Presentation on what CORRE is requesting and why the request is justified. (From CORRE DVD Section 2)

See in these slides what CORRE is requesting of the DOE, its contractors, and Congress for retirees of DOE Oak Ridge contractors, the justification, and how they can do it, if they give it any priority.

Slide Presentation

Look at the differences above in defined contribution plans among several DOE contractors. The Oak Ridge Pension Plan has been and still is one of the worst in the DOE system. Some of these are even guaranteed cost of living adjustments.

To see individual slides

CORRE’s Pension Request #1- Provide all retirees pension adjustments that recover 75% of inflationary losses. Slide 1

CORRE’s Pension Request #2 - Extend to retirees the 2% flat rate spousal reduction that was given to employees of UT-Battelle and BWXT in July 2004. Slide 2

CORRE’s Pension Request #3- CORRE recommends that Bechtel-Jacobs and Wackenhut improve pension plans be upgraded to make them consistent with the BWXT/UT- Battelle Multiple Employer Pension Plan. Slide 3

Fund Surplus grows and grows, but retirees fall further behind. Slide 7

Oak Ridge retirees have one of worst retirement programs in DOE Complex. Slide 8

Zero contributions for Oak Ridge but huge contributions for DOE sites in other states. Slide 9

Pension picture for 1995 Oak Ridge machinist retiree- income for expenses cut in half. Slide 10

Pension picture for 1985 Oak Ridge machinist retiree- income for expenses cut 75 percent. Slide 11

DOE fund for retirees of Oak Ridge Contractors- analysis of funds. There is enough surplus in the MEPP to provide retiree requests without a budget appropriation. Slide 12

The DOE plans to freeze all defined benefit pensions at present levels, disregarding the practice of DOE contractors over the years that made adjustments periodically for inflation. Slide 13

Important points regarding Oak Ridge contractor retirement fund- MEPP
No new funds are needed to grant requested adjustments. No new money needs to be appropriated by Congress. No new DOE contributions required. Slide 14

Why CORRE needs Congressional assistance- CORRE has had years of discussions with current contractors and DOE to no avail. Slide 15

CORRE Requests our members of congress to ask the Department of Energy, including NNSA, and the Contractors to make adjustments within the next 3 months to the pensions of Oak Ridge Retirees. (Do not request more studies.) Provide all retirees pension adjustments that recover 75% of inflationary losses. Extend the 2% flat rate spousal reduction to retirees. Assure that retirees of Bechtel-Jacobs and Wackenhut receive retirement benefits consistent with the BWXT/UT-Battelle Multiple Employer Plan. Slide 16

CORRE requests our members of Congress to review the equity of treatment being received by Oak Ridge Contractor retirees compared to the treatment of retirees at other sites by DOE, draft legislation to fix it, and revise sections of DOE Draft Notice N 351.1 that are hostile to retirees of defined benefit plans. Slide 17

Are Oak Ridge, Tennessee DOE Contractor retirees receiving equitable treatment? They are not, and it is time that the DOE, the DOE Oak Ridge contractors, and the Congress stepped up to fix the outrageous inequity in treatment of Tennessee retirees. Slide 18

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