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BNY Mellon: Pension funds failed to gain in July

August 11, 2009 by  

Pension funds failed to gain in July, says BNY Mellon Despite a stock market rally last month, U.S. retirement funds held steady, according to an asset management corporation.

The BNY Mellon Pension Liability Index, put forward by the Bank of New York Mellon Asset Management, calculated that assets and liabilities for the average moderate risk U.S. corporate pension plan rose 5.4 percent in July. As a result, the funded status of the typical plan remained unchanged at 79.2 percent for the month.

"While U.S. stocks returned nearly eight percent and international stocks were up more than nine percent in July, these big gains were only enough to offset the rise in liabilities that plans face," says Peter Austin, executive director of BNY Mellon Pension Services.

"This rise in liabilities was due to the decline in the discount rate on Aa corporate bonds to 5.88 percent from 6.28 percent at the end of June," he adds.

The index further suggests that through July 31, 2009, the funding ratio for an average plan is up 5.3 percentage points from 73.9 percent at December 31, 2008.

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.
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  • http://donthaveone Mark

    My privatized retirement where I pick the funds the money goes into, made 7 grand last quarter. However, being only 51 years old, I probably wont see any of the money Ive been forced to, and still am forced to feed into social security. I would be worth quite a load of cash had all this money been put into a privatized account from day one when I started contributing. Just another example of what happens when government runs things. So I dont see why so many people got upset when Bush was talking about doing away with social security and letting people have privatized accounts. If it would have been this way from the start of my working days in the 70′s, Id be a rich man about now, and I wouldnt have to be getting pissed off all the time when I see them take the money I have to contribute to social security, and watch them give it to illegal aliens right and left. Toasts my buns if you know what I mean.

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