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Business & Technology

Eastman among firms cited in Barron's pension shortfall report

December 12th, 2008 12:00 am by Staff Report

Eastman Chemical Co. is one of the firms cited in a Barron's report that suggests many U.S. corporations are vulnerable to a pension-plan shortfall that could force them to make unforeseen contributions and impose other restrictions.

According to Barrons, the stock market route has decimated corporate pension assets over the recent downturn, and Credit Suisse calculates that 128 S&P 500 companies face a potential pension-related hit in 2009 - which could collectively cost the group $200B or more.

The global bear market has drained assets from funds just while the Pension Protection Act of 2006 has increased funding requirements, beginning with 2008.

A highlight form the report says "industrial companies that look poised to take a large hit, with the funds of Eastman Chemical, Ryder, Ashland, Goodyear and PPG Industries, all below 80% funded."

CLICK HERE for the full "The Math Doesn't Add Up" report.

CLICK HERE for the Beware Pension Plan Shortfall report.

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