I like to take the easy shots first. Both you and Henry are misrepresenting numbers from the actuary's report. As I said before, the report does not evaluate the plan based on all participants living to age 109. You are wrong also if you believe the plan is offiicially underfunded by 37%. Yes the plan is 63% funded but experts place adequate funding for DB plans between 80% and 90%. All parties are guilty if they expect 8% net of expenses as the discount rate. Plus the plan, based on the 12/31/2010 statement, had ZERO allocation to small cap stocks. For the record, over the last 24 months, Vanguard's small cap ETF has returned roughly 75% cumulatively. Based on the same statement, the plan was using share classes with annual 12B-1 (.5%) fees instead of share classes that did not charge 12B-1 fees, costing 20K-25K annually. I could go on but I have to take a shower.