Is the shortfall in corporate pension plans a disaster waiting to happen?
Toward the end of the bull market of the 1990s many companies found themselves in possession of a pension fund with assets well in excess of accumulated liabilities. Some of these firms chose to take pension holidays and channel cash that would otherwise be destined to top up their pension funds into investments that might produce acceptable returns for the company. The reasoning was sound because, under Employee Retirement Income Security Act (Erisa) rules, contributions to overfunded plans
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