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Pension Funds

Corning preps $132 million contribution to pension plans for 2018

Corning Inc., Corning, N.Y., expects to make voluntary cash contributions of up to $132 million to its defined benefit plans in 2018 — up to $105 million to its U.S. qualified plan and up to $27 million to its international pension plans — according to its 10-K filed with the Securities and Exchange Commission on Thursday.

The company made no voluntary cash contributions to its U.S. pension plan and $29 million to its international DB plans in 2017.

Corning had $3.54 billion in plan assets as of Dec. 31 — $3 billion in U.S., the rest in international — with pension obligations of $4.19 billion, for a funding ratio of 84.5%, up from 83% in 2017.

The discount rate was 4.01% in 2017, down from 4.24% in 2016.

Corning's target allocation in 2017 was 60% fixed income, 20% to 25% global equities, 5% to 15% private equity and real estate, and zero to 5% for commodities.