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Yellow | Central States Buyout

justatruckn said:
Heard a rumor that all union ltl are trying to buyout central states thanks to abf president lets see how strong these unions really are i think their gonna let it happen and screw us all and its really sad cause i lost a ton of senority at :eck13: a non union to come over here and now im gonna get the shaft
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Hey did your ton of seniority mean anything at that non-union job?
 
zippersbs said:
A signed contract between the Teamsters the Rank & File & Central States would help solidify our pension. If we could make sure that a "Minimum of EX amount of dollars" of every hour earned is put towards & "ONLY TOWARDS" our pension, it would help secure our pension will be there. Right now all the money taken out for pensions, there is no guaranteed dollar amount towards the workers pension ( make this a strikable issue). Our money is being spent on stuff that DON'T even include us (the Rank & File). Central states calls it "Administrative Costs" I calling it pi**ing my money away. I don't remember saying they could take part of my pension money & build that multi-milion dollar glass house for them to work at. Nor do i remember allowing all the employee parties, the million dollar raises to the CEO's & COO's of Central Sates & all the meaningless acts. When Central Sates put the shaft to us a few years back, i called the federal pension board in Cincinnati, Oh. & asked how this could happen & if it was legal, the guy told me off the record that with no contract between the Rank & File, Teamsters & Central States that the money can be spent anyway the trustees see fit & the amount being set aside now (voted by the trustees) can be changed anytime they want. Before we forget, the big dogs didn't lose pension, health & welfare or any other bennies. The only thing that is guaranteed under the NMFA is that we have a pension. The amount we retire with can be & (already has been) changed anytime the trustees see the need to, we (the Rank & File) have nothing to say about it. All we can do is hope that they negotiate in good faith on our pension. There is no contract stating how much must be set aside for pensions & how much for other uses. We have a contract (NMFA) that says how much to deduct for each hour & worker, but, not how much must be put towards our pension. The Linehaul drivers have been getting screwed for a while, Linehaul drivers can only collect on a max of 5 days, but we have 6 day bids. Its stated in the NMFA that extra board drivers must do 6 trips before ETO. We need to be paid for EVERY DAY WORKED. Remember this at contract time, we can either sit back & let somebody else dictate how much were worth. or, We can have "EX" amount set aside for our pensions use "ONLY" & put in writing. I know not all will agree, its America we have that right, but, i think we all agree that the foolish spending of our hard earned money has to stop.
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What you say is all good and well and probably right, except that even if all that happened, what protection does anybody have if Yellow ever goes under? The fund could never sustain such a hit and keep on paying out. It might not happen( and probably won't) anytime soon, however it still needs to be solvent long after we all retire to be worth it. That's quite a while from now. I don't like those odds. If you were playing with those odds in Vegas, you would lose your shirt.
 
If the money that is taken out for each member is put into a protected fun, say a money market, cd's or something with a minimal loss guarantee or just sits in a bank drawing interest, it will be there when that member retires. I understand what your saying about if Yellow goes under, but, there's probably no way the fund would last if any of the bigwigs went under.
 
zippersbs said:
If the money that is taken out for each member is put into a protected fun, say a money market, cd's or something with a minimal loss guarantee or just sits in a bank drawing interest, it will be there when that member retires. I understand what your saying about if Yellow goes under, but, there's probably no way the fund would last if any of the bigwigs went under.
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That is the reason that I like the 401K option. I don't want to have to keep worrying about someone going out. There are MANY other reasons why I like the 401K but that might be the biggest. I just want to control my own retirement. Then also if I retire and want to take a part-time job just to piddle around I can. I won't need to worry about the fund not "allowing" it.
 
yes it did i had better than most benefit wise and i was living comfortable except for the retirment part all i had was a 401k and it was hard to put a bunch in it because i am the only one working my wife stays home with my girls and i thought going to a union company would benefit me but im having second thoughts now and most of the guys i work with are just sorry and belive it or not the company i left the managment treated us fair and was good to work for unlike my bosses now that are just stupid and do things backward.but i guess i should ride it out good luck to all.
 
Consider the following:
Let's say you worked for McClean for two years, then got on with Smith for a couple, then worked for BeMac for 2.5 years, went to CF after they went under, worked at CF for 2.75 years before they closed too. Now you have been at Yellow/Roadway/ABF for five years. With a standard 401K that requires 3 years to be vested, how many years of employer contributions have you accumulated toward your retirement?


Answer? The 5 at your current employer. You lost the others when they didnt stay in business long enough for you to vest.

Just a thought
 
There is no vesting in a 401K for the money you put in. It's your money from the start. That's the whole purpose of a 401K. If I am wrong, please let me know what I'm missing.
 
Flattop said:
There is no vesting in a 401K for the money you put in. It's your money from the start. That's the whole purpose of a 401K. If I am wrong, please let me know what I'm missing.
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Thats right, the money "YOU" put in. The PENSION money is all "COMPANY" money. Put all the money you got in your 401k, the PENSION is a bonus. Now if you don't want to take a chance on that (PENSION} bonus, then go to conway, they don't have a PENSION. Mustache Retired Roadway.
 
nightshadow said:
Consider the following:
Let's say you worked for McClean for two years, then got on with Smith for a couple, then worked for BeMac for 2.5 years, went to CF after they went under, worked at CF for 2.75 years before they closed too. Now you have been at Yellow/Roadway/ABF for five years. With a standard 401K that requires 3 years to be vested, how many years of employer contributions have you accumulated toward your retirement?


Answer? The 5 at your current employer. You lost the others when they didnt stay in business long enough for you to vest.

Just a thought
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You didn't miss anything, mustache or ft, you are 100% correct. We agree 100%. A previous post talked about $240 per week going into a 401K as it does into Central States. My point was that there is usually a service requirement to vest anything the employer contributes, see my previous post with some emphasis added.
 
One of the biggest problems with 401k is that only about 5% actually retire on a 401k. All kinds of financial companies stats have proved this. Couple of the reasons make a lot of sense. Its said that the common family/person will get into a financial bind atleast once every 10 years (medical, job related, natural disaster, etc...) or are not discipline enough to keep from drawing on their 401k for stuff like boat, house, college, etc...
 
Don't forget that you can move your 401K to another broker or investment type if you are unhappy with the results you are getting. I wonder if those stats include people who moved their money with those who actually used it early. All that said, if someone lacks the discipline to use their retirement savings for retirement instead of a dually or a boat, there is an old saying about things that you can not fix that applies.
 
I don't understand the debate. Start your own damn 401 K through the Teamsters, and a Roth IRA through any investment house and you'll have more money than you know what to do with when you retire. And ya know what, you still have a pension like I do and a couple hundred thou or more in your investment, which I'll never have to touch. Max out your contributions, pay yourself 1st. Sell the 40,000 pickup, start acting and living like your concerned for your future. It will be here before you know it. :1036316054:
 
TheBigR said:
I don't understand the debate. Start your own damn 401 K through the Teamsters, and a Roth IRA through any investment house and you'll have more money than you know what to do with when you retire. And ya know what, you still have a pension like I do and a couple hundred thou or more in your investment, which I'll never have to touch. Max out your contributions, pay yourself 1st. Sell the 40,000 pickup, start acting and living like your concerned for your future. It will be here before you know it. :1036316054:
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AMEN Big R.....as I always say...."ACT YOUR WAGE!"...KK:smilie_132:
 
BigMac said:
And your point about YRCW folding is quite laughable I might ad.
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I can't even believe this statement came out of the mouth of a Teamster!

I remember it like it was yesterday, the drivers standing around in dispatch at Ryder/PIE in Danville IL. saying "this place will never go under, it will be the last one standing". Almost seemed reasonable at the time. Ryder/PIE was owned by IU International, an international water utility company that had just opened it's own gold mine in the arctic circle.

Or in the summer of 2002 the talk at CF. Everyone was making predictions, while I found them hard to believe and thought we had a few more months, maybe until 2003. I went ahead and scheduled a weeks vacation for the 1st week of September and asked for the vacation to be pre-paid. They closed while I was on vacation.

No company is to big or to important to close. Any of them can be replaced.
 
Haven't you guys heard of the Pension Benefit Guarantee Corp? Its a government entity that takes over pensions, to make sure the vested members all recieve a similar portion of the money in the fund. No one would lose all their pension if YRC ever went belly up.
 
vwaggs said:
Haven't you guys heard of the Pension Benefit Guarantee Corp? Its a government entity that takes over pensions, to make sure the vested members all recieve a similar portion of the money in the fund. No one would lose all their pension if YRC ever went belly up.
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You are correct but they do limit the amount a pensioner can draw. My understanding is that when CF closed the company pension was taken over because it was underfunded. This way the managers got a pension but many of them took big cuts from what they had been promised. I believe at the time the maximum was about $1600 a month.
 
xcornflake said:
I can't even believe this statement came out of the mouth of a Teamster!

I remember it like it was yesterday, the drivers standing around in dispatch at Ryder/PIE in Danville IL. saying "this place will never go under, it will be the last one standing". Almost seemed reasonable at the time. Ryder/PIE was owned by IU International, an international water utility company that had just opened it's own gold mine in the arctic circle.

Or in the summer of 2002 the talk at CF. Everyone was making predictions, while I found them hard to believe and thought we had a few more months, maybe until 2003. I went ahead and scheduled a weeks vacation for the 1st week of September and asked for the vacation to be pre-paid. They closed while I was on vacation.

No company is to big or to important to close. Any of them can be replaced.
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I never said it couldn't happen. I just think at this point in time it's quite laughable to think that YRC would fold. Just because others have doesn't mean others will.
 
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