From Mercer:
Pension plan deficit hits record $409 billion for S&P 1500 companies; pension expense may rise to $70 billion in 2009, a significant drain on corporate earnings:2008 year-end funded status for S&P 1500 drops to 75 percent compared to 104 percent at the end of 2007 Pension expense likely to increase from $10 billion in 2008 to $70 billion in 2009, Mercer says Weakened corporate balance sheets could reduce capital spending, affect loan covenants and credit ratings