The S&P 500 group of companies has funded only 71% of its obligations, an all time low, and down from 77% in 2008, according to a Morgan Stanley report. The reasons are clear: low interest rates and poor equity returns. The peak was in 1999 at 129% of funding requirements. With interest rates forecasted to be depressed for an extended period, corporations will have to allocate cash to the issue. Furthermore, MS has performed a study which indicates a correlation to stock performance and a company's funding obligations.