Benchmark discount rate 150 basis points lower than the average used in fiscal 2010

A P&I chart on June 7 highlighted the drop in Moody's AA Corporate Bond index - a widely used benchmark discount rate for pension liabilities. On June 7, the index was down 13 basis points year-to-date. Since then, it has fallen an additional 113 basis points and now stands at 3.94%, 150 basis points lower than the average rate used by the top 100 corporate plans in 2010.