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Bristol-Myers Squibb lowers pension contributions to $70 million from $396 million in 2017

Bristol-Myers Squibb Co., New York, expects to contribute approximately $70 million to its pension plans this year, according to a 10-K statement filed Tuesday with the Securities and Exchange Commission.

The company contributed $396 million last year, $81 million in 2016 and $118 million in 2015, the 10-K statement said. It announced in last year's 10-K that it only anticipated contributing $100 million to its plans in 2017.

Benefit obligations were $6.75 billion at year-end 2017 vs $6.44 billion at year-end 2016.

The fair value of plan assets and benefit obligations were both $6.75 billion at year-end 2017, producing a funding ratio of 100%, up from 90.5% the prior year.

The discount rate was 3.1% last year vs. 3.5% in 2016.

Bristol-Myers Squibb has a target asset allocation of 50% long-duration fixed income, 43% public equity — 16% international, 14% global and 13% U.S. — and 7% private equity.

"Investments are diversified within each of the three major asset categories," the 10-K statement said. "Approximately 90% of the U.S. pension plans equity investments are actively managed." Company stock represented less than 1% of pension plan assets in 2017 and in 2016.

The expected 10-year rate of return based on 2017 data was 6.8%.