...American workers have been promised benefits from companies, state and local government, as well as the Federal government that are insufficiently funded — meaning the benefits may not be available for retirees, says Diane Garnick, investment strategist at Invesco, one of the world's largest pension fund advisers.
Setting aside the huge issue of unfunded Social Security mandates, nearly 75% of S&P 500 companies still have pension fund obligations. As the market has tumbled this year, so have the value of their assets — by $1 trillion, according to the American Benefits Council.
This isn't just an issue hobbling automakers or steel companies or airlines, and its potential economic impact "scares the heck out" of Garnick...
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