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Friday, June 17, 2016
TCP1 retiree COLA
Has LLNL announced 2016 cola adjustments for eligible TCP1 retirees?
14 comments:
Anonymous
said...
July 2016 COAL is based on the 2.72% average increase in the CPI. We'll find out with the next pension check whether we'll get the full amount or not ! Varies with retirement date, but should be around 2.5%
The July 1, 2016 COLA rates for UCRP and UC-PERS Plus 5 benefit recipients, including those receiving survivor and UCRP disability income, will be as follows:
Retirement Date COLA On or before July 1, 2006 2.00% July 2, 2006 – July 1, 2008 2.72% July 2, 2008 – July 1, 2009 2.69% July 2, 2009 – July 1, 2010 2.31% July 2, 2010 – July 1, 2011 2.30% July 2, 2011 – July 1, 2013 2.72% July 2, 2013 – July 1, 2014 2.67% July 2, 2014 – July 1, 2015 2.00% UCRP benefit recipients are eligible to receive a COLA after receiving benefits for at least one year. Therefore, members whose retirement or disability date is after July 1, 2015, are not yet eligible to receive a COLA.
That's a nice table, does it apply to TCP1? Obviously the first line containing the figure for those that retired on or before July 1, 2006 does not apply since TCP1 was not in existence at that date.
TCP1 (and TCP2) are retirement plans provided by the LLNS company which was not in existence until 2007. The pot of money that seeded the TCP1 plan is money rolled over from the UCRP to the pool of employees that chose to transfer their retirement from UCRP to TCP1.
If you were vested in UCRP you had the choice of freezing your retirement in that plan and were put into the TCP2 plan. All employees who began employment after the lab came under the control of LLNS were covered only by the TCP2 plan.
My TCP1 pension pay stub for June, 2016 implied that I would receive an 2.72% increase in the July payment. I retired at the end of 2012. We will see shortly.
"My TCP1 pension pay stub for June, 2016 implied that I would receive an 2.72% increase in the July payment. I retired at the end of 2012. We will see shortly."
Received exactly 2.72% increase in the pension amount beginning July, 2016.
Great ! Now I don't have to give up that Livermore and Sonoma County wines !
No, 2.72% CPI gave exactly a 2.72% COLA. I'm as surprised as you and very pleased, finally, with the LLNL pension system doing the right thing. Really did get a 2.72% increase in the pension amount starting July 1st, 2016.
14 comments:
July 2016 COAL is based on the 2.72% average increase in the CPI. We'll find out with the next pension check whether we'll get the full amount or not ! Varies with retirement date, but should be around 2.5%
The July 1, 2016 COLA rates for UCRP and UC-PERS Plus 5 benefit recipients, including those receiving survivor and UCRP disability income, will be as follows:
Retirement Date COLA
On or before July 1, 2006 2.00%
July 2, 2006 – July 1, 2008 2.72%
July 2, 2008 – July 1, 2009 2.69%
July 2, 2009 – July 1, 2010 2.31%
July 2, 2010 – July 1, 2011 2.30%
July 2, 2011 – July 1, 2013 2.72%
July 2, 2013 – July 1, 2014 2.67%
July 2, 2014 – July 1, 2015 2.00%
UCRP benefit recipients are eligible to receive a COLA after receiving benefits for at least one year. Therefore, members whose retirement or disability date is after July 1, 2015, are not yet eligible to receive a COLA.
We are everywhere! Better than six sigma!!
That's a nice table, does it apply to TCP1? Obviously the first line containing the figure for those that retired on or before July 1, 2006 does not apply since TCP1 was not in existence at that date.
Of course TCP1 was in existence before '06. That was the normal retirement plan (with pension) before the pension was restricted for new employees.
TCP1 (and TCP2) are retirement plans provided by the LLNS company which was not in existence until 2007. The pot of money that seeded the TCP1 plan is money rolled over from the UCRP to the pool of employees that chose to transfer their retirement from UCRP to TCP1.
If you were vested in UCRP you had the choice of freezing your retirement in that plan and were put into the TCP2 plan. All employees who began employment after the lab came under the control of LLNS were covered only by the TCP2 plan.
Can anyone answer the original post?
According to this document the TCP1 plan was going to replicate the UCRP COLA. Not being in TCP1 I can't say for sure if it does or does not.
See page 8:
http://www.llnlretiree.com/other_documents/llns_total_comp_7-12-7.pdf
My TCP1 pension pay stub for June, 2016 implied that I would receive an 2.72% increase in the July payment. I retired at the end of 2012. We will see shortly.
~2.25%. Retired June 2011.
Can't think now. Time for siesta.
"My TCP1 pension pay stub for June, 2016 implied that I would receive an 2.72% increase in the July payment. I retired at the end of 2012. We will see shortly."
Received exactly 2.72% increase in the pension amount beginning July, 2016.
Great ! Now I don't have to give up that Livermore and Sonoma County wines !
I'm confused here. I thought that TCP1 (and UCRP) COLA's were calculated according to the following formula:
" 100 percent of the CPI increase up to 2 percent
• 75 percent of the CPI increase over 4 percent
• A maximum of 6 percent"
So if, as stated earlier, the CPI is 2.72%, then doesn't that mean that the COLA is 2.0%?
No, 2.72% CPI gave exactly a 2.72% COLA. I'm as surprised as you and very pleased, finally, with the LLNL pension system doing the right thing. Really did get a 2.72% increase in the pension amount starting July 1st, 2016.
I am TCP1, retired in 2012....my pension ck for July and Aug have not shown a COLA adjustment. Have others seen their COLA adjustment?
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