Thursday, March 29, 2012
Tuesday, March 27, 2012
LLNL TCP1 contributions FAQs
Anonymously contributed:
Frequently Asked Questions
1. What are the employee and employer contributions to the defined benefit plan for fiscal year 2012?
A. Employer pension contributions will be $20 million for fiscal year 2012 and employee contributions will be 5 percent of pay. Contributions will begin in June.
2. Who is affected?
A. Employee contributions apply to only those employees who selected TCP1 during contract transition.
3.
4. Why are pension contributions required?
A. Pension plan contributions are legally required based on the plan's assets and obligations.The assets are the cash, stocks, and bonds owned by the plan. The obligations are the amounts that the plan owes to participants - the stream of pension payments that current and future retirees (and their beneficiaries) will receive.
When a pension plan's funding ratio drops such that its assets are insufficient to cover the present value of its current obligations, contributions to the plan are legally required. The present value of the current obligations is a calculation performed by the plan's actuaries to determine the amount of dollars required today (including interest earned) to make the stream of pension payments to the plan's current and future retirees. This calculation is complex and takes into account expected years of service, age at retirement, salary, lifetime, etc.
Employee and employer contributions will help offset future payment obligations. For more information, refer to the Director Parney Albright's column.
5. Is my contribution pre-tax or after-tax?
A. The level and type of contributions permitted in the plan are governed by the Employee Retirement Income Security Act (ERISA). Under ERISA law it is required that participant contributions be made on an after-tax basis. As a result, a portion of the future retirement income that you receive that is attributable to your after-tax contributions will be tax free.
6. What happens to my contributions?
A. Participant contributions made to the plan will be tracked by Aon Hewitt and attributed to employees as required. At the time of retirement Aon Hewitt will provide participants with the necessary tax documents to identify the taxable/non-taxable portion of the benefit. The LLNS Defined Benefit Pension Plan is a retirement plan that provides a pre-determined retirement benefit to participants based upon a formula that includes factors of age, credited service and salary. The benefit is a promised lifetime monthly income that funded by a combination of employer contributions, employee contributions and plan asset accumulations.
7. How secure is my pension?
A. With a defined benefit plan the employer is legally required to make sure there is enough money in the plan to pay the guaranteed benefits. As a contractual commitment, DOE is responsible for funding the employer portion of contributions. In addition, defined benefit plans are the only type of pension insured by the Pension Benefit Guarantee Corporation (PBGC). The insurance works similarly to the federal deposit insurance that backs up bank accounts.
8. Can I opt out of TCP1 or transfer to TCP2?
A. No, you may not opt out of TCP1 or transfer to TCP2.
Frequently Asked Questions
1. What are the employee and employer contributions to the defined benefit plan for fiscal year 2012?
A. Employer pension contributions will be $20 million for fiscal year 2012 and employee contributions will be 5 percent of pay. Contributions will begin in June.
2. Who is affected?
A. Employee contributions apply to only those employees who selected TCP1 during contract transition.
3.
4. Why are pension contributions required?
A. Pension plan contributions are legally required based on the plan's assets and obligations.The assets are the cash, stocks, and bonds owned by the plan. The obligations are the amounts that the plan owes to participants - the stream of pension payments that current and future retirees (and their beneficiaries) will receive.
When a pension plan's funding ratio drops such that its assets are insufficient to cover the present value of its current obligations, contributions to the plan are legally required. The present value of the current obligations is a calculation performed by the plan's actuaries to determine the amount of dollars required today (including interest earned) to make the stream of pension payments to the plan's current and future retirees. This calculation is complex and takes into account expected years of service, age at retirement, salary, lifetime, etc.
Employee and employer contributions will help offset future payment obligations. For more information, refer to the Director Parney Albright's column.
5. Is my contribution pre-tax or after-tax?
A. The level and type of contributions permitted in the plan are governed by the Employee Retirement Income Security Act (ERISA). Under ERISA law it is required that participant contributions be made on an after-tax basis. As a result, a portion of the future retirement income that you receive that is attributable to your after-tax contributions will be tax free.
6. What happens to my contributions?
A. Participant contributions made to the plan will be tracked by Aon Hewitt and attributed to employees as required. At the time of retirement Aon Hewitt will provide participants with the necessary tax documents to identify the taxable/non-taxable portion of the benefit. The LLNS Defined Benefit Pension Plan is a retirement plan that provides a pre-determined retirement benefit to participants based upon a formula that includes factors of age, credited service and salary. The benefit is a promised lifetime monthly income that funded by a combination of employer contributions, employee contributions and plan asset accumulations.
7. How secure is my pension?
A. With a defined benefit plan the employer is legally required to make sure there is enough money in the plan to pay the guaranteed benefits. As a contractual commitment, DOE is responsible for funding the employer portion of contributions. In addition, defined benefit plans are the only type of pension insured by the Pension Benefit Guarantee Corporation (PBGC). The insurance works similarly to the federal deposit insurance that backs up bank accounts.
8. Can I opt out of TCP1 or transfer to TCP2?
A. No, you may not opt out of TCP1 or transfer to TCP2.
Monday, March 26, 2012
557 LANL workers accept buyout
Anonymously contributed:
From the Santa Fe New Mexican:
557 LANL workers accept buyout
By Roger Snodgrass | The New Mexican
3/26/2012
Los Alamos National Laboratory announced today that 557 people will leave their jobs under a voluntary separation program. The number falls within the range of 400-800 employees lab officials said they needed to reduce the likelihood of involuntary layoffs.
With some job categories excluded, most of the approximately 7,600 employees in the regular workforce were eligible to apply for the separation package, which provides up to 39 weeks of severance pay.
The largest group, 258, were in the professional categories, including finance, information technology and records management, 152 were in research and development. There were 74 manager, 59 technicians and 14 support employees.
Laboratory officials have said the plan would be the least disruptive option for lowering costs and gaining flexibility during a time of budget uncertainties. Among areas of concern, the authorities pointed to an erosion of purchasing power, lower than normal rates of attrition in recent years, funding decreases for the current year and additional reductions anticipated for next year, including a five-year deferral for a major construction project.
Employees who applied for the separation arrangement were given a five-day window during which they could change their minds. Their last day on the job will be April 5.
From the Santa Fe New Mexican:
557 LANL workers accept buyout
By Roger Snodgrass | The New Mexican
3/26/2012
Los Alamos National Laboratory announced today that 557 people will leave their jobs under a voluntary separation program. The number falls within the range of 400-800 employees lab officials said they needed to reduce the likelihood of involuntary layoffs.
With some job categories excluded, most of the approximately 7,600 employees in the regular workforce were eligible to apply for the separation package, which provides up to 39 weeks of severance pay.
The largest group, 258, were in the professional categories, including finance, information technology and records management, 152 were in research and development. There were 74 manager, 59 technicians and 14 support employees.
Laboratory officials have said the plan would be the least disruptive option for lowering costs and gaining flexibility during a time of budget uncertainties. Among areas of concern, the authorities pointed to an erosion of purchasing power, lower than normal rates of attrition in recent years, funding decreases for the current year and additional reductions anticipated for next year, including a five-year deferral for a major construction project.
Employees who applied for the separation arrangement were given a five-day window during which they could change their minds. Their last day on the job will be April 5.
Friday, March 23, 2012
More LANS Managers During Budget Cuts at Los Alamos
Anonymously contributed:
More LANS Managers During Budget Cuts at Los Alamos
The Associate Directorate for Weapons (ADW) is being realigned into two directorates to more effectively address performance of LANL's mission, communicate with external customers and partners, and provide more direct access to management.
The Directorate for Weapon Physics (ADX) will be led by Bob Webster as the acting Associate Director and will have responsibility for weapon design and computational physics along with programmatic responsibility for the Advanced Simulation and Computing (ASC) Program and Science Campaigns (SC). The directorate will consist of X-CP and X-TD Divisions.
The Directorate for Weapon Engineering and Experiments (ADW) will be led by John Benner as the acting Associate Director, and will have responsibility for weapon engineering and dynamic experimentation including Nevada activities along with programmatic responsibility for Directed Stockpile Work (DSW) and Engineering Campaigns (EC). The directorate will consist of WX and W Divisions.
"Bob and John were chosen for these acting assignments because of their demonstrated performance, expertise, and ability to work together as a team to preserve the integration we have achieved between the various components of the program," said Bret Knapp, principal associate director for Weapons Programs.
More LANS Managers During Budget Cuts at Los Alamos
The Associate Directorate for Weapons (ADW) is being realigned into two directorates to more effectively address performance of LANL's mission, communicate with external customers and partners, and provide more direct access to management.
The Directorate for Weapon Physics (ADX) will be led by Bob Webster as the acting Associate Director and will have responsibility for weapon design and computational physics along with programmatic responsibility for the Advanced Simulation and Computing (ASC) Program and Science Campaigns (SC). The directorate will consist of X-CP and X-TD Divisions.
The Directorate for Weapon Engineering and Experiments (ADW) will be led by John Benner as the acting Associate Director, and will have responsibility for weapon engineering and dynamic experimentation including Nevada activities along with programmatic responsibility for Directed Stockpile Work (DSW) and Engineering Campaigns (EC). The directorate will consist of WX and W Divisions.
"Bob and John were chosen for these acting assignments because of their demonstrated performance, expertise, and ability to work together as a team to preserve the integration we have achieved between the various components of the program," said Bret Knapp, principal associate director for Weapons Programs.
Who promoted the Labs privatization?
Anonymously contributed:
I had 27+ yrs(as a) LLNL employee; (was) laid off in 2008 & a part of the lawsuit against the Lab. I've been searching the web with no luck, trying to find out the name, members, and head of the committee in D.C. that promoted/ramrodded/whatever the privatization of the Labs. Several months ago I came in on the tail end of an NPR interview with the head of the committee (I believe) who said something to the effect that, "...some of the efficiencies we expected have yet to materialize..."
I would also like to know who in Congress voted for privatizing the Labs (and who did not).
Does anyone have that information?
Thank you!
I had 27+ yrs(as a) LLNL employee; (was) laid off in 2008 & a part of the lawsuit against the Lab. I've been searching the web with no luck, trying to find out the name, members, and head of the committee in D.C. that promoted/ramrodded/whatever the privatization of the Labs. Several months ago I came in on the tail end of an NPR interview with the head of the committee (I believe) who said something to the effect that, "...some of the efficiencies we expected have yet to materialize..."
I would also like to know who in Congress voted for privatizing the Labs (and who did not).
Does anyone have that information?
Thank you!
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