What do folks think about LLNS buying out ex-employee TCP1 pensions with a lump sum? I'm on the fence about what to do.
Anonymous said...
"What do folks think about LLNS buying out ex-employee TCP1 pensions with a lump sum? I'm on the fence about what to do."
Please provide a link to the reference document on this TCP1 option.
Please provide a link to the reference document on this TCP1 option.
Anonymous said...
I have searched and there is no online information about this. It applies only to terminated vested plan participants, which according to the annual funding notice would be 384 people.
In the mail I received a 23 page packet:
It reads:
"Lawrence Livermore National Security LLC (LLNS) recently announced a limited-time program that allows you to receive the value of your vested pension benefit right away - either as a lump sum payment or a monthly annuity payment - if you act before October 29, 2015.
During this limited opportunity your options are:
1. Elect to receive a single lump sum payment of $XXX,XXX in December 2015
2. Elect to start monthly benefit payments as early as December 2015 (the amount depends on the form of payment you elect)
3. Wait until later to begin receiving your pension (available upon request at any time after your early or normal retirement date)
LLNS has set up a phone hotline which provides some limited information, but they are not fully transparent about how they compute the lump sum. Based on my own calculations, with a single annuity, I would need a return on investment of 5.6% to break even, assuming COLA of 1.76% and I die at age 90.
In the mail I received a 23 page packet:
It reads:
"Lawrence Livermore National Security LLC (LLNS) recently announced a limited-time program that allows you to receive the value of your vested pension benefit right away - either as a lump sum payment or a monthly annuity payment - if you act before October 29, 2015.
During this limited opportunity your options are:
1. Elect to receive a single lump sum payment of $XXX,XXX in December 2015
2. Elect to start monthly benefit payments as early as December 2015 (the amount depends on the form of payment you elect)
3. Wait until later to begin receiving your pension (available upon request at any time after your early or normal retirement date)
LLNS has set up a phone hotline which provides some limited information, but they are not fully transparent about how they compute the lump sum. Based on my own calculations, with a single annuity, I would need a return on investment of 5.6% to break even, assuming COLA of 1.76% and I die at age 90.
Anonymous said...
Would your retirement medical benefit go away like the old lump sum UC/LLNL option?
Anonymous said...
I thought you are only eligible for retirement medical benefit if you retire within 30 days of last employment date. I thought when you take a job somewhere else, you walk away from that.
