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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Some LANS managers left and some stayed after Triad came in. A couple of trends, more of the unpopular managers left and more of the popular managers stayed. The other trend is that even of the unpopular who stayed they seemed to change their attitude for the better. This biggest thing that most people noticed is that the approach of the place changed. My guess is that of the managers that left most where part of the Bechtel bidding team, they liked the Bechtel mode the most and their mindsets did the best with Bechtel.
The same could be play out in LLNL but it is hard to say. At LANL it seemed like some managers just got really into the whole "we are for profit Wolf of Wallstreet" attitude. They are essentially say this to the people, in that if something is wrong, well "that is because we for profit now" if something was inefficient " that was because are we are private company", if did not get my bonus it was because of the workers, managers should paid 10 times more than workers because that is how it is in private business. The workers are all replaceable and should be rotated out for cheaper less skilled workforce like a factor because we are for profit now and so on.