Alcoa Corp., Pittsburgh, anticipates contributing the minimum required amount of $310 million to its defined benefit plans in 2019, of which $270 million is designated for its U.S. plans, according to a Form 10-K filing Tuesday with the Securities and Exchange Commission.
The company contributed $996 million to its pension plans in 2018.
Alcoa had $4.6 billion in plan assets as of Dec. 31 with a projected benefit obligation of $6 billion, for an unfunded liability of 76.8%, up from 69.7% as of Dec. 31, 2017. The company did not break out assets by U.S. and non-U.S. plans.
Alcoa used a discount rate of 4.21% in 2018, down from 3.68% in 2017.
As of Dec. 31, the firm's pension plans had an allocation of 51% to fixed income, 36% equities and 13% other investments.