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Official says pension funds are down $2 trillion
WASHINGTON (AP) - The top congressional budget analyst says pension plans have lost as much as $2 trillion in the past 15 months.
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Peter Orszag told a House panel on Tuesday that the losses are likely to force many workers to hold off on major purchases and delay their retirements.
The panel was investigating how the housing, credit and financial troubles battering the economy have affected retirement savings.
More than half the people surveyed in a recent Associated Press-GfK poll said they worry that they will have to work longer because the value of their retirement savings has declined.
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
