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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The part about recruiting and retaining the best was choice.
The lab has been an attractive place to work in the past. New hires could be lured with promises of working on critical programs with leading-edge technical resources. And the lab was known for providing job security and excellent benefits. Well that sure as heck is gone and its going to stay gone. Again, why would anyone want to work here. There's nothing left and it's only going to get worse.
It is good to see the lab moving forward with plans to fund raises for its workers and make employee benefits more competitive with those available elsewhere in the Bay Area. There goes your 401k matching funds TCP-2 and with the stock market the way it is, TCP-1 should follow very shortly
The lab is too critical to the nation and the East Bay's economy to allow it to slip into intellectual mediocrity. Maybe, but IMHO if it closed it's gates tomorrow no one would know the difference and some would even be handed bonus checks.
Sec DOE - Sorry sir, they're gone.
Pres - What do you mean - gone?
Sec DOE - We let them go. Fired the whole lot.
Pres - ...
Sec DOE - On the good side, we saved a bundle on our car insurance!