Consolidated Edison Inc., New York, expects to make contributions this year of $473 million to its pension plans, according to the company's 10-K statement filed Thursday with the Securities and Exchange Commission.
Most of the contribution — $435 million — will come from the utility holding company's subsidiary Consolidated Edison Company of New York Inc.
The total contribution in 2017 was $450 million, of which $412 million was contributed by Consolidated Edison Company of New York Inc.
The fair value of plan assets for the ConEd pension funds was $14.27 billion as of Dec. 31, vs. $12.47 billion a year earlier. The Consolidated Edison Company of New York Inc. subsidiary accounted for 94.7% of plan assets in 2017 and in 2016.
Aggregate liabilities for the ConEd pension funds was $15.54 billion as of Dec. 31, for a funding ratio of 91.8%. At the end of 2016, aggregate liabilities were $14.1 billion, for a funding ratio of 88.4%.
The target asset allocation for the pension plans is a range of 53% to 63% equity securities; 28% to 38% debt securities; and 7% to 11% real estate. The previous year, the allocation was 58% equity, 33% debt and 9% real estate.
The discount rate last year was 3.7% vs. 4.25% in 2016.