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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Well, we're about to see 730 more people go very soon and then 300 more after. We should expect to see a 10% reduction in force each year for the next two to two and one half years. That should bring the population down to approximately 4,500 people if not less should the budgets keep getting cut and WFO fails to come aboard due to exuberant manpower cost.
Nothing I have seen done to date will cure that problem. So the saga continues like a dog chasing its tail trying to get a little lick so as to secure some relief. I personally am waiting on the dog to lose its balance as it circle in strives for excellence and falls on its butt dazed and confused, not knowing which way to turn and unable to stand up on its own.
So yes, in the next few years we're going to see a lot of friends go down the road for reasons beyond their control. For many it's a sad state of affairs but in reality it tells you an important factor that most tend to ignore.
Just how important are you to the status quo. ???? We'll all soon find out.
Here's a perfect example of corporate greed and the great divide of the rich and the poor. While you lose you job these screwballs are laughing all the way to the bank. Maybe a revolution is on the horizon.
Oil Rich_Dirt Poor
"Industry representatives say it's important to note oil companies invest large portions of their profits back into their businesses"
My reaction is :duh? of course. I was confused I thought they donate their profits!
I did. Thank God.
I do however doubt we'll get that type of participation from the mass majority of LLNL employees.