Changes to Defined Benefits contributions
October 7, 2010
Employees who selected the Defined Benefits retirement plan (TCP1) could begin making contributions to that plan some time during calendar year 2011.
Director George Miller made the announcement during his quarterly all hands meeting Wednesday. Miller announced the Defined Benefits (DB) Plan remains healthy, with a funding ratio of 122 percent assets to liabilities – the result of prudent stewardship under both UC and LLNS management.
However, since 2008 the plan’s asset performance has been almost flat, due to a weak economy, a volatile stock market and declining interest rates. At the same time, liabilities, as expected, continue to increase, due to an aging workforce with increasing years of service.
“As a result, liabilities will likely exceed assets,” Miller said.
In order to maintain the funded status of the DB plan, for the long term, the Lab is requesting DOE approval to begin TCP1 contributions in 2011.
While details still need to be worked out, Miller said the contribution strategy will be based on both Laboratory and employee contributions. Contributions will start in a way that avoids the challenges now being faced by UC, sister laboratories and others across government, Miller added.
Only those employees who selected TCP1 at contract transition will be affected; all other employees are enrolled in TCP2, the Defined Contributions Plan.
Contributions to the DB Plan will not affect participants in TCP2 plans.
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