Valero Energy Corp., San Antonio, plans to contribute about $140 million to its pension plans in 2020, the company disclosed Wednesday in its 10-K filing with the Securities and Exchange Commission.
The company contributed $128 million to its pension plans in 2019.
As of Dec. 31, Valero had $2.7 billion in total defined benefit assets and $3.2 billion in benefit obligations for a funding ratio of 84.4%, down from 84.6% at the end of 2018.
The discount rate used to calculate benefit obligations was 3.14% as of Dec. 31, down from 4.25% the previous year.
As of Dec. 31, the pension plans had an asset allocation of 30.7% equities, 27.7% common collective trusts, 10.8% corporate debt, 9.2% pooled separate accounts, 7.9% mutual funds, 7.4% government securities, 3.8% private funds, 2.1% cash and the rest in other.
