Yellow | pensions

Obama is not Robinhood. He, shouldnt be allowed to take from me and other tax payers to give or even loan to a mis-managed company such as YRC. YRC is well on there way out already. I personally dont believe that they can be saved.
How fair is it to a company who does things the right way and makes money, for the government to just give money to thier competition.
The big misconception is that there will be 30,000 jobs lost. There is a certain amount of freight out there to be hauled at a given time. It is going to be hauled by a truck line. If YRC closes the door today, that freight will still move tommorow, just on a different color truck. Other trucking companies would need to hire guys to cover the extra freight.

Being that we at YRC are tax payer's and the money we paid in taxes went to help AIG so they can continue to throw partys and pay bonuses to there executive and give money to the auto makers so they can continue to produce junk then why shouldn't my tax money be used to help YRC its not like they will be throwing parties and producing junk like the rest --- or maybe we should just continue to throw money away to foreign countries
 
Quote-"amac256- IF think that i give a about you and the other people you support your crazy i only care about me and my mine and if yrc closes i will collect every single unemployment check coming to me because i payed for them -- and -------------------------------------------------------"

That kind of attitude is exactly what has gotten us into the fix that we are in right now. I am certainly glad that all of the veterans of this country didn't have your attitude when they were fighting for the rest of us ! Have you brushed up on your Arabic lately because if all of the guys and gals in uniform now feel they way you do your gonna need it. Like I said before why don't you do us all a favor and quit. I for one don't want to work anywhere near you or your kind. And as for the ---- comment...makes me feel good to know your are as sensitive as a little girl. Oh and hey,hope you like that whopping $390 a week unemployment check that you seem so eager to cash, I for one would much rather see this place survive and keep making a decent living.
 
Quote-"amac256- IF think that i give a about you and the other people you support your crazy i only care about me and my mine and if yrc closes i will collect every single unemployment check coming to me because i payed for them ----------------------------------------"

That kind of attitude is exactly what has gotten us into the fix that we are in right now. I am certainly glad that all of the veterans of this country didn't have your attitude when they were fighting for the rest of us ! Have you brushed up on your Arabic lately because if all of the guys and gals in uniform now feel they way you do your gonna need it. Like I said before why don't you do us all a favor and quit. I for one don't want to work anywhere near you or your kind. And as for the pig comment...makes me feel good to know your are as sensitive as a little girl. Oh and hey,hope you like that whopping $390 a week unemployment check that you seem so eager to cash, I for one would much rather see this place survive and keep making a decent living.

yeah I'll take that 390 and i will smile knowing that i will be a thorn on your side by doing so for the full length of what I'm entitled to - and the veterans don't have anything to with this ... i did my time serving for your sorry ***---- and correct me if i'm wrong our political leaders got us to where we are
 
if yrc was gonna fold,they would have folded already,the banks do not want this to happen and are doing everything to work with yrc to get them through these hard times,yrc needs money so they will be forced to sell off the regional carriers they own,the government will not be able to cover your pensions because they cant even promise you social security will be around.live for today and forget about tomorrow until it comes.
 
It's time to cut those pensions loose for the people who did not work for YRC --- this is a burden for the company and should be wiped clean -- there are many people out there who have given there lives to this company who are now looking at a big zero --( not fair is right ! - zollars )
I am trying to learn some of this, now correct me if I am wrong because I may very will be wrong.

Say a company like McClean or PIE Nationwide who were Union, they paid into the pension fund along with every other union company as well, when they went out of business, the ones that retired from those companies are being paid from the fund still right?

Now some are saying YRC should only pay for YRC people right?

How about those who worked for another carrier most of their time say 25 years, then that company went out, they decide to finish at YRC.

What woould stop them from going further and only paying for pensions that you earned while only at YRC?

is any of this making sense?
 
I am trying to learn some of this, now correct me if I am wrong because I may very will be wrong.

Say a company like McClean or PIE Nationwide who were Union, they paid into the pension fund along with every other union company as well, when they went out of business, the ones that retired from those companies are being paid from the fund still right?

Now some are saying YRC should only pay for YRC people right?

How about those who worked for another carrier most of their time say 25 years, then that company went out, they decide to finish at YRC.

What woould stop them from going further and only paying for pensions that you earned while only at YRC?

is any of this making sense?

Actually Jeff that makes PERFECT sense !! If I could Id give you a GREEN DOT !! Remember all the people on here that want to get rid of the "ORPHANS " and see how they will CRY if YRC goes out of business and any remaining UNION COMPANIES say they don't want to pay for the NEW ORPHANS !!
 
Actually Jeff that makes PERFECT sense !! If I could Id give you a GREEN DOT !! Remember all the people on here that want to get rid of the "ORPHANS " and see how they will CRY if YRC goes out of business and any remaining UNION COMPANIES say they don't want to pay for the NEW ORPHANS !!

it's not IF -- it's WHEN
 
Is that 30%

Government will take over our pensions if YRCW goes under. Just like they did for the airlines & steel workers multiemployer pensions get bail outs. The max the gov pays out is 1400 so all better lower there standard of living or go find another job at 60+ good luck. We are fastly becoming a 3rd world country our credit has run out reality sets in we own nothing. Even if your home is paid still have to pay taxes on it.
I understand the government is on the hook for only 30% of what you were entitled.
 
Thats why it is called a multiple employer contribution. If you have 5 companies paying into the fund, and somewhere down the road 3 companies go out of business, then the last two have to make up the difference. When UPS pulled out if the CSPF then it was up to YRC, ABF and a few others left to make up the difference.
 
Thats why it is called a multiple employer contribution. If you have 5 companies paying into the fund, and somewhere down the road 3 companies go out of business, then the last two have to make up the difference. When UPS pulled out if the CSPF then it was up to YRC, ABF and a few others left to make up the difference.

so in your opinion, did they screw you guys by allowing UPS to get out?
 
Thats why it is called a multiple employer contribution. If you have 5 companies paying into the fund, and somewhere down the road 3 companies go out of business, then the last two have to make up the difference. When UPS pulled out if the CSPF then it was up to YRC, ABF and a few others left to make up the difference.

left to make up what difference?
 
yep!, that is the way I see it Jeff. However they paid 6 billion to walk and put the drivers in their fund. the ones left will be ORPHANS, I guess. the ones left, being the ones who retired, before the walk. the 6 billion got lost or lowered in the bad econonic climate. Yellow does not own the funds and has no real say so in what happens, They either pay or they don't.
 
Thats why it is called a multiple employer contribution. If you have 5 companies paying into the fund, and somewhere down the road 3 companies go out of business, then the last two have to make up the difference. When UPS pulled out if the CSPF then it was up to YRC, ABF and a few others left to make up the difference.

left to make up what difference?

5 companies are paying, 3 go out of business and stop paying into fund, so the 2 compaines that are still in business are paying/covering the difference of the fund payments of the other 3 that are gone, also on top of their fund payments. Does that clarify it better?
 
so in your opinion, did they screw you guys by allowing UPS to get out?

I believe they did, but UPS is Hoffa's baby and pride and joy. He fights extremely hard for them, and their perks and bennies, unfortunately, I don't believe he held the same standards for the LTL division's in the union.
 
I wonder if the government can come back on UPS in a manner like they are considering doing to USF. IE the Union lawsuit for more money.
 
I wonder if the government can come back on UPS in a manner like they are considering doing to USF. IE the Union lawsuit for more money.

UPS and Hoffa not only screwed over you guys.They screwed over all the retired UPS drivers that retired from Central States before Hoffa let them out.
 
The problem is that the pension is allowed to invest a large percentage of the money into an index fund. Thats great if the stock market wasn't down 50%-60%. They basically pissed away the 6 billion UPS gave them because of this aggressive stance. I was smart enough to change my investments back in July. Why wasn't Central States? They need a more balanced approach where they are 50% in bonds instead of 70% in stocks. I don't know the inner workings of a pension so I don't know how this is changed but it makes sense to me.
 
yeah I'll take that 390 and i will smile knowing that i will be a thorn on your side by doing so for the full length of what I'm entitled to - and the veterans don't have anything to with this ... i did my time serving for your sorry ***---- and correct me if i'm wrong our political leaders got us to where we are

Well now you have found something we agree on..yes you are right that our political leaders got us into this mess and I thank you for your service. As for being a thorn in my side...not hardly ! If this place goes broke it will be the third one (union company)I have gotten screwed by and I will not hesitate to draw the unemployment which you and I both deserve. That being said I still disagree strongly with the notion that the pensions of anyone be trimmed from the fund.
 
The problem is that the pension is allowed to invest a large percentage of the money into an index fund. Thats great if the stock market wasn't down 50%-60%. They basically pissed away the 6 billion UPS gave them because of this aggressive stance. I was smart enough to change my investments back in July. Why wasn't Central States? They need a more balanced approach where they are 50% in bonds instead of 70% in stocks. I don't know the inner workings of a pension so I don't know how this is changed but it makes sense to me.

Bingo! Give this man a prize! They tried to make it all back on the short side. I agree with you. If you had the foresight to move over to less volatile investments what was their problem? Our pension in the west took a hit but nothing compared to the Central States did. The Western is managed very well. I think they did an outstanding job.
 
I'm not claiming I'm a financial genius, but I really don't think they actively manage the money in the fund. It is just placed in mutual funds and left to go wherever the stock market takes it. I read something a while back that they are allowed to be more aggessive because of their red zone status. Maybe their red zone status is a sign of their agressiveness. Hell they could even buy something like these new Build America Bonds and makes 6%. Its better than letting the fund keep dropping and dropping in value when they KNOW the market is not a good investment.
 
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