America’s biggest pension funds lost ground in the first quarter and are likely to require larger contributions from their corporate sponsors this year, joining the ranks of homeowners, lenders and others hurt by the recent turmoil in the financial markets. At the same time, though, some of America’s biggest companies have begun taking steps to shield their pension funds from market volatility by moving out of stocks. Such a step has long been predicted by economists, but was shunned until now by the vast majority of pension investment managers.
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