Tuesday, February 14, 2006

Missing web site

Submitted by Anonymous:
______________________

Doug - If you know the answer, would you kindly reply? (I've never written to you, but have come to rely on you to have answers to burning questions.) If not, could you post this anonymously? Thanks!

I see the following on the LANS transition web page under Benefits Q&As. It is now February 14th and I cannot find anything on a NNSA web site about the LANS benefits plan proposal. Has anyone found this web site?



002 Q: When will we know specifics about the proposed benefit plans and will we have time to make decisions about our benefits? A: LANS submitted the proposed new benefits package for Laboratory employees to NNSA on January 25, 2006. The LANS proposal will be posted on the NNSA web site for comment on February 14, 2006. Once NNSA has approved the package, anticipated in early March, employees will be given an offer of employment with LANS, and will have a 60-day period beginning on or about March 15, 2006 in which to study the NNSA-approved benefits package and make the best decision based on their personal needs before LANS assumes Lab responsibility on June 1, 2006.

Comments:
Everything will be on the LASO (Los Alamos Site Office) web site, since the upcoming meetings and comment period fall under DOE.

http://www.doeal.gov/LASO/ContractTransition/default.html Get on their web through this address, then click on
"Benefit Plan Meetings" and it takes you to the explanation of the meetings and how you can provide comments back to DOE.

inputonlansbenefits@doeal.gov

We are in the process of drafting the Q&A's that will address that there will be "no probationary period" and a number of other rumors. Many thanks.
 
Its not a missing web site. It just has not been posted yet. Lets see if it even shows up today so people can ask questions on Thursday. Then there is only a 10 day window for affected employees to raise concerns let alone get them resolved. Sounds like a setup to me.
 
Now posted at:

www.doeal.gov/LASO/ContractTransition/default.html
 
Gee

Unmatched 401k

Can't put away as much as you did in your 403b

Can't get the same medical insurnace rate offer as does UCRP because there are less people in the system.

Still did not define what system those who wish to retire will be able to retire under. ( Well at least it wasn't clear to me)

LANS is required to consider amending PP1 to be consistent with any changes made by the Board of Regents.. to UCRP ( No what does that imply ) Is this what we are waiting for?

It wasn't a bad package at all.
 
Page 11...no lump sum available from LANS.
 
Are there any companies that give you a pension AND a matching 401(k) together? I doubt it.

There is matching 401(k) if you go for plan 2.

Does anyone know if the 401(k) employer matching is the first 6% of your salary, or the first 6% of the 15K limit (a measly $900).
The wording is unclear, implies 6% of the 15K, but the standard practice is 6% of salary.


I'm a little disappointed though that they won't "buy out" unvested people with prior service credit with a 401(k) contribution. I'd rather go for a matching 401(k) but would be a shame to let my 3 years of service credit go to waste. I suppose they can't raid the funds from the pension though to do such a thing.
 
"Are there any companies that give you a pension AND a matching 401(k)
together? I doubt it" -- rachel


Actually, rachel, this is quite common. It usually happens when
a company wants to ease out of their pension obligations. In the
past, companies who tried to suddenly end their pensions had
to worry about age discrimination legal suites, as older workers
would be affected to a much greater extend than younger workers.

The solution has been to create a "hybrid" system that reduces
the pension benefits while coupling it with matching 401 K funds.
This way, the older workers suffer, but not as badly as if their
pension accumulations were completely frozen and their company
began offering only a 401K retirement system.

Frankly, I would not be the least bit surprised if LANS does this
"hybrid" maneuver sometime in the future. A pension is only a promise.
There is nothing to stop a company from changing that promise
at any time. Current news stories are filled with accounts of
companies that have decided to modify or end their future pension
obligations, that is, unless you are in top level management.
At the CEO level, pensions are only getting better and better with
each passing year.
 
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