I just browsed through the just released NNSA FY17 Stockpile Stewardship Plan, and an item in the 5-year funding plan caught my eye. NNSA is planning to reduce their contractor pension obligations by 70% over the next 3 years ! Reminder: contractors = LLNL, Sandia, Lanl, etc. That's us folks ! There is not a single word in that document that says how they plan to dump us.
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Instead, the mindset should be what do we need to do to attract, train, motivate and retain a somewhat better cohort than is needed to do the mission?
Since training and retention is so important to this endeavor - nuclear weapons science and related special and emerging technologies, including a platform and complex overhaul over the next 100 -200 years, until someone has a better idea than Pax Americana- long term retention is a requirement.
A pension, not necessarily a lavish pension, but time phased slowly accrued defered compensation over the desired retention time, is a sound, proven aid in keeping the folks that were trained and have essential knowledge and capacity.
One leg of the human performnce triad, which msintains our defensive triad.
Does DC care? The smart ones do.
April 10, 2016 at 9:31 AM
Which NNSA is reducing by 70% over the next three years, according to FY17 plan.
We were over-funded at 125% two years ago.
So the funding of ongoing pensions is different, if memory serves, than the legacy agreement between UCRS and DOE to manage its portion of any underfunding of UCRS for lab employees who have or will retire under UCRS. The obligstion was a contract between DOE and the UC Regents stipulating the parties obligation at the contact (48) termination.
An estimate can be made of the current funding ratio by taking the last publically disclosed number, perhaps 120% subtracting 5% and then adding the estimated returns on the investment portfolio. Last year probably -0%.
It can most dramatically be affected by ERISA mandated changes in the discount rate, which is the denominator in the expected value of future cash flows. These are large one time large changes that reflect ERISAs assessment of future market returns. Since the current value is a very reasonable 5,5%, it is unlikely to be changed much in the near future. For comparison UCRS, PERS and STRS use nearly 7%. Unachievable according to an internal source.
Reiirees see nonebof this, they reire sccording to thebterms ofbUCRS pension.
Or it could be actuarial reasons. The amount of the shortfall or surplus is not linear year to year. The increase in liabilities due to current active members may be a slowly decreasing funtion. The changing divisor of the annutiy present value is a step which for this agreement is unknowh. It can change positively or negatively as the expected market returns are updated.
Not enough info here to know.
April 15, 2016 at 12:04 PM
Agreed. However, plenty of reason to set some folks' hair on fire. as usual.
April 15, 2016 at 7:52 PM
Yes, but you won't find it on an idiotic blog. You actually have to do some hard research and query government agencies for information, maybe file a FOIA request, you know, do your homework and stop being so lazy. If you are lucky, contact a journalist who has sources and contacts he/she is willing to mine for info. Blog postings looking for real information are for kids in pajamas in their parents' basements. If it is really important to you, be willing to expend some actual effort.
http://energy.gov/articles/secretary-monizs-written-testimony-presidents-fy2016-budget-us-house-representatives
Excerpt:
MANAGEMENT AND PERFORMANCE: IMPROVING EFFICIENCY AND EFFECTIVENESS
Building on the Department’s FY 2015 emphasis on management and performance, the FY 2016 Budget moves forward on initiatives that continue to identify and institutionalize improvements across the DOE enterprise.
In the Department’s efforts to improve management and performance, we have adopted project management reforms, including strengthening the Energy Systems Acquisition Advisory Board (ESAAB) from an ad hoc process into an institutionalized regular process for situational awareness on project progress and issues, as they arise. ESAAB will be supported directly by a Project Management Risk Committee, which brings together DOE experts for a continuous look at the risk profile of major projects and issues. We have also taken steps to improve the project peer review process and institutionalize other project management reforms.
We have also continually worked to improve management, increase efficiency, and support diversity on a number of fronts. We have recruited 30 high-level Ambassadors from industry, academia, and nonprofits to increase participation of minorities in energy. We have resolved hiring issues at the Bonneville Power Administration, providing additional Human Resources training and restoring hiring authority. The Department’s management and operating contractors have reduced pension plan liability by $100 million through lump sum buyouts. Our management and operating contractors have also established Health Reimbursement Accounts at 13 sites for their medical-eligible retirees, reducing long term financial statement liability by $2.8 billion.
Going forward, the Budget includes $25 million for the Office of the Human Capital Officer to implement a new Human Resources service delivery model to streamline our HR model and eventually consolidate 17 current service centers to five key delivery centers. We will also implement a new Energy Jobs Council to improve calculation of energy jobs data and strengthen technical support for state workforce development programs. We will also continue to strengthen Departmental cybersecurity programs, part of the Cybersecurity crosscutting initiative, through an enterprise-wide cyber council established in 2013 for securing personal data, our nuclear security data, and the privately-owned energy infrastructure."
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