Yesterday, LLNL Director Bill Goldstein presented an update to the general lab. At the end of the talk, Goldstein answered the rumors about TCP1. LLNS was not going to contribute to the fund this year. The most common phrase up and down the halls was "Bullshit!" Employees are required to put 7% toward the fund. A few years ago, LLNS was to contribute $40M, but reneged yet still requiring the employees to contribute. It's unknown why LLNS doesn't share the contribution to the fund, perhaps at the same rate as the TCP2 option.
The other item of interest was the claim of improvements to the infrastructure. There have been no difference in roof leaks, broken bathrooms, etc. The Union, SPSE, has been raising awareness of the "Run until Failure" model for some time.
It appears to be more empty promises and continued erosion in employee benefits by LLNS. Those who chose TCP1 should have concern.
Joe 2 cool
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And Goldstein is a shlub in the truest sense of the word. What dynamic leadership you guys have.
Did he mention the new NIF high foot campaign or how many Livermore flunkies became APS fellows this year.
Exciting!
Probably had a few meetings with staff relations to figure out how to break the news.
How many people still working are in it?
How much money a year does the 7% from participants contribute ?
Any increase in interest rates will make plans like this look over funded quickly. Do the Feds then take money back? Is that legal?
Contributions can only increase.
November 10, 2016 at 7:27 AM
You are such a sick lying sack of shit. Crawl back into your hole.Some of us still care about facts.
Fair enough, as one is unlikely to get close enough to the mystical 100%-of-salary cash flow with TCP-2 to have to sweat that detail.
Second, it works. Checks come. Medical etc is paid. It works and it is great. #currentbeneficiary #oldfart
How the Pension Plan is Funded: LLNS and active plan participants contribute to the pension trust.. . . In general, contributions from LLNS are required if the assets in the trust are less than the current value of pension benefits.
From "FAQa for Contributions to LLNS Defined Benefit Plan - April 12, 2012
What happens when interest rates increase and the Defined Benefit Plan becomes well overfunded?
A. The amount of future contributions will depend on many factors including future asset performance. As interest rates increase and assets grow through earnings and contributions, the plan will become better funded. Once the plan has enough assets to pay all future pension obligations, both employee and LLNS contributions will cease.
From the "LLNS Defined Benefit Plan Contribution Briefing" - Dated May 2 & 3, 2012
When will employee contributions end?
Contributions must continue until the plan has sufficient assets to pay all future pension obligations. We expect contributions to continue for the foreseeable future.
There is no statutory requirement to determine employee contributions. LLNS is implementing an employee contribution level of 5 percent, which is the amount active UC employees will be contributing to the UCRP effective July 1, 2012.
All this being said, why are employees still contributing 7% (AFTER TAXES) and the employer contributing ZERO?
Also, it is racist to consider TCP1 7% contributions when there's racism lurking around each corner:
E-LINE: Diversity, respect essential to Lab’s success
The recent presidential campaign was unusually contentious, at least in my experience. In its aftermath, fears have been raised that intolerance and prejudice – always lurking – will become more overt and acceptable.
People I know have even expressed concern for the safety and security of themselves or their families. While revanchist sentiments exist to roll back progress in recognizing and valuing human differences, I don’t believe they represent a credible force today.
In any case, prejudice, bigotry and exclusion based on race, gender, ethnicity or religious or sexual preference are never acceptable at the Lab. We will continue to strive for a diverse and inclusive community as an essential element of mission success.
As we all return from the Thanksgiving holiday, that echoes with the values of grace, good will and community, please remember to treat one another with respect and consideration.
Bill Goldstein
Director