John Kelder
TB Lurker
- Credits
- 0
Here are the facts as I know them - 707 pension was funded at 98% in 1995 when McCaffrey became a union officer and Fund Trustee .Under his watch he approved an increase in pension credits from $90 per credit to $115 .This coincided with President of 707 retirement and member of his ticket who immediately became a Yellow Labor manager ,Nicholas Piccarello .Nice going away gift .Then , instead of hard negotiations , when Cardinal Healthcare and Overnight/UPS became 707 Teamsters , they did not become part of the pension , they were put in a 401K .The pension NEEDED more employers then and now .Yet ,McCaffery complains about lack of employer contributions when he let 2 big fish get away .
In 2000 , the Fund had about 440 MILLION in assets .15 years later , we have next to nothing . Here is where the politicians got involved . In 2006 , Pension laws were changed , and that is why we receive those notices regarding funding status .That same set of laws also provided for a 5% penalty the first year , and 10% penalty every year after above and beyond the contribution rate until the fund was out of endangered status . I believe that THIS is what triggered UPS paying 6 Billion dollars to get out of CSPF . I also believe that is why YRC desperately needed to freeze pension contributions ...Because ZERO X 5% is ZERO ,and Zero X 10% is ZERO .And to the best of my knowledge , no penalty surcharge has been paid .
Leadership roles demands of leaders to make decisions , and accountability . The plan actuaries CANNOT have NOT known what this set of circumstances would do the the 707 pension fund .Yet McCaffrey and crew told the members to vote yes to save YRC , never speaking of actuarial advice to the contrary .
McCaffrey has , while holding a full time job as 707 President , became certified in Plan administration .He also ,as noted in this thread , entered into local politics .SO ,is it no wonder that the Teamster members suffer ? The 707 plan administrator was a full time job, the President was a full time job , and one would imagine that the constituents want their county legislator doing that full time ..THREE FULL TIME JOBS done by one person.Plus a Fund Trustee..Rome burned , as Nero fiddled ................He and the other Trustees have violated their Fiduciary duties IMO .
So please pass this along - at 4PM on Saturday 6/20/15 at LaQuinta Inn and Suites at MacArthur Airport ,10 Aero Rd. Bohemia NY all active and retired 707 pension participants are invited to discuss any and all legal remedies to restore our pension .
In 2000 , the Fund had about 440 MILLION in assets .15 years later , we have next to nothing . Here is where the politicians got involved . In 2006 , Pension laws were changed , and that is why we receive those notices regarding funding status .That same set of laws also provided for a 5% penalty the first year , and 10% penalty every year after above and beyond the contribution rate until the fund was out of endangered status . I believe that THIS is what triggered UPS paying 6 Billion dollars to get out of CSPF . I also believe that is why YRC desperately needed to freeze pension contributions ...Because ZERO X 5% is ZERO ,and Zero X 10% is ZERO .And to the best of my knowledge , no penalty surcharge has been paid .
Leadership roles demands of leaders to make decisions , and accountability . The plan actuaries CANNOT have NOT known what this set of circumstances would do the the 707 pension fund .Yet McCaffrey and crew told the members to vote yes to save YRC , never speaking of actuarial advice to the contrary .
McCaffrey has , while holding a full time job as 707 President , became certified in Plan administration .He also ,as noted in this thread , entered into local politics .SO ,is it no wonder that the Teamster members suffer ? The 707 plan administrator was a full time job, the President was a full time job , and one would imagine that the constituents want their county legislator doing that full time ..THREE FULL TIME JOBS done by one person.Plus a Fund Trustee..Rome burned , as Nero fiddled ................He and the other Trustees have violated their Fiduciary duties IMO .
So please pass this along - at 4PM on Saturday 6/20/15 at LaQuinta Inn and Suites at MacArthur Airport ,10 Aero Rd. Bohemia NY all active and retired 707 pension participants are invited to discuss any and all legal remedies to restore our pension .
