Anonymous said:
For what its worth as a TPC-1er I received a letter from the Chairman of the LLNS Benefits & Investment Committee of the LLNS, LLC Board of Governors. It's dated Nov 25, 2009. I don't know if TPC-2ers also received it.
It is reproduced below in case it was not sent to all LLNL employees...
-------
Dear LLNS Defined Benefits Pension Plan Participant:
Many of you have asked questions regarding the health and security of your pension benefits and the potential for requiring employee contributions to the LLNL Plan in the future.
At the all-hands meeting on November 18, 2008, George Miller announced that the LLNS Plan is healthy and safe. Your pension benefit is a function of your years of service and salary. These factors provide you with a steady stream of monthly pension payments regardless of economic conditions. Your monthly pension payments (Plan liabilities) are made from assets in the LLNS Plan. Even though the financial markets have declined substantially in 2008, the LLNS Plan's assets remain considerably greater than its liabilities, and should continue to be sufficient to protect against future adverse economic conditions. Currently, the LLNS Plan's over-funded position makes it exempt from any contributions for the foreseeable future.
The LLNS Benefits & Investment Committee insures that the Plan assets are invested for the long term in a diversified portfolio among domestic and international stocks, fixed-income investments and cash. The goal of this diversified portfolio is to provide stability over the long haul to continue to pay the promised retirement pension payments to both current and future retirees.
Sincerely,
Paul E. Rosenkoetter
Chairman, Benefits & Investment Committee
-------
I plan to keep a copy of the letter for my lawyer in case LLNS forgets its promises.
For what its worth as a TPC-1er I received a letter from the Chairman of the LLNS Benefits & Investment Committee of the LLNS, LLC Board of Governors. It's dated Nov 25, 2009. I don't know if TPC-2ers also received it.
It is reproduced below in case it was not sent to all LLNL employees...
-------
Dear LLNS Defined Benefits Pension Plan Participant:
Many of you have asked questions regarding the health and security of your pension benefits and the potential for requiring employee contributions to the LLNL Plan in the future.
At the all-hands meeting on November 18, 2008, George Miller announced that the LLNS Plan is healthy and safe. Your pension benefit is a function of your years of service and salary. These factors provide you with a steady stream of monthly pension payments regardless of economic conditions. Your monthly pension payments (Plan liabilities) are made from assets in the LLNS Plan. Even though the financial markets have declined substantially in 2008, the LLNS Plan's assets remain considerably greater than its liabilities, and should continue to be sufficient to protect against future adverse economic conditions. Currently, the LLNS Plan's over-funded position makes it exempt from any contributions for the foreseeable future.
The LLNS Benefits & Investment Committee insures that the Plan assets are invested for the long term in a diversified portfolio among domestic and international stocks, fixed-income investments and cash. The goal of this diversified portfolio is to provide stability over the long haul to continue to pay the promised retirement pension payments to both current and future retirees.
Sincerely,
Paul E. Rosenkoetter
Chairman, Benefits & Investment Committee
-------
I plan to keep a copy of the letter for my lawyer in case LLNS forgets its promises.
Comments
"the LLNS Plan's assets remain considerably greater than its liabilities"
Is there a document stating the beginning total assets, current total assets and liabilities, YTD returns, assets allocations, etc ?
(like in real numbers ... instead of 'warm & fuzzy' sound bites ...'
)
I strongly suggest you use the "trust, but verify" method before getting too elated. Ask for the documents and read them closely. Unfortunately, at LANL the info LANS will officially give out only covers the year 2007.
However, the report was for 2007.
I hope that we don't have to wait a whole year to get the 2008 report.
To summarize what was in the email from LLNS.
Benefits under the LLNS Defined Benefit Pension Plan (TPC-1) are provided through a trust fund. Plan expenses were $189,367 (all administrative expenses). A total of 3,927 persons were participants in or beneficiaries of the plan at the end of the year. The value of the plan assets, after subtracting liabilities of the plan, was $1,657,376,087 as of December 31, 2007.