Sunday, April 03, 2005

More on UT

KSFR Local

Is UT back in LANL competition?
By Bill Dupuy

SANTA FE (2005-04-01) -- Word from Austin this morning that the University of Texas may be re-entering the process to bid for the Los Alamos national lab contract.

The school's vice chancellor wouldn't comment on air for KSFR. But he emailed a statement, saying the school welcomes opportunities to build on its contributions to the nation's national labs.

The university recently signed an agreement to partner with Sandia National Laboratories in Albuquerque on research. Sandia is operated by the Lockheed Martin Corporation. The statement from the University of Texas comes just days after Lockheed Martin announced it is re-entering the competition to bid for the Los Alamos contract.

With the University of Texas coming back on line with Lockeed Martin at least we cowboys and cowgirls will be appreciated. Dallas even has a team named after us. In all seriousness, the University of Texas is a major university on the ascent and unfortunately the converse is true for the University of California.
And I want UTs retirement deal... (but not Lockmarts)
Of course you realize that UT folks pay in 6.4% of their salary to make it happen. Sandia employees contribute nothing to their plan. (As an aside, UNM employees pay in 7.6% of their salary for theirs.) These amounts are in addition to Social Security of course.

Our own contribution to the UCRP retirement plan is 2% up to the SS wage base, 4% after that, less $19 a month. This amount has been "redirected" into separate, immediately vested accounts since 1991.

I'm sure any contractor can come in and put together a "substantially equivalent" plan by collecting 8% of your salary to do so.

I would expect at a minimum, that those "redirected" contributions will begin being routed into the new pension plan if there is to be anything above a basic plan for which the employer pays the entire cost, e.g., Sandia's.
Regarding the post of 7:21 PM, I believe that to be correct. The new contract manager can create a "substantially equivalent" pension plan with employee contributions of 8 - 10 %.
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