Stock Losses Leave Pensions Underfunded by $400 Billion

The collapse of the stock market last year left corporate pension plans at the largest companies underfunded by $409 billion, reversing a $60 billion pension surplus at the end of 2007, according to a study released today.

http://www.washingtonpost.com/wp-dyn/content/article/2009/01/07/AR2009010701387.html?hpid=topnews

wonder how it affected state and federal pensions after congress passed law allowing those funds to buy credit swap derivitives.