May 23, 2020
Here are three noteworthy facts of interest relating to the economic impact of the coronavirus pandemic:
– Public pension plans lost a median 13.2 percent in the first quarter of 2020, the biggest single-quarter decline in 40 years on record. Even before that record first-quarter loss, public pension plans were $4.1 trillion short of the $8.9 trillion they will need to cover promised future benefits.
– No such worries for AT&T CEO Randall Stephenson, who announced his retirement last month. He leaves with a pension account worth $64 million (or $274,000 per month for the rest of his life).
– Meanwhile, online sales of pajamas surged 143 percent in April from the previous month, while purchases of pants dropped 13 percent, and bras 12 percent.