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 funding of science worldwide is very tight at the moment (everyone everywhere has problems) but the lab's high taxes make them particularly uncompetitive for the shrinking pot of money.
The high taxes have created a death spiral. We were shouting to management about this for the last 3 years but no-one listened; The higher the taxes, the fewer agencies will pay them and the less money comes in, the less money that comes in, the more each individual grant must be taxed to support the lab, and so the taxes go up, and so on and so on.
The layoffs of support staff and lowering of other costs were supposed to help with this but the reality is that we need taxes to be 50% lower to genuinely compete, not the 10% (or whatever) they've eeked out. Even once they're 50% lower, we'd then need a year or 2 to wind everything back up again. This has become an impossible situation.
Think about it - do you really want your taxes paying for a $450K FTE when you could get the equivalent for $250K at a DoD lab, or in some cases $100K at a university??
We cost too much. I'm done.
You are right, 1:07 PM. It's over. Many of us or in deep denial, but it's really over.
The current high costs and broken management system have make it impossible to grow new programs. A few areas may get lucky with a big program win, but that will be the exception. It's time to move on to more promising places to do research.
This place has little hope to grow. It's game over, as far as I can see.