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DEFINED BENEFIT

Huntington Ingalls eyes $290 million discretionary pension contribution

Huntington Ingalls Industries Inc., Newport News, Va., expects to make a $290 million discretionary contribution to its defined benefit plans in 2017, the company said in its 10-K filing Friday.

The company contributed $167 million in 2016, $99 million in 2015 and $123 million in 2014, all discretionary.

As of Dec. 31, the plans were 82% funded, according to the 10-K, with assets of $4.9 billion and liabilities of $6.1 billion. In 2015, the plans were 82% funded, with assets of $4.6 billion and liabilities of $5.6 billion.

The weighted average discount rate for pensions dropped to 4.47% in 2016 from 4.73% the previous year. The 7.5% expected long-term rate of return assumption used in 2016 and 2015 will drop to 7.25% in 2017, based on an updated view of portfolio and market expectations, according to the 10-K.