Saturday, December 30, 2017
LLNS Pension Recalculation
LLNS Pension Recalculation - May 2017 Hello LLNS Pensioners: Some of you, myself included, may have received a letter from the LLNS Defined Benefit Pension Plan last May 2017. The letter to me indicated that they had discovered an administrative error with my monthly payment. They indicated that I had received overpayments from the plan in all payments since retiring and that I must repay the plan. They proceeded to make a repayment deduction from my monthly pension check. Unfortunately, this repayment deduction was made on an after-tax basis and the so called overpayment was made on a pre-tax basis. This was wrong and they should have known better. Why is this important? Assume that you are incrementally taxed at 25 percent and that they said that you were overpaid $2000 over the course of your retirement. You would have paid $500 in taxes and received $1500 in pension cash. When they applied the after tax repayment deduction they took $2000 out of your pension payments and you are
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Continued: you are now short $500. The bottom line is that they should have taken the repayment out as a pre-tax deduction. Did anyone else have this happen to them?
If you had this “repayment deduction” applied to your after tax pension payment, then I suggest you contact the LLNS Defined Benefit Pension Plan in writing and request that they resolve the issue.
LLNS Pension Center
RFM Department #01843
Post Office Box 9619
The Woodlands, TX 77387
Benefits and Investment Committee, LLNS, LLC
7000 East Avenue
Mail Stop L-640
Livermore, CA 94550
Michael Murphy, retired in 2012
I have not been notified. Is that supposed to affect all pensionnaires?
Thank god I was able to go TCP2, my pension checks come from the UC and its all "pre-tax" money. It was clear this was coming and those who could stayed away from TCP1 like the plague...LLNS is a phony "corporation" and was set up to diminish benefits for future retirees and employees. In addition, TCP1 is a "closed" system. The "before tax" and "after tax" contributions are blended into one system, with a promise that those will receive some "before tax" and some "after tax" checks when they retire. I have an Island in Antarctica I need to sell....Makes no sense at all..All TCP1 contributors need to seek legal counsel and sue over this bait and switch scheme....In the 2006 announcements there was no reference in the handouts that pension contributions would be taken as "after tax" money....the UC doesn't take contributions from "after tax" Pay of its employees...TCP1 headed to the PBGC....Good Luck.
I took TCP1. I am retired. They do take into consideration the after-tax tcp1 contributions.
"December 30, 2017 at 7:03 PM"
Hysterical and uniformed much?
After tax TCP-1 contributions are great ! They are NOT taxed when added to your pension amount ! Like a Roth IRA.
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