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Yellow | The bad news from Local 707

SuperCourse said:
"no future accruals earned by active employees".......who's going to stay under those conditions.
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Your answer is the rank & file @ YRC who voted to work under that agreement. They have approved their own cut in their pension in the last 2 contracts to keep the company afloat. To vote no would probably would have put them on the street with no income or medical. Lookin @ it that way I might have voted to retain what I could & started my own Roth IRA. von.
 
vongrimmenstein said:
Your answer is the rank & file @ YRC who voted to work under that agreement. They have approved their own cut in their pension in the last 2 contracts to keep the company afloat. To vote no would probably would have put them on the street with no income or medical. Lookin @ it that way I might have voted to retain what I could & started my own Roth IRA. von.
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They didn't vote for "no future accruals", it hasn't happened yet. It's something that may or may not happen.
 
We also voted for equal sacrifice that is not being implemented or governed by are so called Union .
 
Crystal said:
If my math is correct you took a 40% cut on Feb 1. How did they classify that reduction? Did 707 actually default? Where is the money coming from to make the 60% payments?
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Hired ABF 10-27-1998, retired ABF on 1-01-2016. 17.2 years vested. All my time in the Union is @ ABF. I now receive 2040.00 per month gross. If the reduction goes thru, they will take 480.00 away from 2040.00. I am 62 years old. Does my age or all employement time @ ABF have any effect as to why my cut is not near what some 30 year people have?
 
vongrimmenstein said:
Hired ABF 10-27-1998, retired ABF on 1-01-2016. 17.2 years vested. All my time in the Union is @ ABF. I now receive 2040.00 per month gross. If the reduction goes thru, they will take 480.00 away from 2040.00. I am 62 years old. Does my age or all employement time @ ABF have any effect as to why my cut is not near what some 30 year people have?
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I don't know how they calculate. Is all your time with 707? Did you get the first reduction in Feb.? My original pension amount was $2847. and was first reduced to $1708 in Feb. now $989. starting July 1st. I think age must have something to do with it, I'm 54 and I retired at the end of 2008. All 707 time. St.Johnsbury, CF, & Roadway
 
vongrimmenstein said:
Hired ABF 10-27-1998, retired ABF on 1-01-2016. 17.2 years vested. All my time in the Union is @ ABF. I now receive 2040.00 per month gross. If the reduction goes thru, they will take 480.00 away from 2040.00. I am 62 years old. Does my age or all employement time @ ABF have any effect as to why my cut is not near what some 30 year people have?
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vongrimmenstein said:
Hired ABF 10-27-1998, retired ABF on 1-01-2016. 17.2 years vested. All my time in the Union is @ ABF. I now receive 2040.00 per month gross. If the reduction goes thru, they will take 480.00 away from 2040.00. I am 62 years old. Does my age or all employement time @ ABF have any effect as to why my cut is not near what some 30 year people have?
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vongrimmenstein said:
Hired ABF 10-27-1998, retired ABF on 1-01-2016. 17.2 years vested. All my time in the Union is @ ABF. I now receive 2040.00 per month gross. If the reduction goes thru, they will take 480.00 away from 2040.00. I am 62 years old. Does my age or all employement time @ ABF have any effect as to why my cut is not near what some 30 year people have?
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Your time from 1998 to 2003 is figured at one rate. From Jan. 1, 2004 to date of retirement was figured at 1% of contributions. Working for ABF does figure in only to the fact that you are not an orphan. You are in Tier II. Also the fact that you retired with less than 20 years and are under 65 years of age was figured into the calculation.
 
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captain cardboard said:
I don't know how they calculate. Is all your time with 707? Did you get the first reduction in Feb.? My original pension amount was $2847. and was first reduced to $1708 in Feb. now $989. starting July 1st. I think age must have something to do with it, I'm 54 and I retired at the end of 2008. All 707 time. St.Johnsbury, CF, & Roadway
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It's not set up for you to understand the formula, it's meant to be confusing for you, that way it's easier to steal your money.
 
ABFer said:
You retired at age 46? Now there's a man after my own heart. Damn, you did it right.
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47 actually, took the early retirement penalty on the last few years of service. started when I was 18, worked the dock for 25 yrs and still able to walk upright. Glad I got out when I did, payed attention and saw the writing on the wall. At least I had 7 good years at full coin, unfortunately many guys will never see what they were promised when they started due to mismanagement of the funds. There was a lot of money in that fund years ago, that's why they started giving the 13th check. How did the go broke so fast, they pay acuaries to watch these things? 25 and out at any age was definitely a mistake, but a good way to get elected to president of the local
 
UTR906 said:
Your time from 1998 to 2003 is figured at one rate. From Jan. 1, 2004 to date of retirement was figured at 1% of contributions. Working for ABF does figure in only to the fact that you are not an orphan. You are in Tier II. Also the fact that you retired with less than 20 years and are under 65 years of age was figured into the calculation.
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Thanks. All Central States Local 135. I do remember the cut in benefits; I believe that was shortly after CF closed. And I paid a 1% penalty per year for early retirement which I believe was 3%. Even that I am lucky all my time was @ ABF & my projected reduction in benefits is a whole lot less than someone with 30 years. Some of my fellow workers came to ABF when Transco, Preston, ANR, CF, & others closed & then retired before me. I know a lot of those guys took a 50% hit in the projected reduction. Hence the Orphan reduction. As I said I feel lucky for just 17 years vested & 2 grand a month. The retirement plan & paying about 60.00 monthly dues was well worth working for a Union Company versus non Union. One of the best employers in Indiana (Eli Lilly) never offered free monthly medical premiums & 2 grand a month retirement. Von.
 
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vongrimmenstein said:
Thanks. All Central States Local 135. I do remember the cut in benefits; I believe that was shortly after CF closed. And I paid a 1% penalty per year for early retirement which I believe was 3%. Even that I am lucky all my time was @ ABF & my projected reduction in benefits is a whole lot less than someone with 30 years. Some of my fellow workers came to ABF when Transco, Preston, ANR, CF, & others closed & then retired before me. I know a lot of those guys took a 50% hit in the projected reduction. Hence the Orphan reduction. As I said I feel lucky for just 17 years vested & 2 grand a month. The retirement plan & paying about 60.00 monthly dues was well worth working for a Union Company versus non Union. One of the best employers in Indiana (Eli Lilly) never offered free monthly medical premiums & 2 grand a month retirement. Von.
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I had all my time with Carolina/ABF. My cut is 50% with 27 years.
 
For what it's worth there are some Senators who are wanting to meet with NNyhan in a closed door session.Senators are proposing a forensic audit on the CSPF going all the way back to 1977
 
[QUOTE"bigtruk_us, post: 1036265, member: 235"]For what it's worth there are some Senators who are wanting to meet with NNyhan in a closed door session.Senators are proposing a forensic audit on the CSPF going all the way back to 1977[/QUOTE]
Sorry if I went off the original topic of discussion
 
bigtruk_us said:
[QUOTE"bigtruk_us, post: 1036265, member: 235"]For what it's worth there are some Senators who are wanting to meet with NNyhan in a closed door session.Senators are proposing a forensic audit on the CSPF going all the way back to 1977
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Sorry if I went off the original topic of discussion[/QUOTE
I would like see it go back to 1955.
 
UTR906 said:
I had all my time with Carolina/ABF. My cut is 50% with 27 years.
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Based on what you just said, did my retiring now @ age 62 make a difference from retiring 3 years later @ 65? I believe ABF paid all the Pension money for Carolina due Central States when they bought them. If that is true then do they consider Carolina an orphan for some reason? I think the age you retire & in what year makes a big difference on you compensation. Just guessing. von.
 
vongrimmenstein said:
Based on what you just said, did my retiring now @ age 62 make a difference from retiring 3 years later @ 65? I believe ABF paid all the Pension money for Carolina due Central States when they bought them. If that is true then do they consider Carolina an orphan for some reason? I think the age you retire & in what year makes a big difference on you compensation. Just guessing. von.
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Carolina was current on all payments.
 
captain cardboard said:
47 actually, took the early retirement penalty on the last few years of service. started when I was 18, worked the dock for 25 yrs and still able to walk upright. Glad I got out when I did, payed attention and saw the writing on the wall. At least I had 7 good years at full coin, unfortunately many guys will never see what they were promised when they started due to mismanagement of the funds. There was a lot of money in that fund years ago, that's why they started giving the 13th check. How did the go broke so fast, they pay acuaries to watch these things? 25 and out at any age was definitely a mistake, but a good way to get elected to president of the local
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A very good reason for ALL retirees to keep current on pensions, 401k's, and Social Security.
25 and out was a great deal for employees.
Central States, at one time, was the largest employer paid pension plan in the country.
http://www.pionline.com/article/19981019/PRINT/810190727/teamsters-trouble-trouble-trouble
http://www.nytimes.com/2004/11/15/business/teamsters-find-pensions-at-risk.html?_r=0
 
My pension fund here in New England is being pro active.They started a new hybrid fund a few years back that allows both new and current employers to jump in when their contracts are up.It allows them to get out of the under funded pension plan and into the new plan at about a $4 an hour savings while paying down their withdrawal liability with agreed annual payments.I know ABF looked into but they declined at this time.Its become very popular with both old and new employers because the payoff in the end is huge.Plus that agreed rate into the plan never changes.Some agreed to pay into the old fund like UPS millions of dollars a year overa twenty year period so it's a shot in the arm for the old fund which is currently 62% Funded up from 48% two years ago.Im glad our pension board had the fore sight to do something to protect our pensions!
 
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