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Pension Funds

FirstEnergy generates $500 million contribution for pension plan

FirstEnergy Corp., Akron, Ohio, disclosed Tuesday in a 10-K filing that it contributed $500 million to its qualified pension plan on Feb. 1.

The contribution, the electric utility said in the filing, fulfills the plan's funding requirements through 2021. In 2018, FirstEnergy contributed $1.27 billion to the qualified pension plan.

As of Dec. 31, pension plan assets totaled $6.98 billion, while projected benefit obligations totaled $9.46 billion, for a funding ratio of 73.8%, up from 65.9% a year earlier. The plan's discount rate for 2018 was 4.44%, up from 3.75% the previous year.

Also as of Dec. 31, the plan's actual allocation was: 36% equities, 34% fixed income, 11% absolute return strategies, 10% real estate funds, 5% cash and cash equivalents, and 2% each derivatives and private equity funds.