I just received my annual TCP-1 letter from LLNS and a summary of the LLNS Pension Plan.
Looked in pretty good shape in 2013.
About 35% overfunded (funding target attainment percentage = 134.92%). This was a decrease from 2012 where it was 51% overfunded (funding target attainment percentage = 151.59%).
They did note that the 2012 change in the law on how liabilities are calculated using interest rates improved the plan's position. Without the change the funding target attainment percentages would have been 118% (2012) and 105% (2013).
2013 assets = $2,057,866,902
2013 liabilities = $1,525,162,784
2012 assets = $1,844,924,947
2012 liabilities = $1,217,043,150
It was also noted that a slightly different calculation method ("fair market value") designed to show a clearer picture of the plan' status as December 31, 2013 had;
Assets = $2,403,098,433
Liabilities = $2,068,984,256
Funding ratio = 116.15%
Its a closed plan with 3,781 participants. Of that number, 3,151 were active members, 307 were retired/separated and getting benefits, and 323 were retired/separated and entitled to future benefits.
Bottom line; no increase in employee contributions but no reduction either.
Of interest they did note that in 2013 LLNS contributed $38.6 million more than the minimal required by law, and that may be used to offset future minimum employer contributions.
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