There's been a really large shift in the coverage of people by pension plans in the private sector. In the public sector, there's definitely a big increase, but in the private sector, there's a big decrease. It has a lot to do with the way the regulations have changed to shorten the investment horizon of the valuation of these funds.
Shortening the investment horizon, as has been done through actuarial valuations and things like this, has synched it with the business cycle. When the business cycle turns down, what happens? Interest rates go down. The bank reduces them to get the economy going again. What happens then is that the liabilities go up because the interest rates are used to value the liabilities. On the other hand, there's economic difficulty, so the assets go down. All of a sudden, you go through a business cycle and you have an increase in your liabilities, a decrease in your assets and a lot of stress. That stress requires you to put money into your fund. At a time when your business is not doing so well, you'll say, “Well, why am I going to do that?” The consequence is that all the businesses will say that they don't want anything to do with this.
I made a reference to 40 years ago. It used to be that we'd be able to amortize the assets over 25 years. We used to be able to make up the difference over 25 years. It was all smoothed out, which is also what we have to go back to.