Pension Funds

Ingersoll-Rand chooses new treasurer

Richard E. Daudelin was named vice president, treasury at Ingersoll-Rand PLC, Davidson, N.C., on Friday.

Mr. Daudelin will have global responsibility for all treasury operations, including pension funds, capital markets, cash management, foreign-exchange risk management and insurance management, a news release said.

Mr. Daudelin has been with Ingersoll-Rand 29 years, most recently as vice president, audit services. He succeeds Francesco Incalza, who was named to another leadership role at the company. Mr. Incalza's new title was not available.

Ingersoll-Rand contributed $101 million to its worldwide pension plans in 2017, and plans to contribute $75 million in 2018, according to its February 10-K filing with the Securities and Exchange Commission. That compares to $56 million added in 2016 and $35 million in 2015.

The plans had a combined $3.1 billion in assets as of Dec. 31, up from $2.8 billion 12 months earlier, according to the filing. Their combined funded status as of Dec. 31 was 81.8%, up from 79.2% at the end of 2016.

The U.S. plan had an assumed rate of return of 5.5% in 2017, vs. 5.75% the previous year, while the non-U.S. plan's rate of return assumption was 3.25% last year and 3.75% the previous year.

The U.S. plan's discount rate for 2017 was 3.5%, and 2.3% for its non-U.S. plans, vs. 4% and 2.4%, respectively, in 2016.

The plans' asset allocation as of Dec. 31 was 72% fixed income; 25% equities; and 3% cash, real estate and other investments. At the end of 2016, the plans had 71% in fixed income; 26% in equities; and 3% cash, real estate and other investments.

Spokeswoman Perri Richman did not have further information.