U.S. Bancorp, Minneapolis, contributed $1.1 billion to its two U.S. qualified pension plans in 2020, the company disclosed Tuesday in its 10-K filing with the SEC.
The bank had originally expected to contribute $125 million to the plans during the year, as disclosed in its previous 10-K filing in February 2020.
The two U.S. qualified pension plans are the U.S. Bank Pension Plan and the U.S. Bank Legacy Pension Plan. The latter plan was established effective Jan. 1, 2020 and received a transfer from the former plan of the accrued benefits and related plan assets of those participants who had left the bank prior to that date.
As of Dec. 31, the plans' assets totaled $7.498 billion, while projected benefit obligations totaled $7.805 billion, for a funding ratio of 96.1%, up from 85.5% the year before.