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...
Comments
“Los Alamos contract extended for another year”
from commenter:
“UC ran these labs for decades at a tenth of the overhead cost. Without the conspicuous accidents and loss of talent. Go back to them.”
https://pubs.aip.org/physicstoday/online/9534/Los-Alamos-contract-extended-for-another-year
Yes, former LANS and still surviving LLNS are same same. Time to finish the removal of any smell of LANSLLNS from these NNSA Laboratories for good.
The NNSA wants to attract and retain credentialed and experienced employees that have real career choices beyond the National Labs. To do so, the NNSA could create a TCP1 like pension system, but they won’t. However, it should be self evident to the NNSA by now, that:
1. A for-profit contractor is significantly more expensive than a non-profit contractor
2. A for-profit contractor brings NO value added for their additional expense (history confirms this)
3. In hindsight, many past DOE officials prefer a non-profit project and workforce oriented contractor model
Easy peasy