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Pension Funds

Marsh & McLennan plans $109 million pension contribution in 2018

Marsh & McLennan Cos. Inc., New York, plans to contribute a total of $109 million to its global defined benefit plans in 2018, the company disclosed in its 10-K filing.

The company said in the filing with the Securities and Exchange Commission on Feb. 22 that it plans to contribute $27 million to its U.S. pension plans and $82 million to its non-U.S. plans during the year. In 2017, Marsh & McLennan contributed $85 million to its U.S. pension plans and $229 million to its non-U.S. plans. In 2017, the discount rate for U.S. DB plans was 2.58%, down from 2.69% the year before, and the rate for non-U.S. plans was 2.97%, down from 3.42% the previous year.

As of Dec. 31, U.S. defined benefit plan assets totaled $4.787 billion, while projected benefit obligations totaled $6.221 billion, for a funding ratio of 76.9%, up from 74.1% the year before. As of the same date, the actual allocation was 63% equities and alternatives, and 37% fixed income.

Also as of Dec. 31, non-U.S. pension plan assets totaled $11.388 billion, while projected benefit obligations totaled $10.053 billion, for a funding ratio of 113.2%, up from 103.6% the previous year. The company did not disclose total asset allocation of all non-U.S. plans, but it did provide the actual allocation of DB plans in the U.K., which make up 81% of the total non-U.S. pension plan assets, according to the filing. As of Dec. 31, the actual allocation of U.K. plans was 52% fixed income and 48% equities.