I ran across these on the Director's Office "Topics and Questions" website on the internal LLNL website, and thought they might be of interest.
Q: I heard rumors that NNSA may raid our TCP1 fund to help fund other sites’ defined benefit plans? Is this true and is it legal?
A: No, NNSA cannot touch the LLNS Defined Benefit Retirement Plan (TCP1) funds. The plan is governed by the federal Employee Retirement Income Security Act (ERISA), which means that all of the plan’s assets must remain in the plan (that is, the plan’s assets cannot be “raided”). Regarding the status of the other NNSA sites’ defined benefit plans, NNSA is looking for funds throughout the complex to make contributions to under-funded plans. These other funds could be operating funds from all sites in the complex, which could affect our Laboratory’s operating budget — but not the LLNS Defined Benefit Retirement Plan (TCP1).
Q: Will employees in TCP1 have to start making contributions to the plan?
A: At the present time, LLNS does not anticipate the need to initiate employee contributions to the LLNS Defined Benefit Plan (TCP1). The plan was funded at approximately 150 percent as of Jan. 1, 2009, which is a very healthy level compared to other defined benefit plans. The next valuation will be performed using plan information as of Jan. 1, 2010 — this process is under way.
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Friday, February 19, 2010
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