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I can neither confirm this or deny it so please, please contact your local unions ASAP . This was sent in and I will post it . IF ANYONE finds out this is untrue please contact me ASAP !!!

From: Chuck Mack
Date: May 2, 2011 1:31:31 PM PDT

Subject: YRC Update


Last week was interesting and challenging as we sought to reach agreement with YRC on their ongoing pension delinquency.

On Friday morning, the Western Conference of Teamsters Pension Fund did reach agreement with the company and signed Amendment No. 10 to the Contribution Deferral Agreement. Essentially, this means the Western Conference Trust will join other Teamster Plans around the Country and give the company until March, 2015, to pay its' 2009 pension delinquency. This delinquency covers the three month period immediately before the Trustees were forced to end YRC's participation in the Trust.

During the discussions last week, YRC was also advised that Plan rules do not allow the parties to a collective bargaining agreement to reduce the pension amount negotiated in said agreement from a rate paid at an earlier time.

After being made aware of the Plan's position on re-entry at a lower contribution rate, we were told YRC and the Teamsters National Freight Industry Negotiating Committee reached agreement to direct any money negotiated for pension beginning in June, 2011 to the IBT's National 401k.

What this means is YRC will not re-enter the Plan at a lower contribution rate. They will, instead, make any pension contributions to the International Union's 401k.

If there are any questions, please don't hesitate to give me a call.
 
Anybody know what the International Union's 401k plan is?
Sounds like the western funds are not going to count any of the next 4 years the members.
 
i dont know wrench , I sure dont have the 401 k nore have i ever heard of it b4 .
another day and another dance i guess
 
The Teamsters 401k plan has been around for quite some time. To participate your employer has to agree to it and there is some red tape involved. At ABF we are not able to participate and I never looked into it.
 
I have been in tho for about 7 years now. Does this mean the company will also be making a contribution to my account now also?
 
II also didn't know the company had any say in whether or not you could join. they aren't contributing any money. what do they care?
 
mud said:
It's the 401k savings plan the Teamsters started quite a few years ago. Some of you could of put a lot of your pre-tax dollars into this and saved on your income tax and for your future. If you would of known.
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If they have the money to put into a 401 then why aren't they putting it into the pension. Yeah, give em another 4 years of free money! But who's surprised. I want to know whats the onion's cut for giving up 25,000 members to this investment(hope they're better with your money then the so called pension fund investors)firm.
Something about all of this stinks all the way to h e double toothpicks.
Mark my words, the gooberment is going confiscate all these 401s and IRAs and give you some crap worthless treasury bonds, kind of like your yrc stock. But then again, like I said when they wanted that first 10%, theres no way that this crap company was ever going to allow the employees to have any kind of ownership in this corp, theres a better chance of a monkey flying out of my anus!!!
 
Reread the first post, western states pension funds said they would not accept 25%(100% or nothing), the international directed the company to put it in the 401k plan. Which I assume means if your covered by western states no of this time will count.
 
turboj said:
If they have the money to put into a 401 then why aren't they putting it into the pension. Yeah, give em another 4 years of free money! But who's surprised. I want to know whats the onion's cut for giving up 25,000 members to this investment(hope they're better with your money then the so called pension fund investors)firm.
Something about all of this stinks all the way to h e double toothpicks.
Mark my words, the gooberment is going confiscate all these 401s and IRAs and give you some crap worthless treasury bonds, kind of like your yrc stock. But then again, like I said when they wanted that first 10%, theres no way that this crap company was ever going to allow the employees to have any kind of ownership in this corp, theres a better chance of a monkey flying out of my anus!!!
Click to expand...


"During the discussions last week, YRC was also advised that Plan rules do not allow the parties to a collective bargaining agreement to reduce the pension amount negotiated in said agreement from a rate paid at an earlier time.

After being made aware of the Plan's position on re-entry at a lower contribution rate, we were told YRC and the Teamsters National Freight Industry Negotiating Committee reached agreement to direct any money negotiated for pension beginning in June, 2011 to the IBT's National 401k."
 
nightowl said:
II also didn't know the company had any say in whether or not you could join. they aren't contributing any money. what do they care?
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While they shouldn't care they do have to send the money in on your behalf pre-tax and there is a little paperwork to go with it. Just another little thing they don't want to have to get involved in.
 
mud said:
"During the discussions last week, YRC was also advised that Plan rules do not allow the parties to a collective bargaining agreement to reduce the pension amount negotiated in said agreement from a rate paid at an earlier time.

After being made aware of the Plan's position on re-entry at a lower contribution rate, we were told YRC and the Teamsters National Freight Industry Negotiating Committee reached agreement to direct any money negotiated for pension beginning in June, 2011 to the IBT's National 401k."
Click to expand...


Funny how all of a sudden there is "another" crisis with the pension payments. Everything was just hunky-dory a short while ago. There was never any intention of paying into it and believe the onion knew this all along but wanted to keep everyones mouth shut for as long as possible.
When I hear 401 I think a company will contribute a portion to match the employees's amount but an "onion" company contributing nothing! Even conjob is contributing something for their people!
Guess its just another reason fitch downgraded them to what, imminent default? It gets more like a bad soap opera everyday.
 
turboj said:
Funny how all of a sudden there is "another" crisis with the pension payments. Everything was just hunky-dory a short while ago. There was never any intention of paying into it and believe the onion knew this all along but wanted to keep everyones mouth shut for as long as possible.
When I hear 401 I think a company will contribute a portion to match the employees's amount but an "onion" company contributing nothing! Even conjob is contributing something for their people!
Guess its just another reason fitch downgraded them to what, imminent default? It gets more like a bad soap opera everyday.
Click to expand...
WTPF has been saying for sometime now that they weren't going to accept a parcel payment.
 
I am not getting involved in the WTPF business....but have any of you guys called them yet....you might be surprised when you get the facts.....KK
 
Wrench97 said:
Reread the first post, western states pension funds said they would not accept 25%(100% or nothing), the international directed the company to put it in the 401k plan. Which I assume means if your covered by western states no of this time will count.
Click to expand...



bottom line no 25% contribution into the WTPF = no retirement in sight until your in your 60s Im I reading this right and if so therefore can I continue my MOU LOA after May 31 ??? anybody???
 
Please remember in the very first post I posted this statement I can neither confirm this or deny it so please, please contact your local unions ASAP . This was sent in and I will post it . IF ANYONE finds out this is untrue please contact me ASAP !!!

Jln2011 said:
bottom line no 25% contribution into the WTPF = no retirement in sight until your in your 60s Im I reading this right and if so therefore can I continue my MOU LOA after May 31 ??? anybody???
Click to expand...
 
I would be calling my local and making a appointment with the PENSION retirement person that comes each month to explain your benefits and get your paper work started.
This should be done at least every five years !!
Much easier to fix a problem now than 15-20 years down the line!!
Some employers were less than honest when making payments in the past !!
I am sure the truth will filter out at some point as we mushrooms are getting tired of the SOS
 
I guess the IBT could have done what they always did in the past and set up a picket line !!
That would solve the problem now would it not ?
 
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