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ABF | ARCBEST CORPORATION (NASDAQ:ARCB) Files An 8-K Regulation FD Disclosure

Freightmaster1

Freightmaster1

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ARCBEST CORPORATION (NASDAQ:ARCB) Files An 8-K Regulation FD Disclosure
ITEM 7.01 – REGULATION FD DISCLOSURE

On July9, 2018, ABF Freight System,Inc. (“ABF Freight”), the largest subsidiary of ArcBest Corporation (the “Company”), reached a tentative agreement with the Teamster bargaining representatives for the Northern and Southern New England Supplemental Agreements on terms for new supplemental agreements for 2018-2023 (the “Supplemental Agreements”). The Supplemental Agreements are subject to a ratification vote by the local unions in the region covered by the supplements. The Company anticipates that the voting will be concluded by July16, 2018. The Supplemental Agreements will not become final and binding unless and until ratified by the local unions.

If the Supplemental Agreements are ratified, ABF Freight’s multiemployer pension plan obligation with the New England Teamsters and Trucking Industry Pension Fund (the “Fund”) will be restructured. The restructuring will result in the withdrawal of ABF Freight as a participating employer in the Fund and will trigger a pre-negotiated settlement of the withdrawal liability. ABF Freight will then immediately re-enter the Fund as a new participating employer free from any pre-existing withdrawal liability and at a lower future contribution rate. The Fund restructuring will become effective on August1, 2018 once ratified.

ABF Freight will recognize a one-time charge of $38 million (pre-tax) in second quarter 2018 to record the withdrawal liability. The withdrawal liability will be settled through an initial lump sum cash payment of approximately $15 million plus monthly payments to the Fund over a period of 23 years with an aggregate present value of approximately $23 million. In accordance with current tax law, these payments will be deductible when paid, reducing, to the extent deductible, the actual after-tax cost to ABF Freight. The Agreement (1)reduces the total withdrawal liability of ABF Freight, (2)strengthens the Fund’s financial position, (3)provides additional security to the ABF Freight employees who rely on the Fund for retirement benefits, and (4)reduces the future contributions required by ABF Freight to the Fund without a corresponding decrease in benefits payable to participating ABF Freight employees. This action for the New England Teamsters and Trucking Industry Pension Fund has no impact or bearing on any of the other multiemployer pension plans to which ABF Freight contributes.

https://marketexclusive.com/arcbest...es-an-8-k-regulation-fd-disclosure-4/2018/07/
:hyper:
 
ABF Freight will then immediately re-enter the Fund as a new participating employer free from any pre-existing withdrawal liability and at a lower future contribution rate. How come the company didn't take advantage of this last contract?
 
WTH??….."If the Supplemental Agreements are ratified, ABF Freight’s multiemployer pension plan obligation with the New England Teamsters and Trucking Industry Pension Fund (the “Fund”) will be restructured. The restructuring will result in the withdrawal of ABF Freight as a participating employer in the Fund and will trigger a pre-negotiated settlement of the withdrawal liability. ABF Freight will then immediately re-enter the Fund as a new participating employer free from any pre-existing withdrawal liability and at a lower future contribution rate. The Fund restructuring will become effective on August1, 2018 once ratified."
 
This is disgusting. Real Teamsters should be outraged over the two pool pension fund the New England Teamsters pension fund created. If these two supplements are passed it will allow ABF to abandon forever their obligation to the Orphans. It is no different than when UPS was let out of CSPF. By the way UPS, went the two pool route in 2012.

Where is the outrage, Canary, certainly New England ABF'ers won't throw their orphan brothers under the bus.

On the other hand it cost UPS, 5 million in withdraw liability for 2 employees when Teamsters 707 went bankrupt. 38 million in ransom, for the orphans, is money well spent.

I'll be waiting with baited breath, Canary's condemnation of this unholy 2 pool pension fund. Where corporations are allowed to shed their responsibilities to the helpless orphans.
 
Does that also mean that ABF employees who previously worked for ABF but who are retired are now considered orphans? Or employees who no longer work for ABF but will retire in 3 months or more are now considered orphans?
 
A twist at every corner.
Where do they come up with this ::shit::.
Now we kinda know what to expect with our contract.
Sorry..trying not to troll on your forums so I'll shut up.
 
P. S.
If our company spent the effort on doing the job instead of trying to find ways to just keep the employees at bay they could be rolling in cash. But they already are I would only guess. It's just mind boggling. It's just gonna implode. One day.
They've just gotten to old and big. And lost their direction.
I can only guess the same has happened here. I really don't know.
Not trolling on you guys. Do. What's best for yourselves.
I wish all the best.
 
Orphans are not current or retired ABF employees. They are retirees who are fmr employees of non existing or non contributing companies. Some of which have drawn big pensions for 30plus years. I have no problem taking crap at my opposition to our pension set up. My retirement monies paying for a 90 yr old who hasnt worked since 50? Or retired people who collect pensions and have multi million dollar earning businesses.. Every day i hear ABF this and ABF taht, This pension debacle is no ones fault but the Teamsters. No ones. I would vote to leave a fund immediately if presented to me. Cut me a check seperately for my retirement. It was done this way in the motion picture industry when i worked it, Yes Teamsters.
 
Homesick said:
Does that also mean that ABF employees who previously worked for ABF but who are retired are now considered orphans? Or employees who no longer work for ABF but will retire in 3 months or more are now considered orphans?
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It would be nice if someone from New England pension fund would explain the particulars. The problem is the haves, really don't like to share information with the have nots.
 
iam4us said:
Orphans are not current or retired ABF employees. They are retirees who are fmr employees of non existing or non contributing companies. Some of which have drawn big pensions for 30plus years. I have no problem taking crap at my opposition to our pension set up. My retirement monies paying for a 90 yr old who hasnt worked since 50? Or retired people who collect pensions and have multi million dollar earning businesses.. Every day i hear ABF this and ABF taht, This pension debacle is no ones fault but the Teamsters. No ones. I would vote to leave a fund immediately if presented to me. Cut me a check seperately for my retirement. It was done this way in the motion picture industry when i worked it, Yes Teamsters.
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I agree with you so much I tried to sell my pension several years ago. The problem was I'm not retired nor am I old enough to retire. But that didn't stop me from asking my bank to buy my pension from me, going to Franklin Templeton financial and asking them to buy my future pension and finally going to Scottrade and asking them to buy my CSPF pension. None of these institutions wanted my pension.
 
Dinosaur methods, ways... What intelligent individuals want money on their behalf going into a fund that has next to no hope of fixing? scared people. I knew 25+ yrs ago when i started on a dock at CF it would be gone, an old timer knew, it was obvious then.. Duh
 
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