Boeing Co., Chicago, contributed $764 million to its 401(k) plans last year, up 3% from $742 million the previous year, according to its 10-K report, filed Thursday with the Securities and Exchange Commission.
Boeing's defined contribution plans had $45.3 billion in assets as of Sept. 30.
The company contributed $784 million to its defined benefit plans last year, down 48% from $1.5 billion the previous year, the 10-K said.
As of Dec. 31, Boeing's defined benefit plans had an aggregate funded status of 78% with $61.1 billion in assets and $78.3 billion in liabilities, the 10-K states. That level is down from 84.7% the previous year.
“On an Employee Retirement Income Security Act basis our (defined benefit) plans are more than 100% funded” as of Dec. 31, the 10-K said. Legislation Congress passed last year extended pension funding relief for corporate defined benefit sponsors by allowing them to use a higher discount rate. “We do not expect the contributions to our pension and other post-retirement benefit plans to be significant in 2015. We may be required to make higher contributions to our pension plans in future years.” The report doesn't give estimates.
“Asset performance and legislative changes helped us with the ERISA funded level,” said Charles “Chaz” Bickers, Boeing spokesman.
Boeing's defined benefit asset allocation as of Dec. 31 was 29% global equity, 48% fixed income, 9% combined real estate and real assets, 5% each private equity and hedge funds, and 4% global strategies, the 10-K said. The allocation was unchanged from 2013, except for 49% in fixed income and 8% in combined real estate and real assets.