Links to Items of Interest

Please make plans to attend the AGRE Monthly Meeting on Thursday, December 4, at 6:00 p.m. at 133 Raleigh Road, Oak Ridge, TN.

Links to Items of Interest

The National Retiree Legislative Network (NRLN) web site:
http://www.nrln.org
By clicking on this web link and after entering your zip code, you can send an e-mail entitled "Pension Plan Assets Must Be Protected" to Senators, Representatives...even the President.

The Coalition of Oak Ridge Retired Employees (CORRE) web site:
http://www.corre.info/index.htm
See Pension Request No. 3 which references BJC and Wackenhut pension plans:
http://www.corre.info/Pension_Needs/pension_needs.htm
CORRE 2008 Position Paper:
http://www.corre.info/Pension_Needs/position_paper.htm
CORRE Board Meeting Minutes:
http://www.corre.info/CORREBusiness/MinutesTable.html

Frank Munger's Atomic City Underground website:
http://blogs.knoxnews.com/knx/munger/
About the blog -- Frank Munger will be covering the Dept. of Energy's Oak Ridge facilities and other things nuclear. The blog will include random thoughts and opinions, behind-the-scenes tidbits, and expanded coverage and analysis of Oak Ridge news. Example:
The Bechtel Jacobs pension picture
As of Sept. 30, 2008, the total assets in the BJC pension fund for grandfathered employees were $219 million, according to info provided by Bechtel Jacobs.
"The pension plan is not fully funded at this time," Bechtel Jacobs said, but declined to put a percentage on it. Company spokesman Dennis Hill said the company was meeting its requirements.
"For a multi-employer plan, the funding regulations require a minimum funding level of 80%," BJC said in a statement. "As required under federal law, all multi-employer plans must provide an annual funding notice to the participants of the pension plant, which will be done in the next few weeks."
There are 2,114 participants or beneficiaries covered by the plan.
In a statement, BJC said, "The pension fund is managed by various fund managers, with diverse investment strategies. The Bechtel Jacobs Company Benefits and Investment Committee works with the investment consultant, Mercer, in selecting fund managers whose investment strategies align with the Pension Plan's investment policy objectives. The Committee monitors the fund managers' performance."
The company added: "As with most defined benefit and defined contribution plans, the downturn in the market has impacted the pension plan. By having a diversified investment portfolio with conservative allocations, the BJC Pension Plan has not experienced the extreme negative impact that some other plans may have experienced."
Posted by Frank Munger on October 24, 2008 at 5:27 PM