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
"Neither Mr. Norman Augustine nor ADM (Ret) Richard Mies have had federal grants, sub- grants, contracts or sub-contracts with the federal government over the last three fiscal years.
David Graham"
BUT, on the previous page one can see that all may not be as it appears.
"Admiral Mies serves as ..., a member of the Boards of Governors of Los Alamos National Laboratory and Lawrence Livermore National Laboratory, and a member of ..."
Being on the boards of LLNS and LANS may be a non-paid position these days, but it carried a hansom compensation a few years ago when published by UCOP. Sure, sure, some would say that he got his money from the LLC and not from the federal government, but that is splitting hairs, since the government is the sole funding for the labs.
Mies had a distinguished military career and should know better than to cut corners. The issue of reforming the NNSA labs is urgent and the hard working staff at those locations are running on empty. They deserve better.
March 29, 2014 at 3:20 PM
This statement is misleading at best and disingenuous at worst. It is true that the government is the sole source of funding for the labs, but it is not the sole source of funding for the LLNS/LANS LLCs and their boards. Those receive fusing from the parent companies, including the board members, and the salaries and bonuses for the senior managers.
March 29, 2014 at 7:32 PM
It could be entertaining to see some of them receive a fuse.