Principal Financial Group, Des Moines, is considering making voluntary contributions of up to $100 million to its defined benefit plans in 2021.
The investment management and insurance company contributed $60.5 million to its DB plans in 2020, according to a 10-K filing Feb. 12 with the SEC.
The filing added that the company does not anticipate that contributions "will be needed to satisfy the minimum funding requirements of ERISA for (its) qualified plan."
As of Dec. 31, DB plan assets totaled $3.374 billion, while projected benefit obligations totaled $4.21 billion, for a funding ratio of 80.1%, up from 79.3% a year earlier.
The plans' discount rate fell to 2.5% as of Dec. 31 from 3.25% the year before.
The DB plans' actual asset allocation as of Dec. 31 was 46.5% fixed income, 38.3% public equities, 5.8% real estate, 4.6% hedge funds, 3.1% balanced asset portfolios, 1.6% pooled separate account investments, and the rest in other holdings including cash.