<!-- Swiftype Variables -->


Freeport McMoRan explores $172 million pension contribution in 2017

Freeport-McMoran Inc.
Grinding mills at a Freeport McMoRan copper and gold mining complex in Indonesia

Freeport McMoRan Inc., Phoenix, plans to contribute a total of $172 million to its pension plans in 2017, the company disclosed in a 10-K filing with the Securities and Exchange Commission.

The company plans to contribute $140 million to its own plans, all of which are located in the U.S., and $32 million to affiliate PT Freeport Indonesia, the Feb. 24 filing indicated.

In 2016, the company contributed $42 million to its pension funds and $38 million to the PT-FI pension plan.

As of Dec. 31, U.S. defined benefit plan assets totaled $1.329 billion, while projected benefit obligations totaled $2.135 billion, for a funding ratio of 62.2%, down from 65.5% the previous year.

As of that same date, defined benefit plan assets of PT Freeport Indonesia totaled $284 million, while projected benefit obligations totaled $374 million, for a funding ratio of 75.9%, up from 64.2%.

As of Dec. 31, the U.S. asset allocation was 40.4% fixed income, 31.6% global equity, 8.6% real estate, 5% emerging markets equity, 4.5% domestic small-cap equity, 3.8% international small-cap equity, 2.7% other, 1.9% private equity, 1.3% short-term investments, and the rest in cash and cash equivalents. The filing reported the PT-FI plan's actual allocation consisted of 41.9% cash and receivables, 27.5% equities, 25.4% fixed income and the rest in undefined mutual funds.