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Pension funding.(Your Letters)(Letter to the Editor)

Consumer Reports

| February 01, 2003 | Samson, David | COPYRIGHT 2003 Consumers Union of the United States, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Your October 2002 report on pensions reflects significantly more insight than many other recent articles. However, we take exception to the statement that "in 2001 ExxonMobil [was] seriously underfunded." Your statement was apparently based solely on data footnoted in our 2001 financial statements. The financial statement data include pension funds, such as many plans outside the U.S., that are intentionally unfunded because tax conventions and regulatory practices discourage funding. As you point out, the correct place to look for true underfunding is in the U.S. government Form 5500. Our 2001 Form 5500 clearly shows ...

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