What's new

Yellow | Latest Online Threats From Welch!

albag said:
Uh.... Let's do the math. When YRCW was paying 100% to the funds it was about $275/week. At 25 years of service the benifit was about $2700/month. Let's see that's $1100/month paid in and $2700/month paid out. So tell me again how it's YOUR money!
Click to expand...
Well in pa. we had a rip plan where it was a individual plan where I have $126.000.000 in it & that's mine I can pull that money at any time as long as I reinvest it with another plan such as a vanguard ect. or I am retiring....
 
GO40 said:
Well in pa. we had a rip plan where it was a individual plan where I have $126.000.000 in it & that's mine I can pull that money at any time as long as I reinvest it with another plan such as a vanguard ect. or I am retiring....
Click to expand...

You have good plan. And I realize the $$$$ is a typo. But COLKID is CSPF.
 
albag said:
Uh.... Let's do the math. When YRCW was paying 100% to the funds it was about $275/week. At 25 years of service the benifit was about $2700/month. Let's see that's $1100/month paid in and $2700/month paid out. So tell me again how it's YOUR money!
Click to expand...

Just correcting an oversight for you. If and only If they had paid in $1100 per month for 25 years totals $330,000. If you draw $2700 per month for 10 years if you`re lucky to live that long totals $324,000. So realistically yes you`re getting out only what was put in on your behalf.
 
With this kind of logic, you don't have to worry. Whether YRCW stays in business or not YRCW teamsters will never enjoy the benefits they now enjoy... Their pensions will be gone, even their retires will feel the effects, and some may lose a better part of their pensions that they depend on!!!
Click to expand...

i have a idea why not vote to de certify the union in that way 5 year contracts loosing what you had and oh never mind the amount of money we are fat pocketing the union bosses who are to work for us to make sure things like that do not happen. why give what little money we have to someone else who is failing in there jobs. and why allow YRCW leadership walk all over us and then get bent when we stand up for ourselves..... these posts are beginning to become redundant and mundane.....

I wish to ask a question. would YRCW be in this mess if the union was out of the picture ? would we be able to obtain a environment that we can make a living and look forward to retirement ??
 
Definitely the pension liability of yrcw is very high.All that is accounted for in the debt.Way before we the workers would ever get our money back to top wage.Will be after the company pays up the pension fund.The union and the cspf wants "theirs" before we the workers get a dime back in wages.throw us under the bus

Sent from my SAMSUNG-SGH-I317 using Tapatalk
 
Doubleclutcher said:
Just correcting an oversight for you. If and only If they had paid in $1100 per month for 25 years totals $330,000. If you draw $2700 per month for 10 years if you`re lucky to live that long totals $324,000. So realistically yes you`re getting out only what was put in on your behalf.
Click to expand...

I agree you're correct. I would add one caveat. At the beginning of that 25 years the weekly contribution was less than $1100/month. The Ponzi Scheme that is our pensions relies heavily on most drawing considerably less than 10 years.
And quit squeezing my head, it hurts!:LMAO:
 
series60 said:
Anybody got the dates from the 1st, 2nd & 3rd givebacks?
Click to expand...

Not really answering, but I resigned the first week of March 2009 rather than report for the merge March 9, and Local 135 says I can draw at Age 62, where the guys who worked in the concessions have to go to 65....
 
COLKID said:
oh I just love it when someone says its not your $. let me ask you this, if I had never worked at a contractual co. would my name be on the pension fund list as a participant? no? I wonder why? you mean I had to work under a contract that had a specific amount of my wage agreement paid into the fund under my name? wow I guess it is my $
Click to expand...

I didn't dispute that the money was "credited" to you.. What I said and I'll try again a different way - is:
A 401K account is an account set up in your name - your money goes in - ONLY your money. This account follows you everywhere you go because it's yours.
A pension fund - is a FUND - not an account. It works by putting everyone's money into ONE FUND - no "mine" and "yours" - then their is a 'ledger' that states what you will get when you retire.....

Again - my point - the FUND goes belly up - you are getting a pension from and 'insurance' set up by the government? - Trukinus understands this part way better than I.....

The 401k is yours to manage or mismanage as you see fit.... it's YOUR money...


Does that help?
 
Doubleclutcher said:
Just correcting an oversight for you. If and only If they had paid in $1100 per month for 25 years totals $330,000. If you draw $2700 per month for 10 years if you`re lucky to live that long totals $324,000. So realistically yes you`re getting out only what was put in on your behalf.
Click to expand...

Again - that's a great point... however... If you retire at 61 your life expectancy according to the SSA is 20.5 years for a man, 23.46 years for a woman.... So you would have to double your numbers to a pay out of $648,000. and that is almost twice what was put in on your behalf. :)
 
What is the life expectancy of a retired teamster? I think it was 18 months! I knew a few that didn't make it that long.

SinC said:
Again - that's a great point... however... If you retire at 61 your life expectancy according to the SSA is 20.5 years for a man, 23.46 years for a woman.... So you would have to double your numbers to a pay out of $648,000. and that is almost twice what was put in on your behalf. :)
Click to expand...
 
SinC said:
Again - that's a great point... however... If you retire at 61 your life expectancy according to the SSA is 20.5 years for a man, 23.46 years for a woman.... So you would have to double your numbers to a pay out of $648,000. and that is almost twice what was put in on your behalf. :)
Click to expand...

Agreed, but in a perfect world the administrators of the plan would have made wise and sound investment decisions for the members and the interest over the life of the plan would have more than covered the payout. The downfall of the plan is lack of new members and money coming in to reinvest for the long term. I know that I am not relying on that money coming to me when I retire as I've set up my own retirement fund because in reality the Teamsters pension funds and government pensions may not be around If I make it that far. Again, this would all happen in a PERFECT world.
 
Doubleclutcher said:
Agreed, but in a perfect world the administrators of the plan would have made wise and sound investment decisions for the members and the interest over the life of the plan would have more than covered the payout. The downfall of the plan is lack of new members and money coming in to reinvest for the long term. I know that I am not relying on that money coming to me when I retire as I've set up my own retirement fund because in reality the Teamsters pension funds and government pensions may not be around If I make it that far. Again, this would all happen in a PERFECT world.
Click to expand...

AGREED!!

That is some Perfect world... how do you turn 324,000 INTO 648,000 over the course of 25 years WHILE taking out against the principal? Answer - you don't... pension funds depend on early death....

While not everyone lives 20 years after retirement... I would don't want someone betting that I'm not going to make it 10 years past retirement either.
 
Doubleclutcher said:
Agreed, but in a perfect world the administrators of the plan would have made wise and sound investment decisions for the members and the interest over the life of the plan would have more than covered the payout. The downfall of the plan is lack of new members and money coming in to reinvest for the long term. I know that I am not relying on that money coming to me when I retire as I've set up my own retirement fund because in reality the Teamsters pension funds and government pensions may not be around If I make it that far. Again, this would all happen in a PERFECT world.
Click to expand...

or in the case of cspf being caught in a Russian bank startup scheme with no backing collateral. and yes the bank failed and the $ disappeared.
 
SinC said:
AGREED!!

That is some Perfect world... how do you turn 324,000 INTO 648,000 over the course of 25 years WHILE taking out against the principal? Answer - you don't... pension funds depend on early death....

While not everyone lives 20 years after retirement... I would don't want someone betting that I'm not going to make it 10 years past retirement either.
Click to expand...
they have made it almost unobtainable now in cspf. they want you to die before you even get the 1st check.we all know that poor guy who got sick had to retire then gone. oh don't forget, no more early medical disability retirement either. how thoughtful.
 
You must log in or register to reply here.
Top