Opening Remarks. President Dave Reichle welcomed Advisor Gary Riser, who has not been in town and present for sometime. He noted that Norm Sparks has retired, and that Susan Alexander replaced him. Reichle read a letter which he received from ORNL Director, Jeff Wadsworth, as a followup to Reichle and Kuykendall’s visit with Jim Roberto a few days ago. He said he wants to get with Jim Roberto again. Bob Worrell and Tom Lemons will assist Reichle in developing a one-page information sheet on the pension fund balance. They will also take Bill Wilcox’s chart on fund balances when they go back to ORNL.

Secretary/Treasurer’s Report. Mary Helen Rose highlighted her Treasurer’s report for April, copies of which had been distributed to board members. Balance on hand April 30, 2005, was $47,643.71, with a total of about 2,425 Active Members.

Bechtel Jacobs Pension Plan. Reichle introduced Teresa Riggs, who has recently retired from Bechtel Jacobs, and asked for approval to appoint her as a CORRE Advisor. Motion passed unanimously to appoint her. At Reichle’s request, she highlighted Summary Information on Bechtel Jacobs Company’s pension plan. Reichle noted that she will discuss some issues later on the agenda.

Communications. Sandy Dean noted that another BWXT Retiree Newsletter has been published, and that Reichle’s article appeared just as we submitted it. She said it is now time for input for another article. Suggestions included information about our Annual Meeting/Rally (October 28), and about our appointment of Bechtel Jacobs and Wackenhut representatives to the board. Pete Lotts suggested that Dean recruit three or four more people to help with Communications, as the Legislative Committee will have a lot of work for them to do.

Website. John Gray stated he believes that the site is up to date. He suggested that someone write up an article welcoming Wackenhut and Bechtel Jacobs. There was much discussion as to the content and usage of the Website.

Nominating Committee. Bob Worrell, Chairman, reported that the committee had its first meeting today and will be making some contacts. He hopes to have something to report at the June meeting, with a final report in July.

Meeting with Dennis Ruddy. Charlie Kuykendall reported on a one-on-one meeting he had with Dennis Ruddy on April 26 at his office at Y-12. He said the meeting was very cordial and friendly. He told Ruddy up front that on behalf of CORRE he wanted to talk to him about fair treatment of retirees. He reviewed with Ruddy some background information, and told him we were pressing ahead with meetings already scheduled with congressional groups and DOE, and we wanted to count on BWXT for their support. No commitments were made, but Kuykendall felt Ruddy fully understood our message.

Meeting at ORO. Reichle reported that he and Joe Setaro met on May 2 with ORO Manager Gerald Boyd, Robert Martin, and Dan Wilken to discuss pension issues for retirees from Oak Ridge Contractors. The meeting in Gerald Boyd’s office was friendly, with open discourse on the issues presented. (A full report has already been distributed to Board members.) Boyd said that DOE Secretary Bodman was currently reviewing the pension policy for DOE employees as well as DOE prime contractors, and that the Secretary was aware of the concerns of retirees in Oak Ridge. Boyd said that he would (1) go to the Secretary and determine what was forthcoming from his review, and (2) also re-contact the Oak Ridge Contractors to determine their current thinking on the spousal option 2% flat rate. Boyd suggested that CORRE meet with him again in three months. Reichle will call Boyd’s office tomorrow and try to get a copy of our 2005 Position Paper in his hands. Lotts suggested that we also arrange an informal meeting with Jim Martin at NNSA.

Meeting with Legislative Staff. Dean Eyman’s report of the April 29 meeting is attached.

ORNL Benefits Advisory Committee. Joe Setaro reported that the committee met this week. They are in the middle of reviewing all of the benefits of the Laboratory, with Hewitt and Associates assisting them. The Laboratory definitely wants to get away from a defined benefits plan and go to a defined contributions plan, which would make them more competitive in recruiting new hires. Pete Lotts stated that he felt we should question ORNL’s strategy to go to another type pension plan, because what they do with a new plan could have a great effect on the present plan and its funding. We should question what happens to the old plan, how the two plans will be funded, and how the funding will be fairly split. Furthermore, it was suggested that these and other questions be addressed in a letter to Laboratory management.

Legislative Committee/Strategy. Pete Lotts stated that we need to follow up with Legislative staff to see what they are going to do as promised at the meeting on April 29. He said that, based on the information Reichle obtained from Gerald Boyd, we felt the need to go the legislative route. He is going to develop a plan and present it to our Board for approval. He feels we need a letter-writing campaign, and he will develop about 10 topics that we can write about. He thinks we are not going to get anywhere with the legislative delegation unless we get some grassroots pressure going. We need have retirees make contacts by e-mail, telephone, or fax. Lotts said we need to consider establishing what our legal rights might be relative to the pension fund. His motion passed that we form a committee to investigate the cost and how we might get a legal opinion on issues related to the pension fund in the interest of CORRE. Reichle asked Don Wood and Dean Eyman to serve as that committee and report back to the Board next month.

Bechtel Jacobs Issue. Teresa Riggs referred to information she had distributed, and specifically issue of whether retirees can draw pension payments while employed by a subcontract. She said workers had been told when they retired that they could, but are now been told that they can’t. She asked whether CORRE is interested in taking on this issue. Don Wood and others questioned whether getting involved in such an issue fits in with CORRE’s stated purpose. Nothing was resolved; Riggs will be put on the agenda for further discussion at our next meeting.

Adjournment. The meeting adjourned at 5:00 p.m.

Mary Helen Rose, CORRE Secretary

§ Impact of requested changes to pension benefits on the $620,000,000 Pension Fund Surplus ($353,000,000 remaining surplus after all requested changes are made).

§ Sequence of correspondence to date with DOE and the prime contractors at Y-12 and ORNL and showed the lack of response to our letters.

§ Data on the positive impact of the requested changes to the East Tennessee economy.

§ Clearly pointing out that the Oak Ridge employee Pension plan is not an entitlement, but part of a defined compensation package offered to employees when they became vested.