Thursday, February 16, 2006

New LANL manager seeks comment on benefits, pay package

By ANDY LENDERMAN | The New Mexican

February 15, 2006

Employees at Los Alamos National Laboratory have until Feb. 24 to make comments about a pay-and-benefits plan proposed by the newly formed private company scheduled to take over the lab later this year.

A spokesman for the new manager, Los Alamos National Security LLC, said his company feels the pay-and-benefits plan is about the same as what lab employees enjoy now with the University of California.

The head of a Los Alamos community group agreed, but noted the elimination of lump-sum cash payments to people who retire from the lab under the new proposal.

The National Nuclear Security Administration will hold two meetings in Los Alamos on Thursday to present the plan and allow people to comment on it.

[...]

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Comments:
I love the first bullet on page 25 of the benefits proposal. TCP2 "Objective is to attract and retain talent". Good luck.
 
Nobody should miss this subtle, and mentioned, difference.

LANS had dropped the Lump Sum option.

As a recent departee, I delayed the decision on chosing the annuity or selecting the lump sum option (I already have medical ins). After meeting with my financial planner, we decided the annuity option was more attractive from a financial perspective. However, from a long-term security perspective, we both concluded the lump sum option was preferred due to the transfer of assets from UCRP to LANS.

Now LANS has closed the lump sum option.

Since I saw nothing from my last years with UC to engender trust, I must conclude the lump sum option is not favorable to LANS. This "second opinion" seals the deal; I have submitted retirement paperwork to UC and will be taking my lump-sum funds with me.

The sunset feels mighty good. Adios LANS.
 
It is mighty good. Sounds like you got a plan for when the fit hits the shan. I had to take the annuity cause I needed the med ins. But it's all good, if you're prepared.
 
colormegone - What about going inactive vested in UCRP? Then further down the road you can choose if you want the lump sum or annuity. Your money left in UCRP will continue to grow. Only drawback is getting medical benfits once you do retire for vested employees that go the inactive route. I have submitted this to DOE/NNSA. Then again if you work til 65 then you are covered by medicare as the primary and all you need is a secondary insurance for the part b stuff.
 
IMHO all you really need is catastrophic hospitalization insurance so your health crisis is not compounded by a financial crisis. All the other health care benefits are in the "nice to have" category.
 
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