MetLife Inc., New York, announced its subsidiaries plan to contribute $125 million to its U.S. qualified pension plan in 2020.
The entire contribution is discretionary, the insurer disclosed in its 10-K filing with the SEC on Feb. 21. Contributions to the insurer's global pension plans totaled $311 million in 2019 and $306 million in 2018.
As of Dec. 31, global pension plan assets totaled $10.23 billion, while projected benefit obligations totaled $11.95 billion, for a funding ratio of 85.6%, up from 84.5%. Assets were not broken out by region.
The average discount rate for the U.S. plans was 3.3% as of Dec. 31, down from 4.35% the year before.
The actual allocation of U.S. plans was 82% fixed income, 15% equities and 3% alternative investments.
