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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Never going to happen again. I've heard several PADs say as much. You'll be lucky to get severance when they kick you out the front gate.
You now work for a for-profit Frankenstein corporate creation called an LLC. You are a disposable commodity in their eyes, especially if your "sell by" date indicates you are 50+.
LANL has started to lose them...get rid of them actually. At least two divisions yesterday dumped most of their affiliates effective close-of-business today. Hiring is nearly frozen, purchases over $100K are nearly frozen. Lots of people are unfunded or facing de-funding.
And they're still trying to sell the fantasy that they can attract the best and brightest in science and engineering.
Thanks Congress! Great job! Thanks LANS!
Even Art would not make such a definitive assertion. The future is not certain.
Never is a long time....The policy for incentiving separations is still in the current policies and procedures manual. A VSP with incentives can be a useful tool if the situation demands.
PADs are as ephemeral morning fog. Tomorrow brings another day, another PAD, and another opinion; some fragrant, some foul.
Maybe, but maybe not. Some of the staff who are reaching retirement age bring in funds and projects to the lab. Their loss with retirement will result in a loss of funding for the labs.
December 4, 2011 2:57 PM
Depends. Some WFO projects at LANL are "overfunded" for next year, i.e., trouble getting all the work done unless they can hire, except there is now a hiring freeze. LANL has gotten itself in serious trouble in the recent past with such shenanigans, where a one-size-fits-all hiring freeze causes funded programs to under-perform, resulting in loss of projects that could have continued to bring in substantial funding. It's called lousy management. No thought involved. The idea that talented staff in underfunded programs could be moved to funded ones is too hard to figure out for LANL's crack management team. Better to move highly-experienced weapons people to environmental cleanup. Idiots!
-- Overheard coming from the mouth of Bret Knapp during a PAD executive retreat???
-- Overheard coming from the mouth of Bret Knapp during a PAD executive retreat???
December 5, 2011 12:23 PM
Yep, sounds just like UC in the 1960's: "Just drop off the money out back and we'll eventually get around to telling you how we spent it." Worked when all the Lab did was weapons development and testing. No need to itemize accounts or justify allocations. A manager's dream.
December 5, 2011 12:23 PM
That does sounds like Knapp! Whatever he can't understand needs to be "junked". And that's alot of stuff for Knapp, who can't read or write.
December 5, 2011 12:30 PM"
???
And the lab works great right now?
Give us break
"You're free to head out the front door anytime you like. Don't let the door hit your butt on the way out, cowboy."
December 11, 2011 11:14 AM
Is that you Pete Nanos?