Pinnacle West Capital Corp., Phoenix, plans to make voluntary contributions of up to $100 million to its defined benefit plans in 2021.
The company does not expect to make any contributions of any kind for the next three years, it disclosed Wednesday in its 10-K filing with the SEC.
Overall, Pinnacle West has no minimum required contributions over that span of time, the company said. The company contributed $100 million to the plans in 2020.
As of Dec. 31, overall DB plan assets totaled $3.887 billion, while projected benefit obligations totaled $3.903 billion, for a funding ratio of 99.6%, up from 91.8% a year earlier.
The discount rate for the plans fell to 2.53% as of Dec. 31 from 3.3% a year earlier.
As of Dec. 31, the plans' actual allocation was 66.7% fixed income, 25.8% equities, 4.9% real estate, 2.4% other and 0.2% cash and cash equivalents.