Record profit yields underfunded pension
Posted Tuesday, November 18th, 2008 by Rebecca Davis
A recent article in Financial Week revealed a big surprise. ExxonMobil has the most underfunded defined benefit pension plan of all the S&P 500 companies.  Yes, you read that correctly. A company yielding record profits has neglected to adequately fund its pension plan. According to the article, the ExxonMobil pension plan was funded at just above 80 percent at the beginning of 2008. (more…)
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