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PG&E powers up $327 million contribution to pension fund

PG&E Corp., San Francisco, plans to contribute about $327 million to its pension plan in 2017, the company announced in a 10-K filing Thursday.

The contribution is entirely discretionary, with the company having no minimum funding requirement, according to the 10-K filing. The company contributed $334 million to the pension fund in 2016.

The company's traditional defined benefit plan was closed Dec. 31, 2012. Employees hired after that date are eligible to participate in a cash balance plan.

As of Dec. 31, defined benefit plan assets totaled $14.73 billion, and projected benefit obligations totaled $17.31 billion, for a funding ratio of 85.1%, up from 84.3% a year earlier. The discount rate for the plan dropped to 4.11% in 2016 from 4.37% the previous year.

The plan's target allocation is 58% fixed income, 27% global equity, 10% real assets and 5% absolute return.

Officials at PG&E could not be immediately reached for further information.