Abbott Laboratories, Abbott Park, Ill., plans to contribute about $400 million to its post-retirement plans in 2014, of which about $300 million will go to its main domestic pension fund, according to Abbott's most recent 10-K filing.
Abbott contributed $724 million to defined pension plans in 2013 and $379 million in 2012.
Defined benefit pension fund assets were $6.1 billion as of Dec. 31, a 23% decrease from a year earlier. However, the 2013 funding ratio increased to 95% in 2013 from 70% in 2012.
Pension fund assets and benefit obligations decreased by $3.1 billion and $4.7 billion, respectively, as a result of the separation of AbbVie Inc., the firm's research-based pharmaceuticals business. AbbVie became a separate, independent company on Jan. 1, 2013.
The discount rate used to measure benefit obligations rose to 4.9% in 2013, from 4.3% in 2012.
As of Dec. 31, the actual asset allocation for pension fund assets was 31% domestic equities, 22% fixed income, 22% absolute return, 20% international equities, 3% commodities and 2% other. The asset mix at the end of 2012 was 28% domestic equities, 25% absolute return, 24% fixed income, 19% international equities, 3% commodities and 1% other.
Data Editor Timothy Pollard contributed to this story.
