Pension-Funding Problems

From a harrowing AP story today:

Pension plans of the 362 companies in the Standard & Poor’s 500 index offering defined-benefit plans went from being overfunded by $280 billion in 1999 to being underfunded by $165 billion last year, according to S&P. And that was a $54 billion improvement from 2002, thanks largely to a rebounding stock market.