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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The Davis–Bacon Act of 1931 is a United States federal law that establishes the requirement for paying the local prevailing wages on public works projects. It applies to “contractors and subcontractors performing on federally funded or assisted contracts in excess of $2,000 for the construction, alteration, or repair (including painting and decorating) of public buildings or public works”
Interestingly, it was signed into law by Herbert Hoover.
I have no idea as to the case law that would say this applies to facility construction at national laboratories, but you'd think they would have worked this one out a long time ago.
LLNL has never viewed this law as applying to regular day to day lab repair work - just major construction projects done by outside contractors. Lab salaries for workers in these areas is below prevalling local wages - cost to the program for the repaired light switch may seem high due to all the lab taxes on the job, but what the lab employee gets in not the outside wage rate. They many also be owed retroactive pay covering many years of working at the lab. Also workers covered by D-B have to be paid weekly (a big change to lab payroll systems).