Consolidated Edison Inc., New York, expects to make contributions of $480 million to its pension plans in 2021, according to the company's 10-K statement filed Feb. 18 with the Securities and Exchange Commission.
Most of the contribution — $441 million — will go to the utility holding company's subsidiary Consolidated Edison Co. of New York (CECONY) Inc.'s pension plan. The company has only U.S. pension plans.
Last year, the total contribution was $332 million, of which $301 million was provided to CECONY's plan.
The total fair value of the Consolidated Edison's pension funds' assets was $17 billion as of Dec. 31, vs. $15.6 billion on Dec. 31, 2019.
Projected benefit obligations for the Consolidated Edison pension plans were $18.97 billion last year vs. $16.79 billion in 2019.
The funding ratio for the total Consolidated Edison pension plans was 89.7% last year vs. 93% in 2019.
The fair value of CECONY's pension assets — which accounts for most of the holding company's aggregate pension assets — was $16.2 billion last year vs. $14.8 billion in 2019.
The projected benefit obligation was $17.8 billion last year vs. $15.7 billion in 2019. The funding ratio for CECONY was 90.6% last year vs. 93.% in 2019.
The discount rate for the Consolidated Edison pension plans was 2.55% in 2020 vs. 3.35% in 2019.
The asset allocation for the total Consolidated Edison pension plans as of Dec. 31 was 51% equity, 38% debt and 11% real estate. In 2019, the allocation was the same for the three categories.