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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Wow! Sandia must be feeling the heat if their own lawyers
are throwing Sandia Managers under the bus. If the Sandia lawyers thought the activity was improper, the time to report it to the DOE IG isn't AFTER your organization is caught. Otherwise the lawyers have some ownership and are complicit.
What Sandia did was wrong, but its OK for LANSLLNS to receive an adequate amount of after the fact NNSA "grade inflation" to guarantee the LANSLLNS contracts are extended? Hmm.