2007 Summary Annual Report
Plan Participants and Beneficiaries
This is a summary of the annual report for the Group Welfare Benefit Plan, Retirement Program and Savings Program for employees of certain employers at the U.S. Department of Energy facilities in Oak Ridge, Tennessee (Employer Identification No. 54-1987297, Plan No. 009) for the period January 1, 2007 to December 31, 2007. The annual report has been filed with the Employee Benefits Security Administration, as required under the Employee Retirement Income Security Act of 1974 (ERISA).
Complete annual reports for all the offered plans have been filed with the Internal Revenue Service as required by the Employee Retirement Income Security Act of 1974.
Welfare
Basic Financial Statement
The value of plan assets, after subtracting liabilities of the plan, was $993,985,085 as of December 31, 2007 compared to $1,003,846,180 as of January 1, 2007. During the plan year the plan experienced an increase in its net assets of $9,861,095. This increase includes unrealized appreciation or depreciation in the value of plan assets; that is, the difference between the value of the plan’s assets at the end of the year and the value of the assets at the beginning of the year, or the cost of assets acquired during the year. During the plan year, the plan had total income of $193,095,358. This income included employer contributions of $138,265,877 and employee contributions of $64,690,576. Plan expenses were $202,956,452. These expenses included $10,073,156 in administrative expenses and $192,883,296 in benefits paid to participants and beneficiaries.
Your Rights to Additional Information
You have the right to receive a copy of the full annual report, or any part thereof, on request. The items listed below are in that report:
- An accountant’s report; and
- Insurance information including sales commissions paid by insurance carriers.
Retirement
Basic Financial Statement
Benefits under the plan are provided by a trust (benefits are provided in whole from trust funds). Plan expenses were $200,287,858. These expenses included $31,821,931 in administrative expenses and $168,465,927 in benefits paid to participants and beneficiaries. A total of 14,769 persons were participants in or beneficiaries of the plan at the end of the plan year, although not all of these persons had yet earned the right to receive benefits.
The value of plan assets, after subtracting liabilities of the plan, was $3,258,201,885 as of December 31, 2007 compared to $3,113,889,517 as of January 1, 2007. During the plan year the plan experienced an increase in its net assets of $144,312,368. This increase includes unrealized appreciation or depreciation in the value of plan assets; that is, the difference between the value of the plan’s assets at the end of the year and the value of the assets at the beginning of the year, or the cost of assets acquired during the year. The plan had total income of $344,028,405, including gains of $55,227,136 from the sale of assets and earnings from investments of $259,150,345. The plan has contracts with MetLife and The Prudential Insurance Company of America, which allocate funds toward individual policies.
Minimum Funding Standards
An actuary’s statement shows that enough money was contributed to the plan to keep it funded in accordance with the minimum funding standards of ERISA.
Your Rights to Additional Information
You have the right to receive a copy of the full annual report, or any part thereof, on request. The items listed below are in that report:
- An accountant’s report;
- Assets held for investment;
- Transactions in excess of 5 percent of the plan assets;
- Insurance information including sales commissions paid by insurance carriers;
- Information regarding any common or collective trust, pooled separate accounts, master trusts or 103-12 investment entities in which the plan participates; and
- Actuarial information regarding the funding of the plan.
Savings
Basic Financial Statement
Benefits under the plan are provided by a trust (benefits are provided in whole from trust funds). Plan expenses were $108,991,986. These expenses included $617,198 in administrative expenses and $108,374,788 in benefits paid to participants and beneficiaries. A total of 11,735 persons were participants in or beneficiaries of the plan at the end of the plan year, although not all of these persons had yet earned the right to receive benefits.
The value of plan assets, after subtracting liabilities of the plan, was $1,526,579,633 as of December 31, 2007 compared to $1,457,831,483 as of January 1, 2007. During the plan year the plan experienced an increase in its net assets of $68,748,150. This increase includes unrealized appreciation or depreciation in the value of plan assets; that is, the difference between the value of the plan’s assets at the end of the year and the value of the assets at the beginning of the year, or the cost of assets acquired during the year. The plan had total income of $177,740,136, including employer contributions of $22,107,055, employee contributions of $61,122,702, gains of $119,141,371 from the sale of assets and earnings from investments of $‑34,720,964.
Minimum Funding Standards
Enough money was contributed to the plan to keep it funded in accordance with the minimum funding standards of ERISA.
Your Rights to Additional Information
You have the right to receive a copy of the full annual report, or any part thereof, on request. The items listed below are in that report:
- An accountant’s report;
- Assets held for investment; and
- Information regarding any common or collective trust, pooled separate accounts, master trusts or 103-12 investment entities in which the plan participates.
More Information
To obtain a copy of the full annual report, or any part thereof, write or call the office of the Plan Sponsor
Babcock & Wilcox Technical Services Y-12, LLC
P.O. Box 2009, MS 8267
Oak Ridge, TN 37830
54-1987297 (Employer Identification Number)
865-574-9110
You also have the right to receive from the plan administrator, on request and at no charge, a statement of the assets and liabilities of the plan and accompanying notes, or a statement of income and expenses of the plan and accompanying notes, or both. If you request a copy of the full annual report from the plan administrator, these two statements and accompanying notes will be included as part of that report. These portions of the report are furnished without charge.
You also have the legally protected right to examine the annual report at the main office of the plan
Babcock & Wilcox Technical Services Y-12, LLC
P.O. Box 2009, MS 8267
Oak Ridge, TN 37830
and at the U.S. Department of Labor in Washington, D.C., or to obtain a copy from the U.S. Department of Labor upon payment of copying costs. Requests to the Department should be addressed to:
U.S. Department of Labor, Employee Benefits Security Administration
Public Disclosure Room
200 Constitution Avenue, NW, Suite N-1513
Washington, D.C. 20210