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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As one of the possible replacements said, "Anybody smart enough to do this job would not be dumb enough to take it."
What is not so obvious is that the key staff for D'Agostino have abandoned ship a long time ago. One is currently employed by LLNL.
The weapons complex has never seen such dark days.
However, it involves something like oh, safeguarding the nation...
September 7, 2009 8:25 PM
I hate saying this, but they are about to get even darker. Now that Tom D'Agostino has been re-elected to his position, you can expect him to roll out Stage II of his Complex Transformation plan. It won't be good for the existing NNSA weapon lab employees.