LyondellBasell stirs up $107 million contribution for global pension plans

LyondellBasell Industries NV, Houston, estimates it will contribute a total of $107 million to its defined benefit plans — $44 million to its U.S. plans and $63 million to its non-U.S. plans — according to its 10-K.

The company contributed $47 million to its U.S. DB plans and $56 million to its non-U.S. plans in 2017, and $49 million to its U.S. plans and $65 million to its non-U.S. plans in 2016.

LyondellBasell had $1.68 billion in U.S. plan assets as of Dec. 31 and a benefit obligation of $1.92 billion, for a funded liability of 87.5%, up from 85.1% the same time year before. Its non-U.S. DB plans had $852 million in assets with a benefit obligation of $1.51 billion for a funded status of 56.4%, up from 55.3% a year earlier, according to the 10-K, filed Feb. 22.

The discount rate for the firm's U.S. plans was 3.73% as of Dec. 31, down from 4.2% as of Dec. 31, 2016. The discount rate for its non-U.S. plans was 2.13%, up from 1.52% the same time the year prior.

LyondellBasell's target asset allocation for its U.S. plans as of Dec. 31 was 38% fixed income, 32% equities and 30% alternatives. It's target allocation for its non-U.S. plans was 50% equities and 50% fixed income.