Another AIG woe: $600 million pension contribution
Posted On: Mar. 2, 2009 12:00 AM CSTAmerican International Group Inc., New York, expects to contribute about $600 million combined to its U.S. and worldwide pension plans in 2009, according to its annual report filed Monday with the SEC.
AIG contributed a combined $174 million to its U.S. and non-U.S. pension plans in 2008.
The fair value of the non-U.S. plans' assets fell 20% in 2008 to $765 million, while the U.S. plans' assets fell 13% to $2.7 billion.
The asset allocation for the U.S. plans as of Dec. 31 was 46% bonds, 31% equities, 18% other and 5% cash, while the allocation for non-U.S. plans was 39% equities, 32% bonds, 20% other, 6% real estate and 3% cash.
This story was originally published by Pensions & Investments, sister publication of Business Insurance.