"Mr Erhardt said there were about $300bn in fund losses to the end of this month."

And the ripples just keep on coming. From the FT:

"US companies will need to inject more than $100bn into their pension funds to cover market losses, putting them in a cash squeeze at a time when it is difficult to raise money.

The cash payment, estimated by several pension industry executives, would be spread over this financial year and next year.

Companies’ pension fund losses – running at an estimated 20 per cent in the year to date – also are expected to alter earnings this year, partly because of accounting changes.

The 700 largest corporate plans were more than 100 per cent funded at the end of last year, but as of last week that had fallen to about 83 per cent, according to estimates by Mercer, a pension consultant.

John Erhardt, a principal at Milliman, a consulting firm, said: “To bring company funds back to 100 per cent funding, companies would need to put in about $50bn this year and that again next year, for the top 100 funds. You could add another 30 per cent to 40 per cent to that for the rest of the funds.”

“Earnings will be impacted significantly. The 2008 year-end balance sheet will reflect that.”

And notice this:

"The change to earnings is separate from the cash infusion necessary to shore up the funds.

The American Benefits Council, which represents corporate pension plans, is lobbying for the federal government to suspend some of the PPA rules, which require mandatory contributions if funds fall below a certain level."

So just like mark-to-market rules and solvency requirements, we're going to have to consider the question of allowing a suspension of the rules during a crisis. I say no.

The good news is, of course, these pensions are being funded.