SPSE-UPTE Working to Reduce the Hardship of Shrinking Take Home Pay for Some in TCP1 Retirement Plan
From SPSE: SPSE-UPTE Working to Reduce the Hardship of Shrinking Take Home Pay for Some in TCP1 Retirement Plan ------------------------------------------------------------------------------------------ By William Smith ----------------------------------------------------------------------------------------- To fund TCP1, those LLNL employees who elected to stay in the TCP1 defined benefit plan that replaced the University of California’s Retirement Plan had their take home pay cut by around 10% in June for most employees. Soon, in 2013, take home pay may be cut by nearly 14%. With medical and other premiums increasing, many employees are looking at reducing contributions to 401(K) retirement plans, cutting entertainment expenses, moving to less expensive quarters, and at least one has quit LLNL to take a better paying job elsewhere. As part of the bargaining to modify the contract between LLNS to negotiate reductions in benefits with the skilled trades bargaining unit, SPSE-UPTE ha...