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ABF | Central States Drops Pension Cut Bomb

So far it sounds vague. What are the cuts going to be? No doubt that this is only the beginning...the first step...then the others will follow suit. This makes me mad and I'm not even in that fund. I can definitely see someone going off the deep end shortly.
 
So where did the money go? The companies paid money into the fund, which builds gains (in theory) as the money is invested. Drivers have been orphaned by ltls going out of business, but their employer's contributions should cover their years of service til their date of orphanage. That and I assume most orphans that still were of working age went to other union lines. Either way their years of service should be covered right? So where's the money? It doesn't just disappear right?
 
Let's tie all the Officer's pensions,.... And I mean ALL of them,.....to the Central States Fund. I'll bet we'd see a quick solution then. And while we're tying things,....let's tie a few officers to the railroad tracks, so they can feel what it's like being railroaded..
 
Songremainsthesame said:
So where did the money go? The companies paid money into the fund, which builds gains (in theory) as the money is invested. Drivers have been orphaned by ltls going out of business, but their employer's contributions should cover their years of service til their date of orphanage. That and I assume most orphans that still were of working age went to other union lines. Either way their years of service should be covered right? So where's the money? It doesn't just disappear right?
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Not quite right, these companies left the fund without paying there withdraw liabilities. This is why there called orphans, your withdraw liability pays for the money loss from compound interest gains promised.
 
ltl1 said:
Not quite right, these companies left the fund without paying there withdraw liabilities. This is why there called orphans, your withdraw liability pays for the money loss from compound interest gains promised.
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So why is it the retirees fault? Our thirty years was paid in.
 
I can't see cutting a retiree's pension and I will never support that idea. How can you take money from a retiree? They have no way to recoup that loss while those of us who are still working are able to make the necessary changes in our lives to deal with the hardship.
 
ABFer said:
I can't see cutting a retiree's pension and I will never support that idea. How can you take money from a retiree? They have no way to recoup that loss while those of us who are still working are able to make the necessary changes in our lives to deal with the hardship.
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ABFer and Disgruntled, I don't like it either. The Law is passed and the fund must be fixed. It will be fixed on the backs of the Teamsters, both active and retired. Since no one is going to bail us out including the government ( who by the way is bailing out millions of new Americans ). We will shoulder this burden, but it must be fair and equal across the board, or it is discrimination. ABFer, I would not feel right, if only the actives had to take cuts. That is not fair. I do believe most retirees can afford to adjust to a 30% cut, without going to the poor house. BUT A 60% CUT WOULD BE A REAL KILLER! even for me, and I live within my means.
 
ESP said:
ABFer and Disgruntled, I don't like it either. The Law is passed and the fund must be fixed. It will be fixed on the backs of the Teamsters, both active and retired. Since no one is going to bail us out including the government ( who by the way is bailing out millions of new Americans ). We will shoulder this burden, but it must be fair and equal across the board, or it is discrimination. ABFer, I would not feel right, if only the actives had to take cuts. That is not fair. I do believe most retirees can afford to adjust to a 30% cut, without going to the poor house. BUT A 60% CUT WOULD BE A REAL KILLER! even for me, and I live within my means.
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Sounds to me like you already gave up the farm. What makes you an expert at knowing what retirees can afford or not afford?
 
nounionfool said:
Sounds to me like you already gave up the farm. What makes you an expert at knowing what retirees can afford or not afford?
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I gave up hope a long time ago. There is a difference between knowing what's right and knowing what's attainable. I try my best to be realistic and I don't fight fights I know I can't win. I don't consider myself an expert just because I can see the obvious. How 'bout you retire then we come cut your payments in half and see how you cope with it.
 
ABFer said:
I gave up hope a long time ago. There is a difference between knowing what's right and knowing what's attainable. I try my best to be realistic and I don't fight fights I know I can't win. I don't consider myself an expert just because I can see the obvious. How 'bout you retire then we come cut your payments in half and see how you cope with it.
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Did you see who I quoted? Why are you so quick to get your panties in a twist? Are you sure you want to get into this with me since its obvious that you gave up hope a long time ago and don't fight fights that you know you can't win? To answer you question about me coping with retiring and getting my payments cut in half. I will deal with it as it comes but one thing for sure, you can count on me never giving up hope because I do fight fights that I know theres a chance I may lose.
 
nounionfool said:
Did you see who I quoted? Why are you so quick to get your panties in a twist? Are you sure you want to get into this with me since its obvious that you gave up hope a long time ago and don't fight fights that you know you can't win? To answer you question about me coping with retiring and getting my payments cut in half. I will deal with it as it comes but one thing for sure, you can count on me never giving up hope because I do fight fights that I know theres a chance I may lose.
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For a new member here you come out guns blazing, God's gift to us all, soothsayer of soothsayers. Seeing as you're from Louisville, KY you might already know how the UPS barns got railroaded down there. If that's not a demonstration that hope is lost with Hoffa and Co. nothing is. Tell us oh great one how they voted their stuff away like the 'vote 'til you get it right' folks at YRC did. And you can fight any fight you want, I'll pick the ones that I stand a chance of winning after I assess the situation. As for getting into it with you if I feel you are wrong I'll speak up. :notworthy:
 
ABFer said:
I gave up hope a long time ago. There is a difference between knowing what's right and knowing what's attainable. I try my best to be realistic and I don't fight fights I know I can't win. I don't consider myself an expert just because I can see the obvious. How 'bout you retire then we come cut your payments in half and see how you cope with it.
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ABFer...when you have a moment could you email me? I've got some things happening at our barn that I'd like to run past you. [email protected]
 
nounionfool said:
Sounds to me like you already gave up the farm. What makes you an expert at knowing what retirees can afford or not afford?
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I am stating the truth, If you watch the forum you will know I am not for any cuts at all. However reality is here, you may not know as most people who are not on here much did not know till the Central States Letter was received last week and then the follow up Town hall call from CS. I am still fighting the fight, letters to senators and the Congress. I do not believe much can be done about this, as new Laws are hard to cancel or change. There is a real problem with the pension fund, that is why the law was slipped in with the spending bill to pass. Real fast, no one knows what the cuts are or look like, we will all receive letters in June or July, detailing each ones personal cuts. The cuts can range from 60% for Orphans and 30% cuts for all other current retirees, 75 to 80 a sliding scale cut to max. 80 and over no cut. Disabled pension holders no cut. I can only assume those making less than 1200 will receive no cut or not much of one. I may have left some one out, sorry. I am fighting for equal cuts across the board to everyone. I know I have a snowball chance in hell of getting my way. I did not give up. I see reality, I am saying it would be better to receive a 30% cut than a 60% cut. We are all Teamsters, we are all Equal. We are all going to fix this thing,( because the law says we are ) no one else is going to bail us out. The Law is passed. Thanks for asking me. Jump on me anytime you want to. I have sent over 2000 letters and emails since December, how many have you sent? Thanks for joining trucking boards.
 
nounionfool said:
Did you see who I quoted? Why are you so quick to get your panties in a twist? Are you sure you want to get into this with me since its obvious that you gave up hope a long time ago and don't fight fights that you know you can't win? To answer you question about me coping with retiring and getting my payments cut in half. I will deal with it as it comes but one thing for sure, you can count on me never giving up hope because I do fight fights that I know theres a chance I may lose.
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Hey since you're in the know on everything maybe you have the skinny on the latest on our contract I've heard about. Just a rumor to me but I've heard that the IBT and ABF and/or YRC agreed to pay part time dock casuals more money than the contract calls for. No vote on our part just a gimme for people who aren't even employed by the company(s) at this time. Is this fact or fiction? Inquiring minds want to know.
 
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