April 2000

UT-Battelle’s HR director describes transition for retirees

ORNL Reporter asked new Human Resources Director Darryl Boykins some questions about retirees’ benefits.

UT-Battelle assumed the management and operation of ORNL on April 1, 2000. Will my benefits change?

This change in contractor will not result in any change in your benefits except as outlined in a letter that has been mailed to all active employees, retirees and spouses, and those on long-term disability. The transition from LMER to UT-Battelle will not require you to re-enroll in any benefit plans. Your coverage will continue without interruption.

What will change?

Those who have Prescription Drug coverage with Merck-Medco under CIGNA medical insurance will receive a new drug card. This is the card that is used for retail purchases at participating pharmacies and is used for mail order purchases. Your current card, which bears the Lockheed Martin logo, should be used through the month of April. On May 1, you should begin to use your UT-Battelle card.

New cards will be mailed to you at your address of record on the official retirement database. Please assure that you have reported any recent changes in address to LMER so your card can be delivered in a timely manner. If you have any questions about your address currently on record or about how to change your address, please call the OneCall Service Center—in Oak Ridge at 574-1500 or 1-877-861-2255

What else will change?

There have been several changes to the Savings Program that affect retirees’ accounts. Two new equity funds have been added to the Saving Program. You can now choose a small cap growth and/or an international growth mutual fund option, if they suit your personal risk tolerance and asset allocation model. The small cap growth option is the Special Equity Fund managed by the Managers Funds LLC. The international growth option is the Euro-Pacific Growth Fund managed by the American Funds. Both options would be considered “more aggressive” in the Savings Program’s array of investment vehicles. You’ll find a summary of each of the current investment funds in the “Savings” section of your Retiree Handbook.

Call State Street Bank & Trust (1-888-472-8348) for a prospectus.

The Lockheed Martin Corporation Stock Fund will be frozen. Participants will no longer be able to purchase additional shares of LMC stock. Participants who have a portion of their savings in the company stock fund may transfer their balance in this fund to another investment option within the plan. Balances do not have to be transferred all at one time. However, the final date to complete the transfer will be March 31, 2003, unless that date is extended.

The two bond funds, Intermediate-Term Investment Grade Bond Fund and Long-Term Investment Grade Bond Fund, will be converted to mutual funds in coming months. The new bond mutual funds will be very similar in investment objective to the current choices.

Should I continue to call the OneCall Service Center?

Yes, we will continue to utilize the Benefits Delivery services of Lockheed Martin Energy Systems. As you have done in the past, you should first call your insurance company for questions about medical or dental benefits or claims. Those toll-free numbers are listed on your medical and drug cards and on the correspondence you receive from these companies. If you need additional assistance, dial the OneCall Service Center—574-1500 or 1-877-861-2255. If your needs cannot be satisfied over the phone or through the mail, the center will schedule an appointment for you to visit the office.


[ ORNL Reporter Home | ORNL Home | Comments ]