Yellow | Local 707

I don't know anything about the 707 pension funds except what I've read on TB. After reading the new articles I have a few questions. What have the fund trustees been doing since 1999 when the fund was at 100% and the retirees were getting the 13th check? What was the accrual rate that earned the quoted retiree $4,000 a month for only 30 years? The article said that the 707 retirees were promised their full pensions for life. I doubt that to be the case. I am a retired 6 years from the mentioned 560 fund. The only written promise I have is that I would receive the full pension amount for 5 years. I'm not questioning those 5 local 707 retirees. I'm questioning the accuracy of the articles.
 
Pension Fund, R.I.P. , better off being a illegal immigrant & get free everything ! or being Jamie's & Trip's & Mud's & Big R's ," Golf Caddie" !! pay & tips are great !!
 
Chicken-egg conundrum. Concessions were needed to remain in business. Remaining in business permits the slow repayment of the debt. Your simple thoughts reveal your serious lack of understanding of business.
Full year Operating ratio (2016) 100.0 (2015) 102.9 In the event you are unfamiliar what an O/R is. It means that anything below 100 means profit, anything above 100 means loss. Therefore an O/R of 98 means for every dollar of revenue generated we earned 2 cents. And in the case of the 2015 O/R above we lost 2.9 cents. Read the earnings report.

http://investors.yrcw.com/releasedetail.cfm?ReleaseID=1010597



This is spot on. And is what is fundamentally wrong with all the moaning and groaning about the concessions. If you wanted to be paid like senior management, you should have gone to college and got an MBA.
it's this simple, if you don't think they've taken enough to pay their debt down, then you'll vote yes the next time they come after you for more concessions.
 
it's this simple, if you don't think they've taken enough to pay their debt down, then you'll vote yes the next time they come after you for more concessions.
Quite the opposite, and your response is indicative of a much larger concern. Both at YRCW specifically, and America in general. And that is not recognizing or understanding basic economic and financial realities.
 
Where is the union with the 15%? We are supposed to have two Teamster on the YRC executive board. When was the last time you saw a report on how the debt is being paid down with this money? We have been at this for 8 years now, not one single word on how much of the debt has been paid down or where this money is going to. Anybody from the local or from the International watching this? Plenty of money for communication devices which don't work. Plenty of money for dash cams which are going to be used to hang the drivers but nothing for new equipment. We are still driving the junk from 2000. Old broken doors and older tired out tractors but not a word about whether or not the debt has been paid down. Where are you IBT?
You must not know the company releases quarterly reports amount paid in debt reduction is included.
 
I don't know anything about the 707 pension funds except what I've read on TB. After reading the new articles I have a few questions. What have the fund trustees been doing since 1999 when the fund was at 100% and the retirees were getting the 13th check? What was the accrual rate that earned the quoted retiree $4,000 a month for only 30 years? The article said that the 707 retirees were promised their full pensions for life. I doubt that to be the case. I am a retired 6 years from the mentioned 560 fund. The only written promise I have is that I would receive the full pension amount for 5 years. I'm not questioning those 5 local 707 retirees. I'm questioning the accuracy of the articles.
707 was paying $115.00 per credit. 115 x 30 =$3450.00 per month, plus a 13th check 1/12th of $3450 = $287. $3450 +$287.= $3737.00 for total of $44850.00 per year. FYI i'm retired 707
 
707 was paying $115.00 per credit. 115 x 30 =$3450.00 per month, plus a 13th check 1/12th of $3450 = $287. $3450 +$287.= $3737.00 for total of $44850.00 per year. FYI i'm retired 707
Please don't mistake my questions as my looking to argue. I really have no idea how 707 got from being fully funded in 1999 to ending up in default. Did they lower the accrual and adjustable benefits along the way? How was the 707 fund able to cut pensions before applying under the MPRA of 2014? I had heard of the 13th check but didn't know it was only 1/12th of the monthly benefit.
 
Please don't mistake my questions as my looking to argue. I really have no idea how 707 got from being fully funded in 1999 to ending up in default. Did they lower the accrual and adjustable benefits along the way? How was the 707 fund able to cut pensions before applying under the MPRA of 2014? I had heard of the 13th check but didn't know it was only 1/12th of the monthly benefit.
It's not 1/12 actually, you get 2 checks in December each year. I was just trying to explain how they came up with the $4000 a month number. In 2003 (I think it was 2003) they reduced the credit to $88.00 per credit. The campaign promise our president used to get elected(25 yrs and out at any age was the tip of the iceberg, in my opinion). They cut pensions last year by 40% as a last ditch effort but it was to little to late. By the way if your wondering about the 13th check that came about back in the 90's because the fund was so overfunded and the Govt. was after the excess money. Better to give it to the members than have it taken by the Gov't.
 
Pension Fund, R.I.P. , better off being a illegal immigrant & get free everything ! or being Jamie's & Trip's & Mud's & Big R's ," Golf Caddie" !! pay & tips are great !!
Sorry wong, I'm not a fan of golf. Detroit Tigers, Michigan football, and Lobo basketball for me. But come on out to New Mexico. Maybe get a job building the wall. First I highly suggest you lean to speak Spanish. Imo.
 
Sorry wong, I'm not a fan of golf. Detroit Tigers, Michigan football, and Lobo basketball for me. But come on out to New Mexico. Maybe get a job building the wall. First I highly suggest you lean to speak Spanish. Imo.
Muy Bueno..........
 
Being our golf caddie is a great job, but we want a cheerful, positive, upbeat person for the job. Unfortunately, that excludes you. Sorry.
What me not Happy & Cheerful :adoration:??? I'm the Happiest & most cheerful guy on here:biggrin new: !! You hurt my feelings now :apologetic:!!
 
Being our golf caddie is a great job, but we want a cheerful, positive, upbeat person for the job. Unfortunately, that excludes you. Sorry.
You all should come play at the Scarborough Golf Club once spring finally gets here! The local air has an interesting effect on the ball.

Just don't inhale any of it. Toronto air will make you think Toronto is the center of the universe. Everyone who lives there sure thinks so!
 
They cut pensions last year by 40% as a last ditch effort but it was to little to late.
That's the part I don't understand. How was the fund able to cut your pension without going thru the MPRA application, approval and the 707 members and retirees voting on it? I assume it was all legal but I'm just wondering how they were able to do it. I wonder why other funds in the red haven't done it?
 
That's the part I don't understand. How was the fund able to cut your pension without going thru the MPRA application, approval and the 707 members and retirees voting on it? I assume it was all legal but I'm just wondering how they were able to do it. I wonder why other funds in the red haven't done it?
The trustees were allowed to cut retiree benefits under MPRA when they applied for partitioning. Partitioning was denied as they determined that the fund was to far gone for rehabilitation efforts. I guess the opportunity to vote would not have mattered. I believe that they have the authority to over rule the vote.
 
That's the part I don't understand. How was the fund able to cut your pension without going thru the MPRA application, approval and the 707 members and retirees voting on it? I assume it was all legal but I'm just wondering how they were able to do it. I wonder why other funds in the red haven't done it?
The 707 pension fund is not savable, it has been declared insolvent. Contrary to all the Bomb Throwers out there Your Pension Fund Protection Under ERISA Are Still There. That Guaranteed Protection Is $35.75 a month for every year up to 30 years? CSPF members should be relieved that they too still have their ERISA protection. Their protected pension will be paid at $35.75 a month per year of service until the PBGC runs out of money. At which time only yearly premiums paid by corporations will be available to pay monthly pension checks to the pensioners of sixty or so insolvent multi employer pension funds. I can't recall the exact amount put forth in one article I read but that would be about $200 a year as opposed to say $3000.00 a month. The AIG insurance corporation was to big to fail during the 2008 economic melt down, it was bailed out. Let us hope the PBGC is to important to fail, and gets baled out . so everyone gets their ERISA protection of $35.75 a month per year of service. Thank GOD we still have our ERISA protection!!!!!!!!
 
Being our golf caddie is a great job, but we want a cheerful, positive, upbeat person for the job. Unfortunately, that excludes you. Sorry.

But, do you pay your caddy scab or union wages? And what kind of medical benefits does he receive? If he is scheduled to carry doubles in a foursome & one of his players drops out does he still get paid for doubles or a single? If only singles and he has seniority can he pull the double instead of the single for his originally promised full pay? Also, if he is hit by a errant golf shot, does he have workman's comp coverage? And, if he misses work due to said on the job injury, is he allowed to use the Light Duty Program for 85% of his normal pay? If so, and he washes golf balls on light duty, & by doing so makes his putter stand up, can he file sexual discrimination charges against himself? By now you probably have figured out I have WAY to much time on hand in retirement. von.
 
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