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Plugging the Pension Gap -- With Cheese?
TIME Apr. 19, 2013 "[T]he British food company Dairy Crest has a roughly $128 million deficit in its pension fund as of the end of September, and to help plug that gap, the firm has transferred roughly 44 million pounds of cheese to the pension.... Apparently this isn't the first case of a large food manufacturer handing over large inventories of goods to a pension fund to help plug a gap. In 2010 the firm Diageo -- which manufactures popular spirits like Johnnie Walker and Smirnoff vodka -- gave more than $760 million in 'maturing whiskey' to its retirement fund in an effort to fill a more than $1 billion pension shortfall." |
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