The PBGC is expected to release its Top 50 list tomorrow. The list, issued annually by the agency, details the 50 companies with the largest underfunded single-employer plans. Last year, the list comprised about 45% or $13.5 billion of the overall underfunding in single-employer plans insured by the agency.
Engelhard Corp., Iselin, N.J., is considering rebalancing the allocation of its $250 million pension fund because of the rise in the equity markets, said Peter R. Rapin, assistant treasurer. It could decide by February to reduce equities roughly 3 to 10 percentage points. Frank Russell Co. is assisting in a study. Mr. Rapin declined to give the current or policy allocation, saying it was complicated by tactical asset allocation the fund uses.
The reallocations would likely be made without any changes in the lineup of managers.