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...
Comments
http://www.zerohedge.com/news/2013-02-24/other-sequestration-no-one-talking-about
If savings need to be made due to the cuts they will come from more "stealth RIFs" and furloughs to reduce worker salaries.
"NNSA denies LLNL's request to freeze the tcp1 contribution"
While they're at it, can NNSA also force LLNS to make the $80m pension contribution they committed to and then never made (even though we all had to pay our contributions).
LLNS is NOT contributing to the TCP1 pension plan! They said they were going to (see $80m comment above) when we were told that we all would have to. And we have all been contributing our 5% (soon to go to 7% in June) and LLNS were supposed to contribute $80m which THEY NEVER DID.
The "freeze" referenced above is LLNS request to have us keep contributing 5% and delay the June increase of our contribution to 7%.
LLNS is NOT contributing to our pension. Only we are.
You can't listen to what they say...you have to watch what they actually do.
Wow, you must be in management...how'd ya pull off 6.5% per year raises with all the raise freezes, low CIPs, etc????
I know humor and irony are rare on this blog, so you can probably be excused for missing it. However it was pretty blatant...and you fell for it anyway.
I don't think the guy "fell" for anything...are you reading about the NREL executive raises, the tri-lab executives, etc over the time period you referenced.
We're not laughing.
As we go into major pension dilution...via a faked up furlough plan to "help" us.
1) Furloughs go into effect and the AWS goes away.
2) Everybody returns to a 5 day/8 hour per week schedules. Every other Friday is a furlough day.
3) Number of required meetings and miscellaneous training classes remains constant. Workload and schedules ease slightly.
4) Staff is disgruntled and uses more sick and vacation leave to alleviate their feelings of woe.
5) Some percentage of the workforce bails out now completely fed up with the system.
* Amount of actual productive work per day estimated to be about 90 minutes.
It is going to be a fabulous summer!
February 26, 2013 at 6:17 AM
Especially for those of us who've already bailed! Freedom!
February 26, 2013 at 3:43 PM
No. The word is surreal. If you tolerate it it will increase in intensity until you can't. Time to recognize when you've lost. Permanently.
"I remember the first time I cut back my productive work hours - left urgent work for another day - was in response to the savaging the new contract gave employee compensation. Still produced very well enough, but in 6 good hours rather than 8 plus. the commitment to strive for excellence was consciously tabled.
Felt great, came in later, took either longer lunch exercise or naps, and missed a few deadlines, produced journeyman work rather than exceptional stuff and was less demanding of coworkers and more tolerant of others "adaptations".
Cleverly shirked new responsibilities rather than stepped up.
seemed only fair. still feel good about it. did what i could to creatively rebalance effort and compensation. succeeded to some extent."
..who lived happily ever after.
Lucky you. My wife left me for Cheryl Sandberg, something about more money or a better lay or something.
Not going to happen. It would have to be approved by NNSA (never) and paid for by the labs out of award fee (never). Dream on. The same number of people will be gone in a year or so anyway because of further federal cuts and intolerable working conditions (stay tuned).