Like many YRC barns, several men have went over to ABF to finish their time and restore lost benefits. Currently, after working at ABF for 1 year, these retirement benefits are restored. Today I was told Central States starting July 1, will require you to work a ABF for 5 years, before you can receive a bump in benefits. Has anyone else heard this?
Yellow | More Changes CSPF?
- Thread starter hilo342
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Nothing surprises me anymore. Actually I was under the impression it was 18 months now. I really do not know the correct answer. The five year thing might be to take care of the complaints that, " why can a man work for 29 years for a company that went under, then only work for one year at say ABF, then no longer be an Orphan? " The Central States pension and the union locals are so quiet on the whole mess, that we will not know until they write their letters to us, what is actually going to happen and to who they are going to do what to. See even I can talk confusing. I do understand your concern.
Freightmaster1
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From The Central States Pension Fund website...
If the loss of your adjustable benefits was triggered by your employer becoming subject to the Default Schedule (either through negotiating the Default Schedule in a new Collective Bargaining Agreement or having the Default Schedule imposed by law because the negotiating parties are unable to reach an agreement after 180 days), unlike a Rehabilitation Plan Withdrawal, there is no requirement that you cease working for the employer within 60 days. However, as in the case of a Rehabilitation Plan Withdrawal, you need to go to work for a Contributing Employer to the Central States Pension Fund that contributes under the Primary Schedule and earn an additional year of Contributory Service Credit (40 weeks / 180 days in a Plan year) to have your adjustable benefits restored. And, as in the case of a Rehabilitation Plan Withdrawal, your status going forward will be determined by the status of your most recent Contributing Employer.
https://mycentralstatespension.org/...s_there_any_way_to_regain_those_benefits.aspx
If the loss of your adjustable benefits was triggered by your employer becoming subject to the Default Schedule (either through negotiating the Default Schedule in a new Collective Bargaining Agreement or having the Default Schedule imposed by law because the negotiating parties are unable to reach an agreement after 180 days), unlike a Rehabilitation Plan Withdrawal, there is no requirement that you cease working for the employer within 60 days. However, as in the case of a Rehabilitation Plan Withdrawal, you need to go to work for a Contributing Employer to the Central States Pension Fund that contributes under the Primary Schedule and earn an additional year of Contributory Service Credit (40 weeks / 180 days in a Plan year) to have your adjustable benefits restored. And, as in the case of a Rehabilitation Plan Withdrawal, your status going forward will be determined by the status of your most recent Contributing Employer.
https://mycentralstatespension.org/...s_there_any_way_to_regain_those_benefits.aspx
mysticobra
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Wow... I need to get in ABF!
D
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If this change is to come into play at a later date it is probable that there will be no advance notice on it. Then if it does happen will it be another retro-active action?
cellblock309
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I laugh a lot think they go to abf and they are made whole for the 2 years yrcw didnt pay and the 75 percent for the years that 25 was only paid in someone needs to tell them there dream in, I highly doubt they make all that whole lol way to much money ..........i would be shocked
Freightmaster1
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For a further clarification of what the pension benefit schedules and modifications applicable to Participants employed by the YRC Worldwide companies were before the last MOU...
Kinda like A big PONZI scheme, and all your elder friends are enjoying your contributions while you go back to "start here". I hope I am way off and wrong on this, but I will get back to you in 6 years when I turn 62 to let you know if any crumbs are left on the table.
D
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I don't know of any who thought that they would be made whole for times when no or reduced contributions were being made but I do know a couple who made the move to 1) have their early retirement restored and 2) have full contributions made on their behalf. i e one of them retired from a YRC company and had his retirement revoked because of the debacle and he was under the new YRC only retirement age. After a year at ABF he could re-retire and he is in his 50's. At what age can you retire sticking it out at YRC?
D
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I know at least four myself.
The three years YRC did not pay into the pension you do not get credit for. 2009,10 and 11. I questioned CSP if 09 and 11 we would get partial credit for half a year I was told we did not. I left Holland and I went to ABF got my 181 days in and stillI do not get any credit for those three years. But it will interesting when the cuts come down because every notice you get they talk about your individual pension and how it will affect you. I do not believe everyone will be treated equally and I hope it doesn't turn one teamster against another.
freight jockey
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65 at YRC to get "full benefits" unless you are grandfathered and then it is 62. Like you stated, the only thing they are gaining is having early retirement restored and full contributions made if they would go to another company. Any time spent at a YRC company under CSPF after July 2009 is not credited, the only credit you are receiving is the 25% they are paying in if it would go towards a contributory credit pension, not an "and out" pension.
I am retiring very soon and have lost 6 yrs. of credit due to the crooks at YRC, it translates to roughly a $500/month loss in pension benefits. Having spend 30 yrs. at another company that is still paying full rate and coming to a YRC company has been a disaster for me and very costly.
bigtruk_us
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But we are saving a company.A worldwide company at that.Wheres your spirit fella..sarcasm
D
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Sorry to hear of it. One never knows what's in store when they hire on to one of these companies. I just got lucky for once in my life given the company and the timing. There were some great years in the pension during that time and ABF is still around. I do not consider our new hires to be as lucky and I don't envy them one bit.
Wishing you a long and happy retirement.
Am I reading this right? You spent 30 yrs at another company paying full rate and still in business and then came to YRC? Why?
how is 'grandfathered defined?
I have 21 years credited (12 worked for Preston, 10 worked for Yellow), then laid off in 08, resigned in March 09 rather than report, work a couple weeks, and be laid off again. Cspf sent me four letters stating what to expect. The first three say I can expect 2455.10 @ month at age 62 because I resigned before yrc missed payments. The last one says I can collect 2455.10 @ month at age 65 because I'm classified as in the yrc rehabilitation plan. Rhetorical question tho. I'm 61 and not planning to retire before 66 at the earliest... Since yrc I drive for a private manufacturer not in cspf. They Did have their own single employer pension, stopped it in 08. I was the first hired in 09, with a good company matching 401k.
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freight jockey
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I came over to Holland for availability of retiree health insurance, the previous employer did not offer it. That and my previous job was very physical and I didn't know if I could do it another 10 yrs. Everything was good until YRC bought us and they got into financial trouble, it is not a total loss though as I am eligible for retiree health ins. now until 65.
I do consider myself lucky also, I have ran into several that are a year or two short of full retirement benefits and are gaining nothing. Hopefully they can find an employer paying full rate to make up the shortfall.
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freight jockey
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From the CS website summary of benefits :
"You must be at least age 57 to receive your pension benefit. An exception was granted for those YRC employees who as of July 9, 2009, were at least age 55 (born on or before July 9, 1954) and had 25 years or more of contributory credit towards and 'and out' benefit. Since you satisfy the conditions, you will be able to retire at age 62 or later and restore any 'and out' benefit earned as of July 9, 2009."
cellblock309
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im still laughing cuase going to abf you dont get all those years back lol my point and Im not in cspf thank god