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Pension Funds

Corning plans $106 million contribution to pension funds in 2019

The historic archway at the Corning Inc. headquarters in Corning, N.Y.

Corning Inc., Corning, N.Y., expects to make voluntary cash contributions of up to $106 million to its defined benefit plans in 2019 — up to $75 million to its U.S. qualified plan and up to $31 million to its international pension plans — according to its 10-K filed with the SEC on Wednesday.

The company made a voluntary cash contribution of $105 million to its U.S. pension plan and $12 million to its international DB plans in 2018.

Corning had $3.24 billion in plan assets as of Dec. 31 — $2.74 billion in U.S., and the rest in international — with pension obligations of $4 billion, for a funding ratio of 81%, down from 84.5% in 2018.

The discount rate for the U.S. plan was 3.58% in 2018, down from 4.01% in 2017.

Corning's target allocation in 2018 was 60% fixed income, 20% to 25% global equities, 5% to 15% private equity and real estate, and zero to 5% commodities. The filing did not break out the allocation by region.