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R-14Driver

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March 23, 2011: The Central States Pension Fund made it official today—they slashed the pensions of YRCW Teamsters by putting them on the “default schedule.” The news is going to hit YRC Teamsters hard.

YRC Teamsters still working or who retired after September 24, 2010, will be put on the Central States “default schedule” of benefits. This means no more 25- or 30-and-out, no more $100 per year accrual for pre-2004 years. The only pension earned will be the 1%/2% accrual, and it will be payable at age 65.

Those who retired prior to September 24 will be unaffected and retain their current benefit level....................

Central States Slashes Pensions for YRCW Teamsters | Teamsters for a Democratic Union
 
R-14Driver said:
March 23, 2011: The Central States Pension Fund made it official today—they slashed the pensions of YRCW Teamsters by putting them on the “default schedule.” The news is going to hit YRC Teamsters hard.

YRC Teamsters still working or who retired after September 24, 2010, will be put on the Central States “default schedule” of benefits. This means no more 25- or 30-and-out, no more $100 per year accrual for pre-2004 years. The only pension earned will be the 1%/2% accrual, and it will be payable at age 65.

Those who retired prior to September 24 will be unaffected and retain their current benefit level....................

Central States Slashes Pensions for YRCW Teamsters | Teamsters for a Democratic Union
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Can you freakin imagine!!! 65 years old! When was the last time any of us see a linehaul, let alone a p&d of dockman 65! Maybe 1 or 2 in the former magazine.
They're counting on most dropping dead before collecting a dime. Wheres that pos hoffa:chairshot:, the uaw chief got his guys protected. How about the messiah:chairshot: invest a little tarp money lone to the fund to invest like he did the banksters and gm.
Ya know what burns my a$$, we just spent a billion dollars this last week to bomb some new camel jockies and are sending 100s of millions to japan and our own peoples a$$es suck wind.
I need to run for office and stir some s##t up! Just wait till they do this to the old folks on ss! They better hope when it happens that its not Winter and their canes have those sharp ice grabbers attached!
 
This should not surprise anyone. It is simple math. When you are paying out more than you take in its only a matter of time before the house of cards comes crumbling down. I had 5 years to go before all this :::shit::: came down......now I have 16. I got f%*@ed pretty hard. I guess I am just lucky to have a job. Yeah right. All our assh**es are sore. This really blows.

P.S. Hey Turbo- you have my vote. You can run on the get rid of the pos-onion get rid of pos Bill slate.
 
Here's a question ( to get back on topic ) that I thought about today . I hope someone can answer this one here goes . Have any former CSPF members like CF or Ryder PIE or any of the hundreds of other teamsters company that when out of business had there pension cut ?
 
R-14Driver said:
Here's a question ( to get back on topic ) that I thought about today . I hope someone can answer this one here goes . Have any former CSPF members like CF or Ryder PIE or any of the hundreds of other teamsters company that when out of business had there pension cut ?
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Those that put their 20-30 years in won't take a cut but Ryder and Pie retirees must be getting about $1500 for 30 years. Cf not much more
 
here is my uneducated opinion.i thought or figured.that each member had money paid into a individual retirement.every week that member worked.the company paid into his or hers pension.altogether or commulatively the money is placed into the fund.most of the time on each contract.the union bargains with the company.about how much the company should pay into the fund for each individual.everytime the union negotiates for more money to paid jnto fund.usually its more than what is required by the pension fund federal law.what happened to the excess or residual money?there is a level of margin allowed for the fund.i know a few yesrs ago congress raised the percentage.recently congress lowerd that bar on a temporary basis.but bdfore the first increase.what happened to the residuals prior to congress raising that percentage?was it lost in the stock?there was a time prior to 2009.that the funds had been recovered.matter of fact we had recovered and then some.the margin was covered plus more.
 
R-14Driver said:
Here's a question ( to get back on topic ) that I thought about today . I hope someone can answer this one here goes . Have any former CSPF members like CF or Ryder PIE or any of the hundreds of other teamsters company that when out of business had there pension cut ?
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No - because they didn't vote their pension payments away like we did. They just shut the doors & the people that could draw the pension did.
 
like ive been trying to tell those that will listen. the money you earn is to pay for those that have retired and if there is no next generation of teamsters paying then we will never see anything.
I also tried to tell you all that the give backs were just a slow death the the teamsters and that you will be told to work till death. no 1 wanted to listen and had to say oh my but we have a great job .
well good luck with that. any1 in cspf that has retired in the last year better think about unretiring and coming back to work.
SURE GLAD IM NOT IN CENTRAL STATES.
 
longblade said:
like ive been trying to tell those that will listen. the money you earn is to pay for those that have retired and if there is no next generation of teamsters paying then we will never see anything.
I also tried to tell you all that the give backs were just a slow death the the teamsters and that you will be told to work till death. no 1 wanted to listen and had to say oh my but we have a great job .
well good luck with that. any1 in cspf that has retired in the last year better think about unretiring and coming back to work.
SURE GLAD IM NOT IN CENTRAL STATES.
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That bit about un-retiring and going back to work, does that mean return to yoour previous position or does it simply mean you are allowed to stop receiving pension and good luck finding a job?
 
SuperCourse said:
That bit about un-retiring and going back to work, does that mean return to yoour previous position or does it simply mean you are allowed to stop receiving pension and good luck finding a job?
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Good luck on the Job search. It would not surprise me to see a few returned to their former position but I doubt it will be wide spreed. There certainly is nothing contractual for it.
 
14.......I don't know of any former CSPF members who had their pensions cut BUT last year the Chicago Truck Drivers Pension was "partitioned". The pension and the PBGC arranged a partition (allowed by ERISA) where the "orphans" were placed into a plan funded by the PBGC. The benefit level for those orphans placed into the new partitioned plan was at the lower PBGC rates. If you google around a bit there are news articles and press releases on the internet. Some of those "orphans" go as far back as Mid-American Freight lines. Could maybe be a sign of things to come???????
 
COOPER said:
14.......I don't know of any former CSPF members who had their pensions cut BUT last year the Chicago Truck Drivers Pension was "partitioned". The pension and the PBGC arranged a partition (allowed by ERISA) where the "orphans" were placed into a plan funded by the PBGC. The benefit level for those orphans placed into the new partitioned plan was at the lower PBGC rates. If you google around a bit there are news articles and press releases on the internet. Some of those "orphans" go as far back as Mid-American Freight lines. Could maybe be a sign of things to come???????
Click to expand...


Thank you very much for the update Cooper and yes I found a article here : PBGC Splits Chicago-area Trucking Pension Fund | Journal of Commerce

PBGC Splits Chicago-area Trucking Pension Fund

Partition separates benefits for workers from bankrupt firms, other companies

A Chicago-area pension fund that faced insolvency by 2013 will be split in two, with workers from bankrupt firms receiving benefits from the Pension Benefit Guaranty Corp.

That "partition" means companies contributing to the plan will no longer cover the benefits of "orphaned" retirees or workers from companies that went out of business.

The PBGC approved the division of the 55-year-old Chicago Truck Drivers, Helpers & Warehouse Workers Union (Independent) Pension Fund yesterday into two separate funds for employees of bankrupt and non-bankrupt companies.

PBGC will take responsibility for the benefits of about 1,500 former employees of defunct trucking companies in the plan, contributing $4 million a year to cover them..............
 
SCRABBLE said:
This should not surprise anyone. It is simple math. When you are paying out more than you take in its only a matter of time before the house of cards comes crumbling down. I had 5 years to go before all this :::shit::: came down......now I have 16. I got f%*@ed pretty hard. I guess I am just lucky to have a job. Yeah right. All our assh**es are sore. This really blows.

P.S. Hey Turbo- you have my vote. You can run on the get rid of the pos-onion get rid of pos Bill slate.
Click to expand...


You Mean The HOFFA SLATE TYSON AND THE GANG OF THIEVES!
 
R-14Driver said:
March 23, 2011: The Central States Pension Fund made it official today—they slashed the pensions of YRCW Teamsters by putting them on the “default schedule.” The news is going to hit YRC Teamsters hard.

YRC Teamsters still working or who retired after September 24, 2010, will be put on the Central States “default schedule” of benefits. This means no more 25- or 30-and-out, no more $100 per year accrual for pre-2004 years. The only pension earned will be the 1%/2% accrual, and it will be payable at age 65.

Those who retired prior to September 24 will be unaffected and retain their current benefit level....................

Central States Slashes Pensions for YRCW Teamsters | Teamsters for a Democratic Union
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Did anyone ever think to sue these idiots for discrimination and misrepresntation? It isn't a members fault for company decisions, and they didn't inform anyone on the situation, like their suppose to do. CS took action the day they posted their letter.
 
I can't believe you guys. YRC owes you nothing if you are retired. YOU RESIGNED (Quit). Do you honestly think they (or the present workers) will let you come back to work just because you think you retired too early? NO. They won't. You didn't retire with YRC, you retired with Central States.

The guys on the present boards would be raising more stink than you can imagine.

Also, do you think you can unretire and jump back on the board in your old spot and the company will let you do this, along with giving you all of your senority rights (your old bid, Vacations, etc.) It ain't gonna happen guys.

For those of you that have recently retired, settle back and enjoy it. Don't let it drive you up the wall everyday thinking you might have made the wrong decision. If money scares you, then supplement your retirement with some other type of income. There are ways to make money without breaking the retirement rules.

If you think you gotta get back behind the wheel then unretire. YRC might hire you but it will be at the bottom.

Since things are changing for the worse then start a petition to change the retirement rules to where you can get back behind the wheel, or work any job with no penaltys. That is the best solution to this problem.

Again, enjoy your retirement and quit letting something that you cannot change upset your life.
 
bony, havent you figured it out yet ??? they can do what ever the hell they want, when ever they want to.
 
COOPER said:
14.......I don't know of any former CSPF members who had their pensions cut BUT last year the Chicago Truck Drivers Pension was "partitioned". The pension and the PBGC arranged a partition (allowed by ERISA) where the "orphans" were placed into a plan funded by the PBGC. The benefit level for those orphans placed into the new partitioned plan was at the lower PBGC rates. If you google around a bit there are news articles and press releases on the internet. Some of those "orphans" go as far back as Mid-American Freight lines. Could maybe be a sign of things to come???????
Click to expand...

Here's some more on the subject

The largest multi-employer plan is the Teamsters' sponsored Central States Pension Fund (CSPF). According to currently available information at the end of 2009 the CSPF had $19.6 billion in assets which may cover only 55% of its vested benefit obligation leaving an unfunded vested benefit obligation of at least 45%. The plan ended 2009 with 60,000 active participants (down from 84,000 in 2008 primarily due to YRC’s withdrawal and layoffs). The CSPF has 212,000 retirees and paid $2.7 billion in benefits in 2009.

The IBT negotiated a concessionary contract with YRC in 2009 (and a similar CBA with ABF). The YRC contract allows a reduction in non pension benefit contributions with the difference paid to the pension trust. The IBT also agreed to reduce YRC’s contributions to the plan, however because the plan is in “critical status” parties need legislative relief. What is being sought is relief for YRC from the withdrawal liability for employees of other companies who never worked for YRC, sometimes referred to as “orphan employees”. The relief would be a “partitioning” of the orphan withdrawal liability and transferring it to the Pension Benefit Guarantee Corporation (PBGC). Legislation to that effect was filed by Pennsylvania Senator Casey in March 2010. (He estimates it would increase the PBGC liability by $8 to $10 billion. This is not the first proposal to relieve plans from PPA requirements. So far attempts to obtain PPA funding relief have not succeeded, nor in my opinion are they likely to succeed.

Multi-Employer Pension Liability and the PBGC - GLG News
 
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