Monetary policy is solving one problem and creating another. All hands-on deck is required to temper the impact of the Pandemic on the economy. The Federal Reserve’s entry into the corporate bond markets as an indiscriminate buyer resulted in corporate spreads returning to near-normal levels. This action helped reduce the threat of a financial crisis by lifting both corporate credits and equities. The latter is the problem. A reversal of equities may not result in a corresponding increase in credit spreads due to Fed actions. Thus, an equity decline would impair assets with no similar reduction of liabilities. This event would result in falling funded ratios and increased contributions. Sponsor beware.