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Title: Report on Sandia Corporation defined benefit pension plans, Albuquerque, New Mexico

Technical Report ·
OSTI ID:7182087

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