Report on Sandia Corporation defined benefit pension plans, Albuquerque, New Mexico
This report concerns payments by the Sandia Corporation to employee pension plans. The audit disclosed that in 1984 the Department incurred unnecessary costs of $19.2 million because Sandia made payments into its two pension plans even though information contained in Sandia'a actuarial consultants' reports showed that the funds were overfunded by $77.7 million at the beginning of the year. During the preceding three years, similar payments were made which added to plan overfunding. Sandia had based pension plan payments on very conservative actuarial assumptions. Albuquerque did not agree with the findings and recommendations. A summary of management's comments and the response are included in the report.
- Research Organization:
- USDOE Office of Inspector General, Albuquerque, NM. Office of Audits
- OSTI ID:
- 7182087
- Report Number(s):
- DOE/IG-0233; ON: TI87003448
- Country of Publication:
- United States
- Language:
- English
Similar Records
Salary administration practices, Sandia National Laboratories, Albuquerque, New Mexico
Office of Inspector General report on special audit of pension plans for Department of Energy contract employees of the University of California