DTE Energy to transmit $185 million to pension plans in 2020

DTE Energy Co., Detroit, plans to contribute up to $185 million to its defined benefit plans in 2020, the company said Wednesday in a 10-K filed with the Securities and Exchange Commission.

Most of the planned contribution — $160 million — is for the DTE Electric Co. plan, with the remainder slated for the DTE Energy Co. pension fund.

DTE Energy's DB plan assets as of Dec. 31 were $5 billion, with projected benefit obligations of $5.8 billion, for a funding ratio of 86.2%, up from 83.6% in 2018.

The regulatory filing did not break out plan assets or projected benefit obligations for DTE Electric's DB plan.

In 2019, DTE Energy contributed $150 million to the DTE Energy plan and $100 million to the DTE Electric plan.DTE lowered the 2019 discount rate for both plans to 3.3% from 4.4%.

The target allocation for the DTE plans as of Dec. 31 was 42% fixed income, 16% U.S. large-cap equity, 15% non-U.S. equity, 14% hedge funds, 9% private equity/other and 4% U.S. smidcap equity.