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So, any predictions on what Mikey is going to say about tcp1 Tues at LANL?
1 or 2 or 3% contributions?
So, any predictions on what Mikey is going to say about tcp1 Tues at LANL?
1 or 2 or 3% contributions?
Tri-Valley Cares needs to be on this if they aren't already. We need to make sure that NNSA and LLNL does not make good on promises to pursue such stupid ideas as doing Plutonium experiments on NIF. The stupidity arises from the fact that a huge population is placed at risk in the short and long term. Why do this kind of experiment in a heavily populated area? Only a moron would push that kind of imbecile area. Do it somewhere else in the god forsaken hills of Los Alamos. Why should the communities in the Bay Area be subjected to such increased risk just because the lab's NIF has failed twice and is trying the Hail Mary pass of doing an SNM experiment just to justify their existence? Those Laser EoS techniques and the people analyzing the raw data are all just BAD anyways. You know what comes next after they do the experiment. They'll figure out that they need larger samples. More risk for the local population. Stop this imbecilic pursuit. They wan...
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He claims we (LANL TCP-1 employees) won't have to pay taxes on our pension income. This sounds incredible. (ie: not credible...is it?)
The plan is funded at 101%. Why is it reported that LLNL's plan is funded much higher than that?
Mikey said UC is funded at <100%...and backed by the State of California.
--LANL TCP-1 employee who got a report from a colleague because I wasn't there.
Mike, at about $1 million in salary with his bonus, will only pay the pension contribution for the first $245,00 (or about 25% of his total compensation).
His PADs and ADs will only pay the contribution on around the first 40% to 60% of their compensation, based on the fact that they all make well over $245k.
LANS working staff will then make up for upper managements lack of contributions on their total salary with the 4% contributions they will have placed on their *whole* salary (as most TSMs make less than $245k per year).
As usual, the guys at the very top appear to be looking out for the people who really matter in the LANS hierarchy... themselves!
And, remember... the 4% TCP1 salary contribution and the new pension taxes on programs are just for starters, of course. Given the ultra-low rates being issued on fixed income investments that support the TCP1 pension, you can expect that salary contribution rates and pension program taxes will rapidly rise in the next few years.
Eventually, of course, the lab pensions will be frozen like the pensions of most of corporate America. That freezing process will likely happen when UC decides to do likewise with their current pension. Given the lousy financial state of both California and the UC system, that pension freeze-out date is probably coming within 3 to 5 years. When it finally happens, LANS, LLNS and NNSA will justify it as being "substantially equivalent" with what happens out at UC. Workers in this country are all in a race to the bottom of the barrel.
Of course, from NNSA's viewpoint: "It's ALL good!" They want to further reduce general contractor salaries and benefits.
And the outrageous LLC management profit fees?... well, I would not expect much NNSA concern for those types of things. There will be lucrative positions awaiting most of the NNSA bureaucrats who retire early and jump on the ol' Bechtel Bandwagon. Right, Tom D'Agostino?
Perhaps Mike's HAPC for his TCP1 pension payout should be held to $245,000 - same as the new 4% salary contribution cap? Nah, that's crazy talk. It would never happen!
Umm, the very reason there are distinct lines 16a and 16b is that not all of one's pension is necessarily taxable. Only an idiot would think that our post-tax contributions would be automatically taxed again.
I wonder what other types of salary "contributions" LANS is planning to help pay for lab health care and other benefits?
In fact, we plan on offering free extra large weenies at this summer's LANS 'Love Fest' to help moderate the loss.
Once UC decides to freeze the UCRP to solve their growing pension problems, DOE's "substantially equivalent" clause will kick in and TCP1 will also be frozen.
I give it only a couple of more years until this freeze-out of the UCRP and TCP1 pension happens.
March 31, 2010 7:39 PM
I'd be more worried about the state raiding the UC pension funds to bail out the failing state budget. Any provisions in place currently to prevent this can and will be overturned if the crisis continues.
There's nothing to raid, so there's not much to worry about but 150% funded TCP-1 now that's a great target.Letter's to the state talling them of this gold mine have been sent. There are poor people out there that need help and what better way to do your duty than yo give up your riches.
What happened next? Well, the cronies put pension money into "investments" like Enron and the UCRP started on a long, downward spiral in returns.
Today, the TCP1 pension is being managed by LLNS LLC and the wise folks at Bechtel who serve on the LLC board. You can sleep well at night knowing they are carefully watching your pension assets, right?
April 7, 2010 9:26 PM
Oh, yeah, they're watching them all right, like the fox watches the hen house.
You forgot to mention that Parsky now sits on the Board of Governors for both LANS and LLNS where he can continue to protect the retirement investments of their respective employees.