Ford Motor is planning to contribute a total of $1.6 billion to its worldwide pension plans this year, Pensions & Investments reports. The U.S. auto-maker is seeking to contribute $1.2 billion in cash and cash equivalents from its automotive division along with $400 million of direct benefit payments. The Michigan-based company’s U.S. pension assets stood at $39.9 billion as of end of last year and were 85.7% funded, while its non-U.S. defined benefit plans were 79.6% funded. Ford Motor’s asset allocation for its U.S. plans was 45.5% fixed income, 43% equities, 7.1% hedge funds, 3.7% private equity, 0.4% cash and 0.3% real estate.

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