Value of pension funds continues to fall
March 9, 2009 by Personal Liberty News Desk
A new survey has revealed that the funding status of moderate risk pension portfolios fell by more than six percent in February.
This represented the 14th consecutive month of decline as the value of assets has dropped due to the weakness of the stock market, based on research conducted by the Bank of New York Mellon Asset Management.
"Rapidly falling equity values continue to inflict pain on U.S. pension plans," says Peter Austin, executive director of BNY Mellon Pension Services. "U.S. stocks fell for a second straight month and have dropped 18 percent so far this year."
He added that the international markets have fared even worse.
According to the BNY Mellon Pension Liability Index, over the past year, the funding ratio of the typical pension plan has declined by one percentage point. Since January 2008, the funded ratios for these plans have fallen by 32.3 percentage points.
The Bank of New York Mellon Corporation is a financial services company operating in 34 countries. It has $20.2 trillion in assets under custody and administration, $928 billion in assets under management, services more than $11 trillion in outstanding debt and processes global payments averaging $1.8 trillion per day.
Do yourself a monumental favor, and get involved in your retirement plan(s). Ask your broker what he’s been smoking lately (it can’t be legal). If you were told that The Chosen One will change things, that’s right. Unfortunately, this “change” isn’t what you want – if you want to retire. You’re being suckered into having faith in people who have never held a responsible job. They know what a 4 year-old knows about economics and wealth. Your wealth is being destroyed while you freeze like a deer in a vehicle’s headlights. Your leaders don’t want you to think. These lower life forms want ALL of America’s wealth. They want your freedom. If you are immoblized, cowering in a corner, they will get everything they want. Is THIS what you really want?