Verizon Communications Inc., New York, contributed $750 million to its pension plans in the third quarter, the company announced in an 8-K filing with the SEC on Thursday.
The contribution exceeds the minimum of $600 million the company had announced it would contribute to the plans this year in its 10-K filing in February. Francis J. Shammo, executive vice president and chief financial officer, said the contribution consists of $550 million in minimum funding and a $200 million discretionary contribution, according a transcript of the company's third-quarter earnings call. In the past two years, the company contributed $744 million and $1.63 billion, respectively.
As of Dec. 31, pension plan assets totaled $16.12 billion, while projected benefit obligations totaled $22.02 billion, for a funding ratio of 73.2%, according to the 10-K.
As of that same date, the actual asset allocation was 31% fixed income, 19.9% equities, 18.5% private equity, 11.1% hedge funds, 10.3% real estate, and 9.2% cash and cash equivalents.
Bob Varettoni, Verizon spokesman, could not immediately provide further information.