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February 25, 2021 10:48 AM
Wells Fargo & Co., San Francisco, made voluntary contributions totaling $700 million to its cash balance plan in 2020, the bank disclosed in its 10-K filing with the SEC. Wells Fargo does not expect to be required to make any further contributions to the plan in 2021, the Tuesday filing said. The cash balance plan was frozen to new benefit accruals on July 1, 2009.
As of Dec. 31, plan assets totaled $12.061 billion, while projected benefit obligations totaled $11.956 billion, for a funding ratio of 100.9%, up from 96.8% a year earlier.
The discount rate for the cash balance plan fell to 2.46% as of Dec. 31 from 3.21% the year before.
As of Dec. 31, the plan's actual allocation was 59.1% long-duration fixed income, 7.4% domestic large-cap equities, 7.1% other, 5.8% international equities, 3.5% global equities, 2.8% each domestic midcap equities and intermediate core fixed income, 2.2% emerging markets equities, 1.9% high-yield fixed income, 1.8% each cash/cash equivalents and domestic small-cap equities, 1.5% real estate, 1.2% hedge funds/absolute return and 1.1% international fixed income.
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