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Pension Funds

Valero Energy plans $131 million pension contribution for 2018

Valero Energy Corp., San Antonio, plans to contribute about $131 million to its pension funds in 2018, the company announced in its 10-K filed Wednesday.

The $131 million includes a $100 million discretionary contribution. Last year, the company contributed $110 million.

As of Dec. 31, the pension plans had $2.4 billion in assets and $2.9 billion in benefit obligations for a funding ratio of 82.8%, up from 80.8% at the end of 2016.

As of the same date, the pension funds had an asset allocation of 31.4% equities, 25.6% common collective trusts, 11.2% corporate debt, 8.4% mutual funds, 7.9% pooled separate accounts, 7.8% government securities, 4.2% private funds and 3.5% cash.

The discount rate used to determine benefit obligations was 3.58% as of Dec. 31, down from 4.08% in 2016.

A spokeswoman could not immediately be reached for additional information.