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 vs 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 wer...
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Question Id#240 published on 8/25/2007 4:52:48 PM
Q: 1. If sometime in the future LLNS loses the contract to manage LLNL, what will happen to the pensions of those who retire from LLNS? 2. If sometime in the future LLNS were to lose the contract to manage LLNL, would LLNS be dissolved? 3. If a workforce reduction were to become necessary, and a transferring, vested employee were to be laid off, what will happen to the pension money that LLNS receives from UCRP on behalf of that transferring employee? 4. In the event of a workforce reduction, would transferring, vested employees be more likely to be laid off due to their higher overhead costs to LLNS?
A: 1. If LLNS no longer has the contract, history of DOE sites tells you that the successor contractor assumes the program. 2. LLNS, LLC exists solely for the management and operations of the Livermore contract. 3. George Miller stated in his Town Hall on May 30th that he has no plans for layoffs or outsourcing, but to address your scenario the investment you have in the pension remains with the employee. 4. Again, there are no plans for layoffs, but critical mission skills are the core of lab hiring and not pension relationships.
A: George Miller stated in his May 30th Town Hall that he has no plans for layoffs or outsourcing. LLNS stands by that statement. Critical mission skills are what remains the core of lab hiring; pension relationships are not a factor.
A: False. LLNS has no such plans. In addition, George Miller stated in his Town Hall on May 30th that he has no plans for layoffs or outsourcing.
Question Id#1034 published on 8/21/2007 12:08:39 PM
Q: What is the severance package offered by LLNS for involuntary layoffs, and how does it compare with the current LLNL / UC severance package? My understanding from colleagues at Los Alamos is that their severance package benefits were reduced for employees with many years seniority.
A: The current severance package is the same that is currently in place, which is 1 week of pay for each year of service, up to 26 weeks. However, LLNS has no plans to layoff people pending further budget decisions by the government.