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  2. DEFINED BENEFIT
February 20, 2015 12:00 AM

Pinnacle West charts $300 million in pension contributions over next 3 years

Rob Kozlowski
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    Pinnacle West Capital Corp., Phoenix, plans to make voluntary contributions to its pension fund totaling up to $300 million over the next three years, said Paul Mountain, director, investor relations.

    The company plans to voluntarily contribute up to $100 million each in 2015, 2016 and 2017, all years in which there are no minimum contributions required. Pinnacle West contributed $175 million to the pension fund in 2014.

    The pension fund, which is open, has overall targets of 58% to long-term fixed-income assets that the company uses for liability hedging and 42% to return-generating assets.

    Mr. Mountain said the fixed-income target is part of the company’s liability-driven investing strategy and will trend upward as the company’s funded status rises.

    As of Dec. 31, the asset allocation was 60% fixed income, 14% domestic equities, 13% international equities, 6% partnerships, 5% real estate and 2% short-term and other investments.

    The fair value of plan assets totaled $2.615 billion, and projected benefit obligations totaled $3.079 billion, for a funding ratio of 84.9%, as of Dec. 31.

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