February 2007

Bankruptcies Can Avoid Mass Pension Payouts

By Steven M. Yoder and Eric Sutty

Legacy costs, the common term for worker pension and health care benefits negotiated in past collective bargaining agreements, are rising at a rapid pace — driven by weak projected returns on pension portfolios, strong growth in health care costs and aging baby boomers tipping the scale between the number of workers supporting each retiree.

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