ABF | abf still wants out of pension despite deal struck with yrc

[BIG STEVE]

abf still wants out as they are worried that if yrc folds in the future abf would be stuck with an enormous funding requirement that they wouldn't be able to handle

 

[imported_Double barrel]

The Teamsters have made it clear to ABF.That they will not let them buy out of the pension. ABF is having the tables turned on them with this contract and they are getting nervous.It might not be YRC. in trouble.

 

[2631]

The Teamsters have made it clear to ABF.That they will not let them buy out of the pension.

Isn't that the same thing that the IBT said about UPS buying out of the Central States pension funds? I asked this question at our union meeting but no one could give me an answer....How can the IBT legally deny ABF from doing the same thing they allowed UPS to do?

 

[BIG STEVE]

i agree 100% double barrel

 

[BIG STEVE]

Isn't that the same thing that the IBT said about UPS buying out of the Central States pension funds? I asked this question at our union meeting but no one could give me an answer....How can the IBT legally deny ABF from doing the same thing they allowed UPS to do?

ups agreed to pay a lump sum up front whereas abf wishes to finance it thru the fund and make payments over a 10 to 15 yr period
big difference

 

[alabam]

memo out of fort smith, arkansas yesterday.to all manangers. abf will be negotiating their own contract, but will be voting on this one... anyone know about this?:deal:

 

[schuyler]

IBT can't keep ABF from buying out of pension fund. Check it out.

 

[HillBilly Frog]

You are right but the fund does not have to finance it for them.

 

[Double-Clutch]

Isn't that the same thing that the IBT said about UPS buying out of the Central States pension funds? I asked this question at our union meeting but no one could give me an answer....How can the IBT legally deny ABF from doing the same thing they allowed UPS to do?

The difference is this, per our union meeting:

While ABF may have the money to get out of the Central States Pension Fund, they do not have the money to fund their own pension fund to get it off the ground as did UPS with with about 2 billion $$$$. So thats about 8 Billion UPS had to come up with. 6 billion to pull out and another 2 billion to set up their new pension fund.

 

[Steward of the Rock]

Please correct me if I am wrong, but even if ABF tries to pull out of the MEPF, don't the members get to vote on it? And if we do get to vote on it, can't we prevent ABF from pulling out?

 

[imported_Double barrel]

The memo trys to paint the Teamsters as the bad guy's for not negotiating with ABF.
It just states their position that it's employee's would be better in a single employer pension.
That more employee's need to go to the company web site to get the truth.
My thought is they tell us were the best,but the company would like non-union work rules and non-union pension plan.
Where are do we draw the line.If Yellow can afford this contract,why not ABF.

 

[BIG STEVE]

all the sidestepping bullcrap quarterly reports, memos posted, letters posted along with handing out the bear stearns equity report by TMs etc etc etc
what that got abf was what i was saying all along with other guys stating the same

IN TROUBLE
the heat is on
what we said all along was," the company was attempting to bargain directly with us" which was wrong
so the IBT filed an unfair labor practice charge against abf for attempting to bargain directly with us and not our union

abf road team i got two words for you
stuff it
i would have included the word brother but you guys are not my brothers
continue being the puppets you are for the company and you may find your book is being pulled

 

[BIG STEVE]

Please correct me if I am wrong, but even if ABF tries to pull out of the MEPF, don't the members get to vote on it? And if we do get to vote on it, can't we prevent ABF from pulling out?

yeah you are correct

first the fund trustees have to agree on withdrawal
then the national negotiating committee has to agree on withdrawal
then the affected members vote on it as part of the contract

we have the last say boys

 

[BIG STEVE]

memo out of fort smith, arkansas yesterday.to all manangers. abf will be negotiating their own contract, but will be voting on this one... anyone know about this?:deal:

YEAH ITS CALLED POSTURING
ASK YOUR MANAGER ABOUT THE UNFAIR LABOR PRACTICES LEVIED AGAINST MANAGEMENT BY THE IBT

ABF IS UPSET THE IBT SAID NO

 

[Trucking Green]

I heard the same on this one but it was drivers sas/say

 

[serta]

My thought is they tell us were the best,but the company would like non-union work rules and non-union pension plan.
Where are do we draw the line.If Yellow can afford this contract,why not ABF.

Still would be union workrules and union pension, just your own contract.

 

[imported_Double barrel]

What makes employee's think if this contract is past that the Union will move to renegoitate.Another one I hear is that the company will sign a me too agreement.
I'm just not so convinced. Management is going hold out for their own interest.
For how long and how far ?

 

[imported_Double barrel]

This is response to my non-Union work rule comment:This Utility Employee(UE) postion gives the company the flexibilty to compete as they can go to the Union and make most terminals a Utility center. That would give them the flexibity work without alot of grievances filed for moving around of other terminal jurisdictions.This removes the short line run as too restrictive and runs the UE from A to B and on the way doing P&D work.At point B moving freight to D going around C jurisdiction.Fewer P&D bids,using employee's to max. hours.Possibility of low numbers at one Terminal result in moving freight around that Terminal. If not CDL qualify could restrict most dock only bids to graveyard.

My comment on non-Union pension:
If the company is going to offer a defined benefit. Why not stay with the Teamster's?Is it for Adminstration cost,or is it to pay for new equipment and growth?
If they went to a 401k plan,would they match dollar for dollar up to half of the goverment allowance of $14,800. Example is you put 10% of $50,000 gross income,$5,000 does the company match that amount? Would it be closer to most other's,that is max. of $2,000 to $3,000.

Could this be extreme? I don't think so.

 

[BIG STEVE]

My comment on non-Union pension:
If the company is going to offer a defined benefit. Why not stay with the Teamster's?Is it for Adminstration cost,or is it to pay for new equipment and growth?
If they went to a 401k plan,would they match dollar for dollar up to half of the goverment allowance of $14,800. Example is you put 10% of $50,000 gross income,$5,000 does the company match that amount? Would it be closer to most other's,that is max. of $2,000 to $3,000.

Could this be extreme? I don't think so.
this is the reason double barrel
if they stay in the teamster plan and let's say their withdrawal liability is what they now claim is 829 million and two years from now YRC also a participating employer goes belly up
abf's liability will skyrocket and they will be left to make up the deficit and get caught holding a large part of the 'bag", so to speak
they very well may be in that scenario as the "last man standing"
this is a position they do not want to be in
this liability also plays in the formulating of their bottom line value as a company in a negative fashion
now as far as their 401k solution it may sound good, it may look good, but that doesn't mean it will be good
one word comes to mind ENRON
those people thought they had the world by the balls until the truth came out
i'd rather take my chances with the teamsters
in addition abf unlike ups wishes to pay down that withdrawal liability over a 10 - 15 yr period
yeah right and what happens in two , five or eight years down the road if abf goes belly up
who pays the remainder that is owed? guess who ? you do by not getting what you should be entitled to!!!!!!!!!!!!

 

[mikey]

Please correct me if I am wrong, but even if ABF tries to pull out of the MEPF, don't the members get to vote on it? And if we do get to vote on it, can't we prevent ABF from pulling out?

As far as I know, the trustees of each MEPF has the authority to make this decision. I am not aware that UPS rank and file had the opportunity to respond to a poll.