In a stunning example of just how much corporate pension systems gained as the markets climbed, Air Canada announced it projects its retirement system started 2014 with a slight surplus a year after posting a $3.32 (American dollars) billion deficit.  

Investment returns of 13.8 percent, raising the discount rate used to determine future liabilities, a company contribution of $201.9 million to the system and a four-year strategy of matching investments to liabilities all contributed to eliminating the deficit, Canada’s largest air carrier said.

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