Prudential Financial Inc., Newark, N.J., plans to contribute about $185 million to its defined benefit plans this year, the company said in a 10-K report filed Feb. 19 with the Securities and Exchange Commission.
The company contributed about $205 million in 2020 and $280 million in 2019.
Plan assets were $14.9 billion for the year ended Dec. 31, while benefit obligations were $15.48 billion, for a funding ratio of 96.2%, up from 95% for 2019.
The discount rate was 2.55% for year-end 2020 vs. 3.30% for 2019.
Allocation targets as of Dec. 31 were for fixed maturities, 54% to 67%; real estate, 2% to 16%; short-term investments, zero to 12%; international equities, 2% to 9%; domestic equities, 2% to 8%; and other, 4% to 27%.
