Exelon to charge up $556 million in pension contributions

Exelon Corp., Chicago, and its subsidiaries plan to contribute $505 million total to its qualified defined benefit plans in 2021, the company disclosed in its 10-K filing with the SEC on Wednesday.

The utility and its subsidiaries also expect to contribute $51 million total to its non-qualified pension funds, bringing total planned 2021 contributions to $556 million.

Exelon and its subsidiaries contributed $542 million to the plans in 2020, according to the filing.

As of Dec. 31, DB plan assets totaled $20.34 billion, while projected benefit obligations totaled $24.89 billion, for a funding ratio of 81.7%, up from 81.3% a year earlier.

The discount rate for the plans was 2.58% as of Dec. 31, down from 3.34% the year before.

Also as of Dec. 31, the DB plans had an asset allocation of 38.2% fixed income, 33.3% equities, 8% private equity, 6.4% hedge funds, 6.2% private credit, 5.3% real estate and 2.6% cash equivalents.