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BB&T adds $260 million to pension plans in first quarter

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BB&T Corp., Winston-Salem, N.C., contributed $260 million to its defined benefit plan in the first quarter of 2017, and may make further contributions this year, according to its 10-K filing with the Securities and Exchange Commission Tuesday.

BB&T has $5 billion in defined benefits pension assets, up from $4.37 billion in Dec. 31, 2015. Benefit obligations totaled $3.94 billion as of Dec. 31, for a funding ratio of 127%, up from 126% a year earlier.

It contributed $360 million to its plans in 2016.

For the year ended Dec. 31, the target asset allocations included a range of 35% to 53% for fixed-income securities, 30% to 50% for U.S. equity securities, 11% to 18% for international equity securities, and zero to 14% for alternative investments, which include real estate, hedge funds and private equity. The plan may hold up to 10% of its assets in BB&T common stock.

The discount rate used to determine pensions obligations dropped to 4.43% from 4.68% in 2015.