Principles for Administration of the Oak Ridge Pension Fund
Adopted by the
Coalition of Oak Ridge Retired Employees
(CORRE)*
(Revised February 20, 2002)
The following Principles have been adopted by CORRE* as those that are fair, reasonable, and ethical to guide the administration and management of the Pension Fund by the current Oak Ridge Contractors, BWXT and UT-Battelle, in meeting the retirement benefits commitment to current and future retirees from Oak Ridge facilities.
Principle I. The Pension Fund should be used only to meet the current and future actuarial pension benefit liabilities for retirees from Department of Energy (DOE) Oak Ridge facilities, through its operating contractors.
Principle II. DOE should ensure that all pension plans covering contractors throughout the DOE complex use equitable criteria in making adjustments to correct for inflationary deterioration in value of contractor retirees’ benefits.
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Make pension adjustments on an annual basis to provide economic relief to all retirees, regardless of whether there is a Pension Fund surplus.
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Establish a minimum monthly pension to help provide long-term, less-highly compensated retirees ($600) and surviving spouses ($400) with an improved standard of living. (DOE and Contractors granted this to approx. 1000 retirement beneficiaries in 2004.)
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If Pension Fund resources are inadequate to maintain benefits, including adjustments, arrange for a federal budget appropriation to preserve and adjust benefits in accordance with these principles.
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Principle III. The operating contractors should have retiree representation on their pension fund board.
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At least one ORNL retiree, and one Y-12 retiree, should be included on the pension fund board. (One representative is designated for the ORNL Advisory Board.)
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The retirees selected for board membership should be acceptable to both CORRE and the operating contractors.
* The Coalition of Retired Oak Ridge Employees (CORRE) represents the interests of the approximately 13,000 employees who have retired from Department of Energy (including the National Nuclear Security Administration) contractor-managed facilities at Oak Ridge, Tennessee – Oak Ridge National Laboratory (ORNL), K-25 Gaseous Diffusion Plant (K-25), and the Y-12 Plant (Y-12). The primary objectives of CORRE as stated in its Bylaws are: (1) to obtain and maintain pension and other benefits that are fair and equitable and competitive compared with other industries in the region and with other major DOE federal and private contractors in the technical field; and (2) to safeguard the Pension Fund from which these benefits are derived. CORRE originated because retirees had no representation on the Pension Fund Advisory Committee and inadequate consideration was being given to the financial well-being of retirees. CORRE represents all retirees through open, positive, and constructive interactions with retirees, the Department of Energy, DOE Contractors and employees, and elected governmental officials. For more information on CORRE, see our web site: http://www.corre.info
Rev-5: 02/20/02
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