Edison International expects to contribute $136 million and subsidiary Southern California Edison Co. anticipates contributing $85 million to their defined benefit plans in 2017, according to a 10-K filing with the Securities and Exchange Commission.
Edison International contributed $103 million to its $3.4 billion pension plan and Southern California Edison Co. contributed $82 million to its $3.2 billion pension plan in 2016, the 10-K indicated.
As of Dec. 31, Edison International's pension plan benefit obligation was $4.3 billion, while Southern California Edison's pension plan benefit obligation was $3.8 billion. The funding ratios were 79% and 84.2%, respectively, at the end of 2016, up from 75.4% and 79.4%.
The target asset allocation for both pension plans in 2016 was 35% fixed income, 29% U.S. equities, 17% non-U.S. equities, 15% opportunistic and/or alternative investments, and 4% other investments. The target allocations were the same in 2015.
The discount rate for both plans was 3.94% in 2016, down from 4.18% in 2015.