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Yellow | Central States Pension Fund Benefit Reduction Letter!

UTR906 said:
I worked at a 2% rate from 1978 to 2003. After that it went to 1% until I retired. From the way I read it, the entire contribution rate for my 27 years will be recalculated at 1%. Sounds like a 50% cut to me! Let me clarify when I say a 2% rate I mean my retirement check was 2% of my total contributions.
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A steady multiplier of 2 would make for one nice retirement even if it ended in 2003. That's a damn shame you're getting cut in half, sorry to hear of it. It's going to be hard for some to keep their cool throughout this bumpy ride.
 
ghoulardi said:
I think it time to head to D.C. This Fourth of July weekend. There is nothing better I would like to see or be part of thousands of union members on the White House lawn. Let's make it happen!!!!
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:lmao:What are you smoking man? I want some of it. July 4, is passed. If you mean July,4,2016 it will be 3 days to late. :scratchhead:
 
ESP said:
:lmao:What are you smoking man? I want some of it. July 4, is passed. If you mean July,4,2016 it will be 3 days to late. :scratchhead:
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After this bad news about our pensions, we all want to "kiss the sky"!

Purple Haze was in my brain,
lately things don't seem the same,
actin' funny but I don't know why
'scuse me while I kiss the sky.

Purple Haze all around,
don't know if I'm coming up or down.
Am I happy or in misery?
Whatever it is, that pension fund put a spell on me.

Purple Haze was in my eyes,
don't know if it's day or night,
you've got me blowing, blowing my mind
is it tomorrow or just the end of time?
:guiness:
 
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Freightmaster1 said:
After this bad news about our pensions, we all want to "kiss the sky"!

Purple Haze was in my brain,
lately things don't seem the same,
actin' funny but I don't know why
'scuse me while I kiss the sky.

Purple Haze all around,
don't know if I'm coming up or down.
Am I happy or in misery?
Whatever it is, that girl put a spell on me.

Purple Haze was in my eyes,
don't know if it's day or night,
you've got me blowing, blowing my mind
is it tomorrow or just the end of time?
:guiness:
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:guinesssmilie:Right back at you,HIGHWAY HERO.
 
WbIPWaj.jpg


The end of time.
 
I have some questions. The letter was 13 pages. Not all were posted here. How was the 50% reduction figure arrived at? Does the reduced rate that YRC companies pay into the fund factor in? Does Central States just give you a number without explaining how that number was arrived at?
 
BaBaLoo said:
I have some questions. The letter was 13 pages. Not all were posted here. How was the 50% reduction figure arrived at? Does the reduced rate that YRC companies pay into the fund factor in? Does Central States just give you a number without explaining how that number was arrived at?
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That is correct ask no questions, and pay no attention to that man behind the central states curtain.
 
ABFer said:
What do you mean by 2% contribution rate? Where did you get that number?
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The 2% Pension Benefit. Another broken pension promise by CSPF! It was a very good deal for the 17 years it was in effect from 1986 to 2003. Many of our Teamsters Brothers and Sisters took advantage of it an accrued some nice benefits. See the brochure from late 1999 from CSPF below...

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SpHl10i.jpg

:17:
 
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Freightmaster1 said:
The 2% Pension Benefit. Another broken pension promise by CSPF! It was a very good deal for the 17 years it was in effect from 1986 to 2003. Many of our Teamsters Brothers and Sisters took advantage of it an accrued some nice benefits. See the brochure from late 1999 from CSPF below...

WrvOo0j.jpg

h8NkLpi.jpg

uo3fIFy.jpg

SpHl10i.jpg

:17:
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In the example above from 1999, "Alex" is now 41 years old, got his 2% accrual rate whacked to 1% in 2003, now will get whacked again under MEPRA, and will only accrue at the .75% accrual rate. Right now at YRC Freight that's a $27.30 a year accrual onto his pension ($70 a week contribution times 52 weeks x .75%)!

:chairshot:
 
Almost funny to look at it now as see we were fed a line they we would get $6188 per month after 35 years!!
 
In my humble opinion, we, the rank and file Teamster participants of the CSPF, are being asked by our employers to balance their books on the backs of the active and now retired participants of the Fund. The CSPF trustees have capped ABF's contribution, and lowered the contribution for YRCW companies to supposedly "keep their doors open" all why telling us that the Fund is in big trouble. And those are just two of the employers that we know about! And don't forget the Kroger deal too! WTF! Will the CSPF ever be investigated? Stay tuned!

:6817:
 
Freightmaster1 said:
After this bad news about our pensions, we all want to "kiss the sky"!

Purple Haze was in my brain,
lately things don't seem the same,
actin' funny but I don't know why
'scuse me while I kiss the sky.

Purple Haze all around,
don't know if I'm coming up or down.
Am I happy or in misery?
Whatever it is, that pension fund put a spell on me.

Purple Haze was in my eyes,
don't know if it's day or night,
you've got me blowing, blowing my mind
is it tomorrow or just the end of time?
:guiness:
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Careful of that stuff. Jimi Hendrix choked to death on his own vomit.
 
Freightmaster1 said:
The 2% Pension Benefit. Another broken pension promise by CSPF! It was a very good deal for the 17 years it was in effect from 1986 to 2003. Many of our Teamsters Brothers and Sisters took advantage of it an accrued some nice benefits. See the brochure from late 1999 from CSPF below...

WrvOo0j.jpg

h8NkLpi.jpg

uo3fIFy.jpg

SpHl10i.jpg

:17:
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Central states for a while got a 15% return on their money. After that time interest rates dropped to almost nothing. that's why you can buy house at 3% . Back in the mid-80s interest rates skyrocketed to almost 20%. So returns on our pension fund was huge. Now you can borrow money for nothing but in return your CDs and most of your 401(k) and pension make almost the same rate of return. cheap interest isn't such a good thing unless you are the borrower not the borrowee. I'm sure I spelled that wrong
 
Mid eighties interest FELL to 15%. Carter caused 22% interest in the late 70s/ 1980. I was a heavy hauler in those days and had no work. No one was buying $200,000 machinery at 22% interest...

Seniors living off their savings could double their account every 7 years in those days. Now it's virtually zero.
 
jimmy g said:
Mid eighties interest FELL to 15%. Carter caused 22% interest in the late 70s/ 1980. I was a heavy hauler in those days and had no work. No one was buying $200,000 machinery at 22% interest...

Seniors living off their savings could double their account every 7 years in those days. Now it's virtually zero.
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My folks did that very same thing. Even got toasters, TV's, silverware, other things when they moved their CD's around.
 
This is exactly why the Western States Pension Fund opted to not allow YRC to contribute at a reduced rate of 25%. YRC had to instead put that 25% into a 401K for teamster employees in July 2011, which preserved the benefits for those already retired and reduced the benefit for those still working but still gave the 25% in a separate fund able to be accessed at age 59&1/2 along with the reduced pension benefit.
 
flat top said:
Got my letter yesterday. I have 24.9 years credit as of dec 2014. All my time was with yrc and another company that is still in cspf. Im still working and my pension benefit would have been $2205 but now will be $1501. So a 32% cut.
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That's almost identical to my cut.
 
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