Sempra Energy, San Diego, expects to contribute $246 million to its pension plans in 2021.
The utility company contributed $290 million to the plans in 2020, it disclosed in a Feb. 25 10-K filing with the SEC.
As of Dec. 31, pension plan assets totaled $3.002 billion, while projected benefit obligations totaled $4.077 billion, for a funding ratio of 73.6%, up from 70.6% a year earlier.
The discount rate as of Dec. 31 fell to 2.78% from 3.49% the year before.
The target allocation for Sempra Energy's pension master trust as of Dec. 31 was 33% domestic equities (down from 35% the year before) , 22% international equities (down from 24%), 21% long credit (up from 18%) , 10% diversified real assets (previously separate 5% targets for real assets and global real estate investment trusts), 7% return-seeking credit (up from 5% the year before), 5% ultralong duration government securities (down from 8%) and 2% other diversifying assets (new target).