ABF | Abf pension / abf only

[Muler]

How do you feel about the up coming contract talks when it comes to our pension?

Would you accept an offer that in some way kept our pension safe at the current rate?

Would you accept an offer from ABF that allowed them to cap our pension at 30 years?

Would you agree to a plan where ABF could get out of the funds as long as we were guaranteed out current benefits?

Will we be asking for an increase in the pension?

These are just some of the things we will be looking at in the coming months. YOUR BROTHER ALWAYS!

 

[Muler]

What was this all about?




ITEM 1.02 — TERMINATION OF A MATERIAL DEFINITIVE AGREEMENT
On May 31, 2012, a subsidiary of Arkansas Best Corporation (Nasdaq: ABFS) (the “Company”) notified SunTrust Robinson Humphrey, Inc.,
as Agent (the “Agent”), of the Company’s intention to terminate the $75.0 million Receivables Loan Agreement dated as of December 30,
2009 (as amended, supplemented or otherwise modified from time to time) among ABF Freight Funding LLC, the Borrower, ABF Freight
System, Inc., as initial Servicer, SunTrust Bank and the Agent (“the Agreement”). The Company will pay no penalties to terminate the
Agreement prior to the Agreement’s February 18, 2013 maturity date. There were no borrowings made during the term of the Agreement and
no outstanding borrowings under the Agreement on the date the Company delivered the notice of termination to the Agent. The effective date
of the termination of the Agreement will be June 15, 2012, at which time the Company expects to have in place a replacement facility with
substantially comparable terms.
2

http://www.sec.gov/Archives/edgar/data/894405/000110465912042107/a12-14185_18k.htm

 

[Boilerpeddle]

How do you feel about the up coming contract talks when it comes to our pension?

Would you accept an offer that in some way kept our pension safe at the current rate?

Would you accept an offer from ABF that allowed them to cap our pension at 30 years?

Would you agree to a plan where ABF could get out of the funds as long as we were guaranteed out current benefits?

Will we be asking for an increase in the pension?

These are just some of the things we will be looking at in the coming months. YOUR BROTHER ALWAYS!

I don't understand the cap at 30. Do you mean that after 30 years contribution you gain nothing by working after that?

I think the benefits must at least be maintained at current levels. We have lost quite a bit in the last few years and that's outside of the contract. When I started in the teamsters in 99 there was 30 and out with insurance.
I I would accept accept an alternative pension plan that would give us the same benefits without screwing current retirees. Possible? Probably not.

 

[Deleted member 5115]

What was this all about?




ITEM 1.02 — TERMINATION OF A MATERIAL DEFINITIVE AGREEMENT
On May 31, 2012, a subsidiary of Arkansas Best Corporation (Nasdaq: ABFS) (the “Company”) notified SunTrust Robinson Humphrey, Inc.,
as Agent (the “Agent”), of the Company’s intention to terminate the $75.0 million Receivables Loan Agreement dated as of December 30,
2009 (as amended, supplemented or otherwise modified from time to time) among ABF Freight Funding LLC, the Borrower, ABF Freight
System, Inc., as initial Servicer, SunTrust Bank and the Agent (“the Agreement”). The Company will pay no penalties to terminate the
Agreement prior to the Agreement’s February 18, 2013 maturity date. There were no borrowings made during the term of the Agreement and
no outstanding borrowings under the Agreement on the date the Company delivered the notice of termination to the Agent. The effective date
of the termination of the Agreement will be June 15, 2012, at which time the Company expects to have in place a replacement facility with
substantially comparable terms.
2

http://www.sec.gov/Archives/edgar/data/894405/000110465912042107/a12-14185_18k.htm

That looks like a line of credit based on accounts receivable. And it looks like they have replaced that line with another one.

 

[Muler]

I don't understand the cap at 30. Do you mean that after 30 years contribution you gain nothing by working after that?

I think the benefits must at least be maintained at current levels. We have lost quite a bit in the last few years and that's outside of the contract. When I started in the teamsters in 99 there was 30 and out with insurance.
I I would accept accept an alternative pension plan that would give us the same benefits without screwing current retirees. Possible? Probably not.

That was why I posted several different objections. So everybody can see what they would like.

 

[Muler]

That looks like a line of credit based on accounts receivable. And it looks like they have replaced that line with another one.

They will always have one. They just shop around for the best offer. The intent was to show they never used a dime of that line of credit. CASH!