Freightmaster1
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https://seekingalpha.com/article/40...-results-earnings-call-transcript?part=single
David Ross
With the administration in Washington a lot of moving parts would be coming out of there, what are you seeing or are you hearing, Judy, in terms of pension reforms? And anything that's being considered right now that could be helpful for ABF?
Judy McReynolds
Well, there are some discussion about that and it's more, at this point, discussion. There's a UPS proposal that really is attempting that is again it's not a deal, but it's a proposal but it's attempting to address the simple stage problem specifically. It includes proposals like a low-interest long term federal government will loan to trouble to cover their cash flow shortages. The federal state is probably what they're targeting when they're trying to do that, but the thing that we're doing is, we're involved in the discussions. the following what's happening here, but it's in a extremely complex problems with the potential to really harm thousands of retirees and what are issue has been is that we've paid every dollar that we were contractually obligated to pay and we're concerned about the retirees that work for our company actually seeing those benefits because of the situation that central states has been.
But the one I think paid to keep in mind about all of that is, there's a lot of ice on it, there's a lot of discussions about it. There was a recent insolvent fund, I think it's 207, local 707 fund and the 707 fund reality is the benefit of those workers or actually cut back in an extreme level. And so the outcome there is I think a telegraphs what could happen with these funds if they are allowed to go insolvent. And so it's best interest that we have in making sure that our people are considered in that. And that we know what the effects are back on the company. But I can't say that I know how those are going to do, because they haven't been introduced as bills and we haven't been able to see anything really kind of making its way through the process. What I can tell you that we're in a position where we're involved in we're paying what we should pay according to the contract. And again, we're going to support proposals that we think help the situation.
David Ross
Optimistically a year ago about this?
Judy McReynolds
Well, I don't know how really to answer that. Sometimes when there's a need, a great need to get things done, that's when it gets done. As we know, we've seen some really important thing not make their way through. And so I think having pressure on the situation, they help us. But I would say really of about the same as I was a year ago, but that's more about just the difficulty in getting these things through. Progress in some other process in Washington.
David Ross
With the administration in Washington a lot of moving parts would be coming out of there, what are you seeing or are you hearing, Judy, in terms of pension reforms? And anything that's being considered right now that could be helpful for ABF?
Judy McReynolds
Well, there are some discussion about that and it's more, at this point, discussion. There's a UPS proposal that really is attempting that is again it's not a deal, but it's a proposal but it's attempting to address the simple stage problem specifically. It includes proposals like a low-interest long term federal government will loan to trouble to cover their cash flow shortages. The federal state is probably what they're targeting when they're trying to do that, but the thing that we're doing is, we're involved in the discussions. the following what's happening here, but it's in a extremely complex problems with the potential to really harm thousands of retirees and what are issue has been is that we've paid every dollar that we were contractually obligated to pay and we're concerned about the retirees that work for our company actually seeing those benefits because of the situation that central states has been.
But the one I think paid to keep in mind about all of that is, there's a lot of ice on it, there's a lot of discussions about it. There was a recent insolvent fund, I think it's 207, local 707 fund and the 707 fund reality is the benefit of those workers or actually cut back in an extreme level. And so the outcome there is I think a telegraphs what could happen with these funds if they are allowed to go insolvent. And so it's best interest that we have in making sure that our people are considered in that. And that we know what the effects are back on the company. But I can't say that I know how those are going to do, because they haven't been introduced as bills and we haven't been able to see anything really kind of making its way through the process. What I can tell you that we're in a position where we're involved in we're paying what we should pay according to the contract. And again, we're going to support proposals that we think help the situation.
David Ross
Optimistically a year ago about this?
Judy McReynolds
Well, I don't know how really to answer that. Sometimes when there's a need, a great need to get things done, that's when it gets done. As we know, we've seen some really important thing not make their way through. And so I think having pressure on the situation, they help us. But I would say really of about the same as I was a year ago, but that's more about just the difficulty in getting these things through. Progress in some other process in Washington.
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