没有什么比飙升的股票市场促进公司养老金计划的金库。根据BNY Mellon Asset Management，典型美国养老金计划的资助状况在2月底处于76.2％。这是自2011年8月以来的最佳资金水平，银行和投资经理指出。然而，对于多种计划，故事完全不同。信用瑞士证券发出的一份新报告发现这些计划的资金水平目前遭到令人不安的52％。根据投资银行的说法，大多数资金属于标准普尔500指数以外的公司，在建筑，运输，超市和矿业中，从1,354年的计划中拉持数据。“在不良形状的多发性计划中，公司可能会受到许多角度的击中，包括增加贡献，艰巨的劳动力谈判，较高的撤销负债......并购可能会受到影响，因为收购者必须在不足之处，”公司警告它的报告。“新的见解甚至可能会改变某些公司的投资者和评级机构意见。”瑞士信贷素质详细阐述了具有多发性风险暴露的公司可以被迫提高他们对计划的贡献，这将损害现金流量和收益。 Other companies could suffer more difficult labor negotiations as they try to cut wages and benefits. A heavily underfunded plan could impact how much a would-be acquirer would be willing to shell out or lead investors to pay a low stock price to account for this shortfall and need to boost funding. “Even credit ratings could be impacted if the ratings agencies are able to gain new insight about a company’s share of multiemployer underfunding and its impact on future cash flows,” Credit Suisse adds. Multiemployer retirement plans are designed to cover employees from more than one company in the same industry, unlike traditional company pension plans, which cover workers from just one employer. Basically employers fund the plans and the pension benefits are agreed upon under normal labor negotiations. They are geared toward workers who tend to move from company to company within one industry. There are currently 1,459 multiemployer pension plans in the U.S. with more than 10 million participants, according to Credit Suisse, citing data from the Pension Benefit Guaranty Corporation (PBGC). The investment bank stresses that information regarding these plans has historically been scant. All that was known was how much a particular company contributed to the plans. “As a result there’s an off-balance-sheet liability of unknown size lurking in the shadows for companies that participate in multiemployer pension plans,” Credit Suisse stresses. Companies are only required to provide broad-based, general information about the health of the multiemployer plans that they participate in, such as red is bad, green is good. However, Credit Suisse points out that the Financial Accounting Standards Board (FASB) is now requiring companies to provide more information about their involvement with multiemployer pension plans. It says it is able to use the new disclosures popping up in the current round of annual reports to pull these multiemployer pension plans out of the shadows. In a recent 17-page report, Credit Suisse analyzed data and estimated the funded status of more than 1,350 multiemployer pension plans through March 16, 2012. This was accomplished, in part, from reviewing the pension plan’s 5500 filing — its annual report — filed with the IRS and the Department of Labor (DOL). These data-rich filings, however, are usually a little old; in many cases the 2010 filing is the most recent available and most of the data is from the beginning of 2010. The authors rolled forward the plan’s obligations to March 16 and made adjustments, from which they estimated that U.S. multiemployer pension plans are now $369 billion underfunded, which works out to 52 percent funded — even after the recent run up in the stock market and rise in bond yields. Credit Suisse was also able to link $43 billion of the underfunding to the 44 calendar-year companies on the S&P 500 companies that participate in multiemployer pension plans by examining those companies’ filings — they tend to be among the first companies to provide the new disclosures. The investment bank found that most of the $369 billion in underfunding belongs to companies that are not part of the S&P 500. However, S&P 500 companies could ultimately be impacted. “Keep in mind that larger companies could end up taking on more of the multiemployer burden as the ‘last man standing’ in the plans, if smaller companies were to fail,” Credit Suisse warns. Credit Suisse estimates the fair value of plan assets for each multiemployer plan based on market returns and each plan’s unique asset allocation. It also assumed that contributions and benefit payments would remain the same as in the most recent reported year. Mellon says it estimated the value of assets using actual market returns and the asset allocation of a “typical” pension plan. Once a year, it reviews 10-K filings for the largest U.S. pension plans to get a baseline asset value. It then estimates throughout the year using this baseline value for assets.
结果是：如果这些计划失败，将给本已紧张的人民银行带来更多压力，该银行为该计划提供担保和贷款，以支付承诺的福利。然而，与人们普遍认为的相反，纳税人并没有因此而上钩。相反，这些贷款是由PBGC从多雇主计划中收取的保险费提供资金的。