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Pension Funds

PG&E to add $327 million to pension plan in 2018

Pacific Gas & Electric headquarters, San Francisco

PG&E Corp., San Francisco, plans to contribute about $327 million to its pension plan in 2018, the company announced in a 10-K filing.

The company contributed $335 million to the pension plan in 2017, according to the 10-K filed Feb. 9.

PG&E's traditional defined benefit plan was closed Dec. 31, 2012. Employees hired after that date are eligible to participate in a cash balance plan.

As of Dec. 31, defined benefit plan assets totaled $16.65 billion and projected benefit obligations totaled $18.76 billion, for a funding ratio of 88.8%, up from 85.1% a year earlier. The discount rate for the plan dropped to 3.64% in 2017 from 4.11% the previous year.

The plan's target allocation is 58% fixed income, 29% global equity, 8% real assets and 5% absolute return.

Officials at PG&E could not be immediately reached for further information.