Comparison of Department of Energy Pension Programs –
June 2004
(Adapted from CORRE Presentation – Slide 19)
|
SITE |
CONTRACTOR |
TYPE PLAN |
MULTIPLIER |
SCHEDULED ADJUSTMENTS |
FUND STATUS |
FUND CONTRIBUTIONS |
COMMENTS |
|
|
BWXT, UT-Battelle |
Defined Benefit [1] |
1.2 until 2004, now 1.4 [2] |
NO (Ad hoc adjustments) [3] |
~120% [4] |
NO |
None since 1984 |
|
BNL |
SUNY-Battelle |
Defined Contribution (401k) |
NA |
NA |
NA |
YES |
Employer 10% of employee wages |
|
LBNL |
Univ. of California |
Defined Benefit |
2.0 historical, now 2.50 |
YES |
|
NO |
|
|
LLNL |
Univ. of California |
Defined Benefit |
2.0 historical, now 2.50 |
YES |
|
NO |
|
|
LANL |
Univ. of California |
Defined Benefit |
2.0 historical, now 2.50 |
YES |
|
NO |
|
|
Savannah River Site |
Westinghouse |
Defined Benefit |
|
NO (Ad hoc adjustments) |
|
YES |
|
|
SandiaNL |
Lockheed Martin |
Defined Benefit |
1.5 historical, now 2.0 |
NO (Ad hoc adjustments) |
|
Not since 1986 |
|
|
INEL |
Bechtel BWXT-Idaho, LLC |
Defined Benefit |
|
|
|
Unknown to CORRE |
Some employees funding if over SocSec base |
|
PNNL |
Battelle Pacific Northwest Division |
Defined Benefit |
Now 1.6 |
NO (Ad hoc adjustments) |
|
Unknown to CORRE |
|
|
ANL |
University of Chicago |
Defined Contribution |
NA |
NA |
NA |
YES |
Employer 9% of wages; Employee-4% |
Notes:
[1] Recently changed to Defined Contribution
[2] Not extended to past retirees
[3] Ad hoc adjustments correct about half of past inflationary losses, often limited to low pension payments.
[4] Fund surplus subject to 420 transfer to operating or capital funds.