Employer contributions to TCP-1.
The following appeared in Newsline today. Are the facts correct? I thought LLNS committed to make the contributions, but never actually made a portion of them.
"Because of this reality, LLNS requested and obtained permission from DOE/NNSA to make a series of employer contributions to the plan beginning in 2012. These contributions, though not legally required by ERISA at the time, were made to ensure the long-term health of the plan and avoid otherwise mandatory (and potentially much larger) contributions in the future, at a time when many more active employees transition to retirement. The Laboratory made a $20 million contribution in 2012, a $40 million contribution in FY13 and received permission from DOE/NNSA to make a $20 million contribution this fiscal year. LLNS will continue to request permission from DOE/NNSA for additional employer contributions as prudent over the coming years. The size and timing of the employer contributions are determined in consultation with Laboratory senior management, the plan actuaries and DOE/NNSA, based on projections of the future funded status of the plan, congressional direction, interest rates, the performance and risks of the investment markets and impacts to the Laboratory's annual operating budget with implications for programs, level of staffing and infrastructure."
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