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CenturyLink phones in additional $400 million pension contribution

CenturyLink Inc., Monroe, La., made an additional contribution of $400 million to its qualified pension plan following the close of the second quarter, the company disclosed in an 8-K filing with the Securities and Exchange Commission on Wednesday.

The contribution is in addition to the $100 million contribution in the second quarter. The contribution was "due to an additional $392 million tax refund received in the third quarter 2018," the filing said.

The company contributed $100 million each in 2017, 2016 and 2015.

As of Dec. 31, CenturyLink's pension plan assets totaled $11.06 billion, while projected benefit obligations totaled $13.122 billion, for a funding ratio of 84.3%, up from 81.9% the previous year, according to the company's most recent 10-K filing.

As of Dec. 31, the actual allocation of the qualified pension plan was 17.3% investment-grade bonds, 12% international equities, 10% domestic equities, 9.6% high-yield bonds, 8.2% real estate, 7.8% multiasset strategies, 6.9% market-neutral hedge funds, 5.8% directional hedge funds, 4.9% diversified strategies, 4.8% cash equivalents and short-term investments, 4.2% private equity, 4.1% emerging markets debt, 3.5% private debt and 0.9% emerging markets equities.