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Yellow | BREAKING news ! Western Pension Fund !!!

And yes I have read the MOU, and fully comprehend it today as I did 8 months ago. I know that it clearly says tangled in BS that YRC will not join the fund. But I'm not a lawyer, and the consultation is free.
 
Wrench97 said:
Reread the first post, western states pension funds said they would not accept 25%(100% or nothing), the international directed the company to put it in the 401k plan. Which I assume means if your covered by western states no of this time will count.
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It is not going to count in the Central States Pension fund either. When they were at our local we were informed that we will not get any credit for the 25% pension payment. That money is just going to the fund period. At least the western fund will receive something in there 401k fund.
 
jimmyjoe (jj) said:
It is not going to count in the Central States Pension fund either. When they were at our local we were informed that we will not get any credit for the 25% pension payment. That money is just going to the fund period. At least the western fund will receive something in there 401k fund.
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It's my understanding that starting June 1, 2011, YRCW is supposed to start paying in $1.75 an hour, or $70.00 a week into the fund per employee. This will add onto your "contribution based pension at age 65" amount. But unlike the full boat payment of $342.00 a week like the guys at ABF are getting, we will only get $70.00 a week! That computes out to an annual accrual of only $36.40 a year added onto your already earned amount. It's also my understanding that IF YRCW pays the $70.00 a week you will get credit for it, but you won't accrue any credit for an "and out" pension benefit like the 25 and out and 30 and out. The only way you could do that was if YRCW started paying the full contribution rate, or if you go to work for another company who is paying the full contribution rate and get a years worth of contributions there. Then your "and out" pension would be restored. Call the fund if you have specific questions about "credit"!
 
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freightmaster 1 that is not what the Central States people said that came to our local. They said we will not receive any credit whats ever for the 25%. What you have accrued so far is what you will get until they start paying in at 100%. The money will go to the fund to help it out and that is it. So in other words if they do stay in Buss. for the next 4 yrs and contribute the 25% until 2015 you will not receive any credit time whats so ever.
 
As a update the following words are copy and pasted DIRECTLY from the call transcript which can be found here : YRC Worldwide's CEO Discusses Q1 2011 Results - Earnings Call Transcript - Seeking Alpha

Jack Waldo - Stephens Inc.
Sure, sure. Could you talk a little bit about what you're seeing on the pension side? I have seen, I guess, in recent conversations about maybe some proactive steps, that the different plans are doing, their funds are doing. I think, there was a discussion of one of the -- I guess, I can say union-related website recently talking about a 401(k) switch over on the western side of the U.S. Is there -- can you just give us a little update on what you're seeing there and what type of implications that can have on you guys?

William Zollars

Yes, I don't know what you saw there, Jack. I can tell you that the Central States has announced lower benefits as a result of the negotiations that we've been through with the MOU. Yes, the Western Conference, I think is what you're referring to on the 401(k). But there's a lot of work going on the pension area now that we've got a lower level of contribution that we've established through 2015.

Jack Waldo - Stephens Inc.

Does that have any impact on your obligations, I guess, this year, the actions Central States made?

William Zollars

No, we've got a contractual obligation to contribute $1.75 per hour through 2015. And that's the number that we will live by.
 
Why would they mention T B. Can't you see if they did that, they would'nt seem as smart as some think they are? Most of the so called experts don't know dick! Come to think about it , neither does most of the management.
 
Let me a$$ you a question? Now if someone from one of the other pension funds transfer out to wspf territory, wouldn't the company still have to contribute the 25% to that employees fund and not a 401Krap?
About 15 years ago we had a guy transfer up from the pa fund and his pension payments went to pa.
 
Nope that change around the same time frame your talking about . Once you start into a fund it follows you the only exception was Chicago . As of today I no longer no how Chicago does it with transferees .

turboj said:
Let me a$$ you a question? Now if someone from one of the other pension funds transfer out to wspf territory, wouldn't the company still have to contribute the 25% to that employees fund and not a 401Krap?
About 15 years ago we had a guy transfer up from the pa fund and his pension payments went to pa.
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turboj said:
Let me a$$ you a question? Now if someone from one of the other pension funds transfer out to wspf territory, wouldn't the company still have to contribute the 25% to that employees fund and not a 401Krap?
About 15 years ago we had a guy transfer up from the pa fund and his pension payments went to pa.
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In a change of ops pension contributions continue to go to the previous fund. If you transfer on your own it is a different story. With the last vote that option was all given to Tyson Johnson. He has the ability to change anything for you.
 
rocketmancve said:
Looks like the analysts are checking out Truckingboards to get their YRC info....keep up the good work Jeff, R-14, KK!
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That was the first thing that I thought of also. I was going to edit the article and add, "I believe the Teamster related website was Truckingboards"........... But, for legal reasons, I decided that I probably better not.
 
R-14Driver said:
I can neither confirm this or deny it so please, please contact your local unions ASAP . This was sent in and I will post it . IF ANYONE finds out this is untrue please contact me ASAP !!!

From: Chuck Mack
Date: May 2, 2011 1:31:31 PM PDT

Subject: YRC Update


Last week was interesting and challenging as we sought to reach agreement with YRC on their ongoing pension delinquency.

On Friday morning, the Western Conference of Teamsters Pension Fund did reach agreement with the company and signed Amendment No. 10 to the Contribution Deferral Agreement. Essentially, this means the Western Conference Trust will join other Teamster Plans around the Country and give the company until March, 2015, to pay its' 2009 pension delinquency. This delinquency covers the three month period immediately before the Trustees were forced to end YRC's participation in the Trust.

During the discussions last week, YRC was also advised that Plan rules do not allow the parties to a collective bargaining agreement to reduce the pension amount negotiated in said agreement from a rate paid at an earlier time.

After being made aware of the Plan's position on re-entry at a lower contribution rate, we were told YRC and the Teamsters National Freight Industry Negotiating Committee reached agreement to direct any money negotiated for pension beginning in June, 2011 to the IBT's National 401k.

What this means is YRC will not re-enter the Plan at a lower contribution rate. They will, instead, make any pension contributions to the International Union's 401k.

If there are any questions, please don't hesitate to give me a call.
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One more time....has any of you WSPF members called your own local and asked if this was in fact true yet?.....just sayin'.....KK
 
jimmyjoe (jj) said:
It is not going to count in the Central States Pension fund either. When they were at our local we were informed that we will not get any credit for the 25% pension payment. That money is just going to the fund period. At least the western fund will receive something in there 401k fund.
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R-14Driver said:
William Zollars

No, we've got a contractual obligation to contribute $1.75 per hour through 2015. And that's the number that we will live by.[/B]
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In my world, Zollars' saying that YRCW is "obligated to contribute the $1.75 per hour through 2015", doesn't neutralize Jimmyjoe's statement. Yes, the company will still contribute the $1.75, but does it gain us members anything towards our pension? Or does the money just get deposited to help support the fund?

I hate the fact that I have to analyze every word that these clowns report to us, but the fact is, they have proven that they will play the word games with us, in an attempt to pull MORE wool over our eyes.

My point is....will they contribute as required, then we'll find out later that the contributions were useless to us because we didn't read (or have access to) the fine print?
 
I take that it means the $1.75 per hour will be paid into a personal 401 (k) account in your name with the IBT 401 (k) plan. What happens when and if it gets back to 100%, will they still be putting over $300 a week in your 401 (k) plan?

Also, you can pass on a 401 (k) to your heirs....KK
 
Kennesaw Kid said:
I take that it means the $1.75 per hour will be paid into a personal 401 (k) account in your name with the IBT 401 (k) plan.
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That is exactly what I would like to happen. The key part is "with my name on it". That way it's mine. Since the General Funds have pulled the rug out from under us, I want something that is in my own name.
What happens when and if it gets back to 100%, will they still be putting over $300 a week in your 401 (k) plan?
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Now THAT is a million dollar question, but a very good one.

Also, you can pass on a 401 (k) to your heirs....KK
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10/4. :1036316054:
 
Kennesaw Kid said:
I take that it means the $1.75 per hour will be paid into a personal 401 (k) account in your name with the IBT 401 (k) plan. What happens when and if it gets back to 100%, will they still be putting over $300 a week in your 401 (k) plan?

Also, you can pass on a 401 (k) to your heirs....KK
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I'd still be a little leary of the 401krap thing. Its only a matter of time before the gooberment confiscates these along with the IRAs and issues some worthless treasury bonds to keep your S&P AAA rated yrc stock company. The democraps have already held commitee hearings on this and you will only be able to pass on a portion of whats left to your family plus the Man will determine when you can start to withdraw from it.
A number of eurotrash countries have already done this and barry wants to increase his stash.
Remember the most feared knock on your door, "I'm from the government and I'm here to help you"!
 
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