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This BLOG is for LLNL present and past employees, friends of LLNL and anyone impacted by the privatization of the Lab to express their opinions and expose the waste, wrongdoing and any kind of injustice against employees and taxpayers by LLNS/DOE/NNSA. The opinions stated are personal opinions. Therefore, The BLOG author may or may not agree with them before making the decision to post them. Comments not conforming to BLOG rules are deleted. Blog authors serve as moderators. For new topics or suggestions, email jlscoob5@gmail.com

Wednesday, January 7, 2009

More U.S. companies cut matching retirement funds under 401(k) plans

Link to one of many on this topic. . .

401K Cuts

13 comments:

Anonymous said...

Cuts to 401K matching is to be expected. The big question is when will tcp1 participants start paying into their retirement. Soon I expect.

Anonymous said...

I predict LLNS will freeze out the TCP1 pension sometime in the next couple of years. Enjoy the gains in service credit while you can and pray that the pension holds up long enough so that you can at least partially collect what's due to you upon retirement.

America is in serious decline. The whole investment environment has been harmed for many years going forward. This means that lot of Boomer's are going to be facing a harsh retirement future that they never envisioned.

Anonymous said...

Lets hope they don't stop the 401k contribution since that's all LLNS has to offer anyone who may be thinking about working at LLNL. Once that's gone they have NOTHING to offer anyone at all. Close the damn gates and call it gone.

Anonymous said...

Hey Goerge Miller!
Answer this question: How do you plan on retaining good people attracting the best?

Anonymous said...

At the beginning of 2008 there was $1.6 Billion in TPC1 for 3,927 employees. Even with the drop in the market through the year, TPC still has more than $1 Billion in it without any additional contributions.

Anonymous said...

"How do you plan on retaining good people attracting the best?"

They don't. You can leave now or wait until they lay you off next year. Either way, LLNL is slowly dieing. It's all part of NNSA's Complex Transformation (ie, radical downsizing) plan.

Anonymous said...

January 9, 2009 7:35 AM

So your retirement plan lost 600 million dollars? Isn't that 62% of the plan value? I think your hosed.

Anonymous said...

I agree, 7:04 PM. A drop of in value of over a third in one year in TCP1, with possibly more to come?

At this rate, TCP1 probably won't last much longer. People who seem to think someone else is watching out for their pension benefits at LLNL are in deep denial. If the US sees an economic downturn for the next four or five years (which seems likely) then TCP1 will not last. It will be frozen by LLNS, the future benefits will be cut, and those in it will be thrown into TCP2 for the remaining years of LLNL service.

Only the LLNL executive pensions, backed up by LLNS with special pension insurance, will remain.

Anonymous said...

January 11, 2009 4:48 PM

or plan participants will have to contribute.

Anonymous said...

The for-the-time-being loss of $600 million is not the issue. The near-term issue is how many TCP1 retirees are there right now, aka, what is the cash flow? I would guess that is quite small compared to a residual value of $1B. As long as the plan is not forced into selling significant assets in a down market to cover current obligations, they have a lot of time to wait this thing out. Now if a lot of people suddenly retire, it could get interesting. But then with the market down so much I suspect a lot of people are putting off retirement plans they thought they had for the next couple of years. While they wait for their personal portfolio to recover, TCP1 is doing the same.

Neko said...

I see a lot off TCP2 people bashing TCP1 people. I don't see TCP1 people bashing TCP2 people. Maybe frustrated that there is no guarantee that LLNS will continue to contribute to the 401K? Why do you care who took what or why? Everyone made their own decision and everyone has their own opinion.

Anonymous said...

I took TCP2 and UC pension. Best think I ever did!

I have nothing against TCP1 people; I just hope they made the right choice for themselves, though I very much doubt it.

Anonymous said...

It's interesting how those who took TCP2 think it's the best decision they made, and those who took TCP1 are very happy with their decision too, especially given the economy right now. Everyone appears to be happy with their decisions. I have yet to read someone post that they regret their decision and wish they could switch. That may change down the road, but for now at least everyone is at peace with the hard choice they had to make.

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