Things don't look to good for Yellow Roadway. Even though they are the compitition I sure don't want to see them go under. But if that does happen picking up some of their freight would help in a slow economy. But what about the multy employer pensions with the teamsters. With ABF being the only ones left how can ABF support all the retirees of past company's ? Would Yellow Roadway going under also put ABF under ?
ABF | ABF's future if Yellow Roadway close?
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truxforever
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First off good luck to all the people at Yellow & Roadway. ABF should have been allowed to buy out during contract negotiation's.
I had asked the same question to my T.M. He said there was a clause with the union that if YRCW went under that ABF would be only on the hook for so much money and then they could get out of the pension fund.That's what I was told.
First off good luck to all the people at Yellow & Roadway. ABF should have been allowed to buy out during contract negotiation's.
The way I understand it, all ABF had to do was to come up with the cash like UPS did.
imported_mit4064
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ABF had the money. Teamsters would not allow it. Pretty short sighted if you ask me. The IBT hasn't proved that they can manage the money. ABF proposed giving 401K's. The money is yours to manage how you see fit.
Seems like a better system to me.
Seems like a better system to me.
Benny Hill
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So would you like to share, how you know all of what you stated, to be true?
ABF didn't want to make a lump sum payoff of it's withdrawal liability like UPS did. They wanted out of the MEPFs but wanted a long term agreement on how they would pay down their share of the unfunded liability.
The IBT doesn't have anything to do with managing the pension funds.
Thanks to what is happening on Wall St. the Single Employer Pension Funds are in worse shape today than the MEPFs.
401k's are not fairing any better.
Have you noticed that ABF has not said one word about buying out of the pension funds since YRC got that extra $$$ put into the pension instead of our paychecks?
401 over a pension.....are you crazy???
Why would you want a 401k
, look at your 401k...what down 30-40%. To retire you need 750k minimum. Now it drops to 400k where are you going with that for the rest of your life. With a whooping 401k , you can only retire when the market is up, down years you have to stay working???
These older people now are living on pensions not 401's,the ones that are not from a pension job are 70 years old working at Burger king to survive this environment. Thank God we have a pension and I hope everyone gets to enjoy that HUGE pension benefit we get for working freight for 30+ years.
My pension is going to give me the same amount for the rest of my life and my wife is taken care of for hers. That is the best deal going by far!!!!! HANDS DOWN:woot:
Buying out of the pension is just one way to line the pockets of company's managements retirement plans.
The pension is the only reason to stay in this industry and do the kind of hours and work we do. Think about it.....the hours we put in, 12 hour days ,the cold (burr) no heat on the docks, sit by the phone and work at a moments notice and the kids activities I have missed because of WORK calls. Just to name a few.
In closing I look forward to my pension and no way no how will they ever take that away with my approval.
I'm out!!!!!
Why would you want a 401k
, look at your 401k...what down 30-40%. To retire you need 750k minimum. Now it drops to 400k where are you going with that for the rest of your life. With a whooping 401k , you can only retire when the market is up, down years you have to stay working???These older people now are living on pensions not 401's,the ones that are not from a pension job are 70 years old working at Burger king to survive this environment. Thank God we have a pension and I hope everyone gets to enjoy that HUGE pension benefit we get for working freight for 30+ years.
My pension is going to give me the same amount for the rest of my life and my wife is taken care of for hers. That is the best deal going by far!!!!! HANDS DOWN:woot:
Buying out of the pension is just one way to line the pockets of company's managements retirement plans.
The pension is the only reason to stay in this industry and do the kind of hours and work we do. Think about it.....the hours we put in, 12 hour days ,the cold (burr) no heat on the docks, sit by the phone and work at a moments notice and the kids activities I have missed because of WORK calls. Just to name a few.
In closing
I look forward to my pension and no way no how will they ever take that away with my approval.I'm out!!!!!
your understanding was right.abf wanted out and hoffa said pay the same as ups and your out.there pockets are no were that deep. but if yrcw folds whos going to make them pay they can't carry it alone
scottman920
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What i want to no is if yrc goes down ? what will happen to all are pensions will they still have enough money to pay all of us.I hope yrc makes it .
I believe the number that would be given to ABF is a huge number that would cover all that have and are going to retire under the pension plan. (Hope it never happens).
UPS and alot of other companys are contributing to the fund to keep it going and your contributions should be going in as planned and the interest is what you actually are recieving, if the fund is properly diversed. So let's hope the Teamsters have this well planned. Time will tell.
I'm out
UPS and alot of other companys are contributing to the fund to keep it going and your contributions should be going in as planned and the interest is what you actually are recieving, if the fund is properly diversed. So let's hope the Teamsters have this well planned. Time will tell.
I'm out
Steward of the Rock
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It was estimated by the Teamsters that it would have cost ABF 1.2 Billion to buy out their portion of the unfunded liability to Central States and ABF was estimating around 600-700 Million. Also, ABF did not want to pay it all in a lump sum, but rather over a 10 to 15 year plan. If this had been done, what would happen if during that time ABF was to go under for whatever reason? Also, UPS had to pay 6 Billion for their share and then added an additional 3 Billion or so to the pension fund that they aquired from Central States so that they could increase the pension benefit that was being offered on their contract so that the UPS Teamsters would vote for it unanimously.
Just so we understand your post. ABF was not required to pay the same $6 billion that UPS paid.
At 1st ABF was offering to write a check & buy out of all the MEPFs not just the Central States. Then they changed their offer to a long term structured type deal which the IBT rejected.
TMI/YRC was able to negotiate that dollar an hour into the pension & welfare rather than in our pockets. So their Teamster workers are helping them them to pay down the unfunded liability. ABF must have liked that idea because they decided to sign the TMI contract without any further negotiations. And like I posted before, I have not heard anymore about them wanting to buy out of the MEPFs.
I believe the number that would be given to ABF is a huge number that would cover all that have and are going to retire under the pension plan. (Hope it never happens).
UPS and alot of other companys are contributing to the fund to keep it going and your contributions should be going in as planned and the interest is what you actually are recieving, if the fund is properly diversed. So let's hope the Teamsters have this well planned. Time will tell.
I'm out
Ups doesn't contribute to the teamsters fund. The only thing the union gets is our dues money
Check your math on this statement Misfit???
Some people are always trying to blame the Teamsters for the financial problems that the MEPFs face. The Teamsters do not control the funds
Hearing Archives :Committee on Ways & Means :: U.S. House of Representatives :
Each multiemployer pension plan is a separate legal entity managed by an independent board of trustees. It is not a union fund controlled by the union. Nor is it an employer fund, over which the employer has control. Rather, by law, the plans are managed independently by their trustees under a complex set of statutory and regulatory requirements. Although the trustees are appointed - half by the union and half by the employer - each trustee has a legal obligation to act not in the interest of the union or employer that appointed them, but rather with a singular focus on the best interests of the plans participants. Trustees who do not act in the best interest of participants may be held personally liable for breach of their fiduciary duty.
Thank God we have a pension and I hope everyone gets to enjoy that HUGE pension benefit we get for working freight for 30+ years.
My pension is going to give me the same amount for the rest of my life and my wife is taken care of for hers. That is the best deal going by far!!!!! HANDS DOWN:woot:
The pension is the only reason to stay in this industry and do the kind of hours and work we do. Think about it.....the hours we put in, 12 hour days ,the cold (burr) no heat on the docks, sit by the phone and work at a moments notice and the kids activities I have missed because of WORK calls. Just to name a few.
In closing
I'm out!!!!!
Is a pension guaranteed? I think that is the big issue that there is not enough money and those that have put in for 30 years and " the hours you put in, 12 hour days ,the cold (burr) no heat on the docks, sit by the phone and work at a moments notice and the kids activities I have missed because of WORK calls". Do the math, there is a genuine concern. You will be lucky (but deserving) if you get the same amount for the rest of your life.
Nothing is guaranteed not a pension not a 401k, it's apples to oranges. It's the facts plenty of people are retired with a great union pension and it is the best promise the Union can give us. Thank God, we are lucky teamsters. The company will take it away at any point just like Conway Freight did to there new employees. And I can't name a Conway Freight person that has retired and collected there "company pension" if you will.
No guarantees anywhere, just history. Hope its there when I get there!!!!!
I'm out!!
No guarantees anywhere, just history. Hope its there when I get there!!!!!
I'm out!!
Unfortunately unless the world's stock markets make a u-turn real fast every pension fund will have to make deep cuts in future earned pension benefits. Unless the Congress suspends the new Pension Protection Act for a couple of years all pension funds will have to cut future benefits in order to be in compliance.
IMO what we have earned up to now will be frozen. It will be there unless things get so bad that the government regulators have to take over a fund. In that case they may have to cut the amount of retiree benefits already earned.
But that would be a worse case scenario. At least, unlike a 401k, we will have a guaranteed income,
No. ABF had financing in place should the Union agree to their plan.
No. ABF did not have a proposal to replace the current plan. Period. Some speculated a 401k plan but none was produced.
The International was angry, and rightfully so, because the management was bargaining with the employees direct. A primer Bozo No-No. The Union is the sole bargaining agent for these CBA agreements. Period.