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Pension Funds

Exxon Mobil to pipe $1.7 billion into pension plans in 2019

Exxon Mobil Corp., Irving, Texas, plans to contribute $1.7 billion to its global pension plans in 2019, the company disclosed Wednesday in its 10-K filing with the Securities and Exchange Commission.

Of the $1.7 billion, $1 billion will be contributed to Exxon Mobil's U.S. plans and $680 million to its non-U.S. plans. The company contributed $490 million and $720 million to its U.S. and non-U.S. plans, respectively, in 2018.

The energy company's U.S. pension assets and benefit obligations totaled $11.13 billion and $18.17 billion, respectively, for a funding ratio of 61.3% as of Dec. 31, down from 66.2% the year before. As of the same date, non-U.S. pension assets and benefit obligations totaled $19.5 billion and $25.4 billion, respectively, for a funding ratio of 76.8%, unchanged from 2017.

The discount rate used to calculate benefit obligations for the U.S. plans was 4.4% as of Dec. 31, down from 3.8% at the end of 2017, and 3% for the non-U.S. plans, up from 2.8% in 2017.

As of Dec. 31, the asset allocation for the U.S. pension plans was 43% corporate debt, 28% government bonds, 13% U.S. equities, 11% international equities and 5% private equity. The asset allocation for Exxon Mobil's non-U.S. pension plans was 50% government bonds, 20% corporate debt, 14% U.S. equities, 13% non-U.S. equities and 3% private equity.