Fitch2010年企业养老金年度报告.pdf

Corporates Corporates U.S. Corporate Pensions — Annual U.S. Special Report Overview — 2010 Overview Analysts Fitch is concerned that pension funding levels for corporate issuers improved little in John C. Culver, CFA 2009 and that companies taking advantage of flexible funding requirements may face a +1 312 368-3216 john.culver@ day of reckoning over the next two or three years due to the potential for a steep acceleration of funding requirements. Jamie Rizzo, CFA +1 212 908-0548 In 2010 and in the following years, Fitch expects claims to increase, mainly due to two james.rizzo@ factors. First, the severity of equity market declines from their peak levels has caused Jacob Bostwick defined benefit pension plan assets of corporate plan sponsors to remain below funding +1 312 368-3169 levels achieved at the end of 2007. The full effect of market declines is beginning to jacob.bostwick@ show in 2010, as contributions for plan years beginning on Jan. 1, 2009 are initiated (generally companies have 20.5 months after the start of their plan years ⎯ i.e. Related Research January 2009 ⎯ to fund contributions). In general, contributions in 2010, whether Applicable Criteria required or voluntary—with voluntary contributions serving to moderate future required •Corporate Rating Methodology, increases—are expec