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Pension Funds

Paccar preps pension contribution of $70 million to $100 million for 2018

Paccar Inc., Bellevue, Wash., plans to contribute up to $100 million to its defined benefit plans in 2018, the company disclosed in its 10-K filing on Wednesday.

The company said in the filing that it plans to exceed its minimum funding requirement of $21.2 million this year by contributing between $70 million and $100 million to the plans.

Paccar contributed $71 million to the plans in 2017 and $186 million in 2016. The discount rate for 2017 was 3.3%, down from 3.7% the previous year.

As of Dec. 31, pension plan assets totaled $2.92 billion, while projected benefit obligations totaled $2.82 billion, for a funding ratio of 103.5%, up from 99.5% the previous year.

Also as of Dec. 31, the actual allocation of the pension plans was 30.1% domestic fixed income, 29.7% global equities, 26.3% domestic equities, 11.2% international fixed income, and 2.7% cash and other.