Friday, May 12, 2006
Offer and decision
May 5, 2006
Offer and decision
I see that among my coworkers I am not the only one having problems deciding which way to go on my offer package. We keep getting incomplete or contradictory information so we can't do more than guess and trust to luck.
Things that have bothered me are funding for TCP1. TCP1 looks good if I want to stay a few more years until I am 60, as it will return a higher retirement benefit. But if I have to make contributions of say 15 percent of my salary to get this benefit then I would be better off staying with the University of California.
If UC does decide to split the Laboratory retirement off from other UC retirement leaving us in a pool of undetermined size and undetermined funding I would probably be better off taking a lump sum.
I'm leaning towards going inactive vested. The biggest problem I see is that I was told that since my wife and I are both employees with more than 20 years of service, that my taking a lump sum cash out would be viewed as a life changing event and as such allow my wife to pick up the health coverage and other benefits - now the cost is deducted from my check - at the time I cash out. Someone else we know in a similar situation was told this was not the case and if you weren't the one making the payments for the health benefits then you would have to wait until open enrollment, and then, because you were just acquiring the benefits for the first time you would be on the access only level and have to pay the whole thing.
This misinformation and lack of information makes it really impossible to do anything but wait until the last minute on the chance that you get some more information or something else changes that will affect your decision.
Call 662-3115 if you would like some clear unbiased straight information.
We have been helping people such as you on these issues for 6 months. We have been helping others on retirement issues for years.
We have no conflicts of interest because we are not selling stocks or bonds or mutual funds or any securities. We do not work for LANL, LANS, NNSA or any of the other partners in running the lab.
You can find out a bit more about us by reading letters that Barbara Williams sent to the Reader's Forum.