Lost at Sea?

What some have called a “perfect storm” is lashing the American defined-benefit (DB) pension fund industry. If a few years ago I tried to imagine the worst possible combination of events that could harm the industry, I might have dreamed up today's scenario: decades-low interest rates, the repercussions of a punishing bear market, a weak economy, questionable governance by some key companies, complicated funding requirements and baffling accounting rules.