PG&E Co. is seeking approval to make pension contributions of $344 million per year in 2007, 2008 and 2009, as part of the company's request to the California Public Utilities Commission for a rate increase, according to an 8-K filing with the SEC. The request was made "because the CPUC has not yet issued a final decision to (its) July 2005 petition to file a separate application to resume pension contributions beginning in 2006," according to the filing.
The commission will make the final decision as to the amount of the pension contribution, according to the SEC filing. Peter Corippo, director of investments & benefit finance at PG&E, declined to comment beyond the SEC filing. PG&E had $12 billion in total retirement plan assets as of Sept. 30, according to company data provided to P&I Daily. Accrued benefit liabilities were $47 million as of Dec. 31, 2004, according to PG&E's annual report.