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Citigroup to deposit $111 million into non-US pension plans in 2020 – Pensions & Investments

Citigroup to deposit $111 million into non-US pension plans in 2020  Pensions & Investments

Citigroup Inc., New York, plans to contribute $111 million to its non-U.S. pension plans in 2020.

The bank does not expect to make any contributions to the U.S. plans during the year, the company disclosed in a 10-K filing with the SEC on Feb. 20.

Citigroup contributed $481 million to the U.S. plans and $150 million to the non-U.S. plans in 2019.

As of Dec. 31, U.S. pension plan assets totaled $12.717 billion, while projected benefit obligations totaled $13.453 billion, for a funding ratio of 94.5%, up from 90.8% the year before.

The discount rate for the U.S. plans as of that date was 3.25%, down from 4.25% a year earlier.

As of Dec. 31, the actual allocation of the U.S. pension plans was: 58% fixed income, 18% other investments, 17% equities, 4% real estate and 3% private equity.

As of Dec. 31, non-U.S. pension plan assets totaled $7.556 billion, while PBO totaled $8.105 billion, for a funding ratio of 93.2%, down from 93.7% a year earlier.The discount rates for the non-U.S. plans had a range of -0.10% to 11.3% as of that date, down from a range of 1.75% to 10.75% the year before.

Citigroup did not provide specific asset allocation information for the non-U.S. plans.

Source: pionline.com

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