Duke Energy Corp., Charlotte, N.C., and Progress Energy Inc., Raleigh, N.C., will have combined retirement assets of at least $10 billion as a result of a merger of the two firms, announced Monday.
Duke Energy had $7.59 billion in total employee benefit assets as of Sept. 30, according to the latest Pensions & Investments plan sponsor survey, with defined benefit assets of $4.35 billion and defined contribution assets of $3.24 billion.
Progress Energy reported $3.11 billion in total employee benefit assets as of Dec. 31, 2009, the latest data available in SEC filings. The firm reported $1.67 billion in defined benefit assets and $1.44 billion in defined contribution assets.
Both companies' defined contribution assets are in 401(k) plans.
The combined company will be called Duke Energy. Decisions on the integration of the companies' retirement plans will be made over the next several months, according to Duke spokesman Dave Scanzoni.