat seine Pensionfondsverpflichtungen nicht getroffen. ....die unterkapitalisierten Pensionspläne werden auf über $300 Milliarden geschätzt und diese finazielle Lücke  wird viel höher werden, wenn der breite Aktienmarkt der USA (Dow Jones, Nasdaq) nun seine erwartete Abwärtsbewegung fortsetzt um die wirtschaftliche Realität von dem langsameren wirtschaftlichen Wachstum und einstellige Gewinnwachstumraten der Unternehmen zu reflektieren.


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