I received from LLNS my TCP1 (Defined Benefit Pension) summary notice as required by the Pension Protection Act of 2006. Since the plan has only been around for a year and half there's limited information and its from Jan 1, 2008. As of that date there were 3927 in the plan - 3915 active and 12 retired/separated but not getting benefits yet. Based on what was in the "Funding Target Attainment Percentage" table the plan was at 209.62% of its funding target - $1.65 Billion in assets and $790 Million in liabilities. 109% more than what is required to pay lifetime pensions to all the participants in TCP1.
There was another section in the summary text called "Fair Market Value of Assets" and it was said to offer a "clearer picture of a plan's funded status as of a given point in time." This was as of Dec 31, 2008 - $1.3 Billion in assets and $882 Million in liabilities. My calculation puts TCP1 at 147.91% of necessary funding or 47% overfunded.
Am I understanding this information correctly? how does this compare to current UCRP numbers?
May 4, 2009 6:59 AM
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