John Kelder
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ABF | 707 pension insolvency - time to act
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D
Deleted member 5115
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So they're going to have a meeting and read you that letter?
John Kelder
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According to my legal people, meetings are not required , but individual notice to the participants is mandatory . But then again , the law says applications can not be submitted until 8/15/15 , so special dispensation has been granted for the process to start early IMO . And it is the first application of its kind under the 2014 law .We are under the microscope . Treasury has 9 months to approve the application . Fund has 4 days to notify each individual participant that the application has been accepted ,and to advise them of their new benefit .PLEASE note , submission and accepting the application are 2 different things............
John Kelder
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John Kelder Sr.
1226 County Rt. 164
Callicoon N.Y. 12723
Plan Administrator
707 Pension Fund
14 Front St.
Hempstead N.Y. 11550
July 24,2015
To - Kevin McCaffrey
At this time I request a copy of the Rehabilitation Plan for the 707 Pension Plan .
Please include the actuarial reports used to formulate the Rehabilitation plan , and the total of monies received from the required employer contribution surcharge .
I also request any actuarial reports pertaining to any deviation from the original Rehabilitation Plan This is to include, but not limited to, the actuary’s findings, reports, and conclusions based on the YRC Memorandum of Understanding that stopped contributions and the current reduced contribution rate .
I also request a copy of the Trust Agreement my employer is signatory to with the 707 Pension Fund .
Thank you in advance of your cooperation in these matters .
Sincerely ,
John Kelder Sr.
1226 County Rt. 164
Callicoon N.Y. 12723
Plan Administrator
707 Pension Fund
14 Front St.
Hempstead N.Y. 11550
July 24,2015
To - Kevin McCaffrey
At this time I request a copy of the Rehabilitation Plan for the 707 Pension Plan .
Please include the actuarial reports used to formulate the Rehabilitation plan , and the total of monies received from the required employer contribution surcharge .
I also request any actuarial reports pertaining to any deviation from the original Rehabilitation Plan This is to include, but not limited to, the actuary’s findings, reports, and conclusions based on the YRC Memorandum of Understanding that stopped contributions and the current reduced contribution rate .
I also request a copy of the Trust Agreement my employer is signatory to with the 707 Pension Fund .
Thank you in advance of your cooperation in these matters .
Sincerely ,
John Kelder Sr.
vongrimmenstein
I stand for our flag, & kneel for the fallen
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The retired & working get to vote on what Treasury approves. Then they Treasury can veto our vote if they want to. Right? von.
John Kelder
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707 President announced at the Union Meeting on Sunday that he went to KC and spoke to Welch and Pierson... And YRC agreed to pay more in Pension Contributions than the MOU language to the 707 Pension fund.........Robbing Peter to pay Paul ? Reduction in Health and Welfare payments? He wouldn't say. And since contributions haven't been posted on the job since 2008 , how do we know for sure ??
John Kelder
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here you go boys and girls - the IRS rules that McCaffrey is using to slash your hard earned pension...BTW - If he didn't mis manage 460 MILLION dollars , we wouldn't be having these concerns........................But go ahead , keep believing him .I mean , look how good that has worked so far......
http://www.irs.gov/irb/2015-31_IRB/ar06.html
http://www.irs.gov/irb/2015-31_IRB/ar06.html
canaryinthemine
Retirement....The Job I Was Born To Have!
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Went to look at that link, Brother , and it wouldn't let me through.
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Deleted member 5115
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I don't know if it goes through correctly or not but what I found was over my head. Click the link and you'll get a failure notice but in the lower right hand corner of the notice is a button "follow link", click it and viola.
D
Deleted member 5115
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And while you're on the line I have a question about the canary...does it die or does it show symptoms and live?
John Kelder
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3 PM this Saturday at the Hibernian Hall , 27 Locust Ave. Babylon village for unpaid members . Chance to get answers to your questions ..At 4 PM Paid members into the Forensic Audit will meet . Hope to see you there !!
canaryinthemine
Retirement....The Job I Was Born To Have!
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Dies, Brother,......slowly because of the poisonous atmosphere, choking like holding someones' head under in a septic tank..........canarys are expendable,.... And cheap.........Notice the cage,.........When that door opens, he'll fly away,........and never enter another poisonous, sulphurous, methane-odorous environment again,..........at least not voluntarily......,
John Kelder
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just posted my opinion on the Federal Register site for Pension Law comments . Here it is ----------
It is a failure of the government at all levels to allow pension benefits that were paid for through employer contributions to be reduced .That the reduction allowed is a mere 10% above the PBGC guarantee will result in tens of thousands of retirees ,many of whom can no longer work , to become destitute .The American dream is nothing without the thought of having a safe and secure pension and retirement .
Why would you have $12,000 worth of insurance on a $37,375 plan . That is what the PBGC has done for years , and it has the stench of failure .And the retirees are downwind .
The law also fails on technical points as well as humanitarian levels .That employers,(who are represented on the Board of Trustees) of these very same Pension Funds are given the opportunity to have a drastically reduced withdrawal liability after 10 years of benefit reductions is wrong on every level . Those same corporations should be forced to pay increased contributions to provide the funds adequate funding levels .
The fact that that a surcharge on employer contributions is allowed under the Pension Plans Rehabilitation Plan is moot. Why ? In the case of my pension , Road Carriers 707 Pension (TAX ID # 51-6106510), the Board of Trustees applied to relieve the funds largest contributor (YRC) from the 5% and 10% surcharges listed in the Rehabilitation Plan ,and supposedly required under the law.The application was made to the Treasury Dept.and was approved , thereby guaranteeing the Funds insolvency , currently scheduled for 2/1/16 .
And to further point out the governments failures regarding this process, I see no penalties for failure to follow the guidelines regarding the notification process .Again , as it pertains to the 707 Pension , if I had not called the DOL-EBSA ,I would not have been made aware that the 707 Pension Plan application to the Treasury Dept. was rejected . Why ? Despite clear language that requires the plan to notify all participants that the application was submitted , the Plan Administrator chose not to do so . Why not ? No penalties to face seems an obvious answer .Congress did want the reduction process to be transparent to participants , but did not put any teeth into the law .
Furthermore , why would a plan that has been posting staggering losses not automatically trigger an audit ? Until a former Union President and Fund Trustee complained in 2013 that the 707 fund had not been audited since 1998 , the DOL , despite receiving a 10-99 annually pointing out huge losses , did nothing .And it the same DOL that allowed a Fund Trustee to become the Plan Administrator. Rome burned as Nero fiddled , and the government had the best seats in the house .
It is a failure of the government at all levels to allow pension benefits that were paid for through employer contributions to be reduced .That the reduction allowed is a mere 10% above the PBGC guarantee will result in tens of thousands of retirees ,many of whom can no longer work , to become destitute .The American dream is nothing without the thought of having a safe and secure pension and retirement .
Why would you have $12,000 worth of insurance on a $37,375 plan . That is what the PBGC has done for years , and it has the stench of failure .And the retirees are downwind .
The law also fails on technical points as well as humanitarian levels .That employers,(who are represented on the Board of Trustees) of these very same Pension Funds are given the opportunity to have a drastically reduced withdrawal liability after 10 years of benefit reductions is wrong on every level . Those same corporations should be forced to pay increased contributions to provide the funds adequate funding levels .
The fact that that a surcharge on employer contributions is allowed under the Pension Plans Rehabilitation Plan is moot. Why ? In the case of my pension , Road Carriers 707 Pension (TAX ID # 51-6106510), the Board of Trustees applied to relieve the funds largest contributor (YRC) from the 5% and 10% surcharges listed in the Rehabilitation Plan ,and supposedly required under the law.The application was made to the Treasury Dept.and was approved , thereby guaranteeing the Funds insolvency , currently scheduled for 2/1/16 .
And to further point out the governments failures regarding this process, I see no penalties for failure to follow the guidelines regarding the notification process .Again , as it pertains to the 707 Pension , if I had not called the DOL-EBSA ,I would not have been made aware that the 707 Pension Plan application to the Treasury Dept. was rejected . Why ? Despite clear language that requires the plan to notify all participants that the application was submitted , the Plan Administrator chose not to do so . Why not ? No penalties to face seems an obvious answer .Congress did want the reduction process to be transparent to participants , but did not put any teeth into the law .
Furthermore , why would a plan that has been posting staggering losses not automatically trigger an audit ? Until a former Union President and Fund Trustee complained in 2013 that the 707 fund had not been audited since 1998 , the DOL , despite receiving a 10-99 annually pointing out huge losses , did nothing .And it the same DOL that allowed a Fund Trustee to become the Plan Administrator. Rome burned as Nero fiddled , and the government had the best seats in the house .
you are dead on right, no way was UPS going to put UPSF in the Multi-employer pension fund, nor would any other company agree to going into these dead plans, in 1980 Congress saddled all companies in the Multi-employer funds with "Unfunded Liabilty " which is exactly why no company will agree to join the funds ....