US firms with traditional pensions are facing a soaring costs, the Boston Globe reports.
A study by Towers Perrin has found that funding levels have dropped dramatically since the late 1990s and that the 'average' pension plan is now substantially underfunded.
"Rising pension costs over the last two years are now having a significant impact on corporate income statements," said Steven Kerstein, managing director of Towers Perrin's global retirement consulting practice.
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