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Prudential readies $260 million for pension plans this year

Prudential Financial Inc. Tower in Newark, N.J.

Prudential Financial Inc., Newark, N.J., expects to contribute approximately $260 million to its defined benefit plan this year, according to the company's 10-K statement filed with the Securities and Exchange Commission.

The company contributed $219 million last year.

DB plan assets totaled $12.81 billion as of Dec. 31 and liabilities were $13.19 billion for a funding ratio of 97%, vs. $13.66 billion in assets and $13.84 billion in liabilities for a 98.7% funding ratio a year earlier.

The discount rate was 4.3% at year-end 2018 vs. 3.65% at the end of 2017.

The asset allocation was 63% fixed maturities, 18% other, 10% real estate, 5% international equities and 4% domestic equities.

The fixed maturities category includes variable life insurance policies, U.S. government securities, non-government securities, U.S. and corporate bond funds, and several forms of corporate debt, the 10-K statement, filed Feb. 15, said.

The other category includes cash and cash equivalents, short-term investments, payables and receivables, and open future contract positions, including fixed-income collateral, the 10-K said.