ABF | ABF announces contract negotiations

I still have a much better pension with Central States than those working for non union carriers. What is the pension plan for non union carrier employees? Maybe some of the non union retirees or soon to be retired can enlighten us about their retirement benefits.
$109/wk to 401k personally. Varies with your income & withholding level. I max it, but no more. "Free money".
 
Unfortunately,....the annuity rate for 401(K) style pensions was dropped to 3.5%,....from 5%,....within the last year.

If you want to retire on $30,000 a year.....previously you would have needed $600,000 in your 401(K) to achieve that. Now,...to make $30,625 a year in "pension" distributions from a 401(k),..........you need $875,000 in your principal under a 3.5% annuity rate......

Wall Street's way of forcing the Labor market to stay employed longer to make up that $275,000 lack in..."pension",........thereby helping to lower wages.

"Cheapest way to lower wages is to increase the size of the Labor pool."..........Oldest economic principle on the books.......

$30,000 a year divided by 12 is $2500 a month......$625 a week,......before taxes.......$15.62 an hour.......just above minimum wage..... 40 + years of hard and dangerous physical labor for just a little more than minimum wage......

$1,500,000 in your 401(k) account principal to make $52,500 a year at the current 3.5% annuity rate......

$2,000,000 in your account to make anywhere near the wages you're making while working...(..$70,000...)(..before taxes...)

Touch the principal in your account,......(...wedding for child,...health problems,...replace a worn-out car...)...and you've shot your "retirement" check,....and you WILL run out of money in 10 years.......

I've retired on a Teamster defined-benefit pension,...32 year's service,....and even with the worst-case scenario 20% cut in my pension ,...and the survivor's clause so my wife continues to get the pension check,......I,....( ..and a lot of other retirees,...).....are doing much better than the $1,000,000 holder in the 401(k) amount. Even if the fund goes entirely defunct....(a remote possibility...),...I still will get enough Government Insurance- backed funds to couple with Social Security to keep us out of the (elderly) poor house......

Exactly where companies tout 401(k)- style plans as being...."superior"....to traditional defined-benefit plans is beyond me.......
 
I don't know of anything government has had control of that stays solvent. Government somewhat controls 401K funds & their management of Central States Pension Fund which was solvent at one time has been a disaster.
Government is best at taxing & spending.
Social Security if left alone would have been funded for generations to come but government 'borrowed' from it to fund the Vietnam War etc. It has been Washington DC's cash cow for a long time.
 
I don't think it was government. 401(K)-style plans have very little government control on them. The driving force is the vagaries of the market,.....which is manipulated by Wall Street to maximize their profits,....not ours.

Defined-benefit funds have horrified Wall Street since their inception in the '40's as a means to supplement Social Security. Large blocks of "unregulated"...(..in the banker's eyes...)....stocks and bonds ,....subject to a board of trustees answerable to the membership,....and which consequently, may use "social engineering".....Wall Street Journal's term.....to dump large amounts of stock, like Wal-Mart,...that have an anti-Union bias.......

Frightening,....to bankers,....that regular people can have that much power over the stock market........Editorial in the WSJ about 20 years ago, said that "Unions should not be allowed to do "social engineering" with the stocks they owned."

Huh? We own that stock through our funds, right?

In my opinion,...the bankers, investors, and the assorted motley crew on Wall Street, conspired and concocted several....."financial emergencies".....to cripple and de-fund our pensions,....and eventually break them.

And,......They sold the idea that 401(k)-style plans would let you retire richer beyond your wildest dreams........Remember them telling people that an 8% return was possible on your money, and how much you would rake in through constant forced investment of your 401(k) deduction?

And now,....Wall Street,....not government,....has quietly slashed the annuity rate,......forcing people to stay employed that much longer,....to make up the lack in their investments.......Of course , we are pretty close to full employment for the first time in about 15 years.....

And in trucking,....they are crying for drivers......
 
Careful on that thought. I don't think they want to operate in LTL any longer. Can't they lock the gate for 1 year and 1 day and reopen non union? They have enough revenue from other businesses that LTL is just a burden based on their balance sheet.
I'f they have the revenue, then they should pay the wages.
 
...........(.....long exasperated sigh....)......

Alright,......What are your reasons for thinking so?

And.........Why do you say: “ in OUR coffin.” ?

Since when did you climb in there with us?
these so called " strike" scare tactics are a joke. Negotiatons haven't even began and these jokers are already talking trash. Pathetic ! My only guess is theses jokers are still hungover from thanksgiving leftovers
 
these so called " strike" scare tactics are a joke. Negotiatons haven't even began and these jokers are already talking trash. Pathetic ! My only guess is theses jokers are still hungover from thanksgiving leftovers
Moron troll!!!
 
M
If your not willing to fight for a good contract why are you here? You want to work for non union wages and benefits there are plenty on non-union companies to chose from that tell you what your going to make. PAY THE RATE OR LOCK THE GATE!
Most large non union LTL carriers pay better..
Times have changed...
 
these so called " strike" scare tactics are a joke. Negotiatons haven't even began and these jokers are already talking trash. Pathetic ! My only guess is theses jokers are still hungover from thanksgiving leftovers
If & when the picket line goes up & the revenue flow is effected by such action, then & only then will ABF play ball. Until that happens, the rank & file will take whatever ABF feels like giving them. No gray area. Hit em where it hurts the most, or bend over & take it. von.
 
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