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DEFINED BENEFIT

General Motors revs up $970 million contribution for non-U.S. pension plans

General Motors Co., Detroit,expects to contribute $970 million to its non-U.S. defined benefit plans in 2017, showed the firm's 10-K filing released Tuesday.

Company contributions to the non-U.S. plans in 2016 totaled $1.033 billion and $2.054 billion to the U.S. plans.

The automaker's non-U.S. plans totaled $12.998 billion as of Dec. 31 and liabilities totaled $24.05 billion for a funded status of 54%. The 2016 discount rate for the plan was reduced to 2.72% from 3.2% the prior year. The asset allocation of the plans was 50% debt, 29% other and 21% equities, the 10-K said.

“Based on our current assumptions, over the next five years we expect no significant mandatory contributions to our U.S. qualified pension plans and mandatory contributions totaling $1.8 billion to our Canada and U.K. pension plans,” GM officials said in the filing with the Securities and Exchange Commission.

GM's U.S. defined benefit plans had $61.62 billion in assets at the end of 2016 and liabilities were $68.827 billion for a funded status of 89.5%, according to the 10-K The 2016 discount rate was decreased to 3.92% from 4.06% in 2015. The asset allocation was 61% debt, 24% other and 15% equities.