Monday, April 10, 2006

LANS objects to financial column

Monday, April 10, 2006

Headline News

LANS objects to financial column


Editor's note: A column written by Stephen Ciepiela and Kelly Garcia of Charles Stephen and Company Inc. ("Best contribution plan depends on job situation" and published in the Monitor on Sunday, April 2, contained information about the compensation packages offered by Los Alamos National Security, LLC (LANS). Officials of LANS, the new managers of the laboratory, found some of the information objectionable. Below are corrections and clarifications that have been suggested by LANS.

1. Assertion: "Option A specifies that you will receive a set monthly amount - a defined benefit - until your death, with no cost-of-living adjustments."

Fact: LANS's TCP1 pension plan currently contains two types of cost-of-living adjustments (COLAs). One applies if an employee leaves in an inactive vested status, and the other applies to retiree monthly pension annuity payments.

2. Assertion: "It is at the discretion of the employer, and while most defined benefit plans allow you to take a lump sum option, ERISA does not require an employer to offer the option."

Fact: The lump-sum option is not being offered because the National Nuclear Security Administration determined that it would render the package more than substantially equivalent to the current UC benefits.

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