The LANS Defined Benefit Pension Plan (TCP1) Cost of Living Increase (COLA) effective July 1, 2008 is 2% (Based on a 2.4% CPI (Consumer Price Index) increase in San Francisco/Northern California, as determined in accordance with the Plan Document as outlined below.
The COLA is calculated as:
(1)100% of the first 2% CPI increase, plus
(2) 75% of any portion of the CPI increase that is higher than 4% (up to maximum of 4%)
In general, the maximum possible annual COLA increase is 6% based on this formula. For this year, only the first 2% of the overall 2.4% CPI increase is counted.
June is Cancer Survivor's Month. Did you know that a standard eye exam can help doctors spot the signs of a tumor? As with any cancer, early intervention is key to improving not only survivability, but livability. Don't take your health for granted - make an annual eye exam with your VSP doctor part of your healthcare routine. Visit the VSP website to find a local participating provider.
LANS made changes to both the TCP1 and TCP2 401(k) plans effective May 1, 2008. The changes in TCP1 will allow us to permit both TCP1 and TCP2 retirees to participate in the Plan, if they return to LANL as Laboratory Associates. Original plan language unintentionally permitted only Lab Associates who retired from TCP1 to participate.
Changes made to TCP2 will eliminate the confusion related to the eligibility of Casual employees, including students. Over 600 Casual employees were given the wrong eligibility code due to confusion over this definition of eligibility, based on whether or not they are scheduled to work more than 832 hours in a Plan year or during their first year of employment. All of these accounts then had to be removed from the Plan. Therefore, effective May 1, 2008 undergraduate students who have not obtained their Bachelors degree or equivalent, high school co-op students, and apprentices with UGS appointment types will not be eligible to participate in the TCP2 plan. GRA's and Postdocs will now be eligible no matter how many hours they work. Anyone who was eligible prior to these changes will continue to be eligible until they have a termination of employment.
If you have questions, please contact the LANL Retirement Plans Administrator, Kenny Leivo at 505-667-1346 or email leivo@lanl.gov.
LANS/LANL will be conducting a Retiree dependent eligibility audit to ensure all health & welfare covered dependents are eligible to be covered under the LANL Retiree benefit plans. Not only does coverage for ineligible dependents contribute to the rising cost of health care, but it is also a violation of ERISA. To meet LANS/LANL's Health and Welfare Plan regulations, annual contract obligations, and maintain compliance under ERISA, we must verify dependent eligibility to ensure that only those dependents who meet LANS/LANL Plans' eligibility requirements are enrolled. The 2008 audit will be comprised of approximately 10% randomly selected LANS/LANL Retirees enrolled in medical plans. Those randomly chosen to be audited will be mailed, to their mailing address, a personalized letter that provides names of covered dependents and types of coverage. Evidence of dependent eligibility needs to be provided to HR, Benefits Design & Administration office no later than Thursday, July 31, 2008.
