AT&T has a set of very large private pension and postretirement benefit plans that cover nearly all of its U.S. employees. The following information was extracted from the notes to AT&€™s 2008 financial statements. All numbers are in millions of U.S. dollars.

1. The benefit obligation is the measure of the value of the retirement benefits (pensions, medical care, and so forth) earned by AT&T€™s employees that has not yet been paid. What is AT&T€™s total retirement benefit obligation as of the end of 2008?
2. To ensure that employees will be able to collect their pension benefits, AT&T is required by law to set aside funds in a pension plan. In addition, many companies, AT&T included, also put money into a fund to support payment of other postretirement benefits. What is the total value of assets in all of these retirement funds as of the end of2008?

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Postretirement Benefits Pension Benefits 2008 2007 2008 2007 Fair value of plan assets at end of year Benefit obligation at end of year Funded (unfunded) status at end of yea 50,822 (3,994 $46,828 S70,810 $10,175 $16,999 37,53 40,385 ) $17,288 S27,356 SI23,386) 53,522