General Dynamics Corp., Falls Church, Va., plans to contribute about $190 million to its defined benefit plans in 2017, the company said in its 10-K filing with the Securities and Exchange Commission on Monday.
General Dynamics contributed $208 million to the pension funds in 2016 and $187 million in 2015.
As of Dec. 31, defined benefit plan assets totaled $8.98 billion and projected benefit obligations totaled $13.02 billion, for a funding ratio of 69%, similar to the previous year.
The 10-K filing did not break down assets between U.S. and non-U.S. pension funds but did note that more than 90% of the assets are held in a single trust for the U.S. plans. General Dynamics has six non-contributory and five contributory pension plans covering eligible government business employees, plus two non-contributory and four contributory plans covering eligible commercial business employees, including some international operations. The primary government pension plan, which has most of the unfunded obligation, was closed to new salaried employees on January 1, 2007, and accruals were limited or stopped in 2014, according to the 10-K. Similar changes were made to the primary commercial pension plan in 2015.
The target allocations for the trust as of Dec. 31 were 48% to 68% equities, 20% to 48% fixed income, up to 5% cash and the rest in other asset classes.
Lucy Ryan, company spokeswoman, did not return a phone call seeking further information by press time.
