The way an "orphan" is defined will be interesting to see. What if a guy leaves one company and goes to a second company and the first company shuts the doors after the guy is already at the second. Is he considered an "orphan"? What if a guy is already vested and leaves his company to go to work in another craft and his original company then shuts the doors. Is he considered an "orphan"? Some situations don't seem to fit the mold.
Yellow | Central States Pension Fund Rescue Plan
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The way an "orphan" is defined will be interesting to see. What if a guy leaves one company and goes to a second company and the first company shuts the doors after the guy is already at the second. Is he considered an "orphan"? What if a guy is already vested and leaves his company to go to work in another craft and his original company then shuts the doors. Is he considered an "orphan"? Some situations don't seem to fit the mold.
Attrition? Isn't that the song Tevye sang in "Fiddler On the Roof"?
There are many singing If I were a Rich Man!
Attrition/Tradition. 'At this point, what difference does it make?'
For what it's worth (exactly nothing) here's my guess concerning your scenarios. First case, the guy retires from his second company which remains in business and continues to contribute to the fund. Even though his first employer went out of business without paying the withdrawal fees I'd say he would NOT be considered an orphan. His last employer remains a contributor. Second senario, guy leaves enters another field, his contributing employer goes under without paying withdrawal assessment. Yup I'd say he'd be an orphan. My situation is the same as a lot of others on this board. We retired, our employer was in good standing and continued to contribute after we retired. Two years after I retired they closed without paying their assessment. Now I'm an orphan. My last employer didn't pay the assessment.
joes bar and grill
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That's a good question, I am in that category. I am assuming that the job I left 30 some years ago paid my portion in full, why should I take a cut? I am not in cspf so it may not matter.
These are good questions to ask on Tuesdays Town Hall conference call. It will be interesting to see how many they will actually answer.
Cab Lizzard
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Had two guys who worked for ANR and came over to Yellow after ANR folded. They worked two years and retired and were not concidered orphan's.
Exactly right. That's how I see it. But if YRC were to fold sometime in the future and not pay the assessment, then they'd be considered orphans and so would the guy who worked for YRC for the last 30 years. Its kinda like retiring on a banana peel. Under these new rules you may wake up some day after you retire and find that your previous employer closed, you are now an orphan and because your old employer did not pay the withdrawal penalty your pension has been cut. That's exactly where a lot of us are now. We worked for Duff, Alvan, CF etc etc. they were paying even after we retired but later closed. Now we're Orphans.
If you've collected for 30 some years, cuts won't get you. The Grim Reaper will. And if he doesn't come soon, the Fund will send Goons to make it happen....
I worked for Preston 12 years credited, and Yellow Freight 10 years credited. Have three letters from CSPF saying I can retire at 62 because I resigned before YRC merged or missed a payment. And now one saying I can retire at 65 because YRC missed payments and they are 'my' company. So,... Who really knows? Actually, YF and Roadway may eventually be called orphans, since they are no longer in biz? Right now, YRCW is 'Rehabilitation'. That sounds like the Fund still expects to be made whole....
I think the phrase spoken by Alice in Alice in Wonderland could well apply here. The situation becomes more "Curiouser and curiouser".
freight jockey
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Once you leave one company under CS and put in 180 days at another you fall under the jurisdiction of the second company. We had a guy leave and put in exactly 182 days of credit and he escaped the YRC pension penalty. I think what will define an orphan is if the the last company you worked for (and had at least 180 days of credit into) is still in good standing with CS.
I had 30 yrs. credit in CS and left my previous employer who is still in good standing with CS and went to a YRC company, unfortunately I fall under the YRC pension penalty. What was I thinking ?
bigtruk_us
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The Orphan thing is what the administrators of said fund want us to believe.The fund administrators are wrong.They don't want us thinking of any wrongdoing on their part.Normally an investigation or internal audit would be performed in this case.Nope they cut to the chase and want others to pay for their descrepancies and or iirregularities
I have this from a good source, that no Orphan will receive a cut at all. Because they have already suffered the loss of their Parent company. The first and foremost cuts will go to the ones still working and are employed by YRCW. They will only receive 75% cut of the max amount. Anyone who is retired and their company is still in business, will receive a 60% cut in pension. Now if anyone is going to come gunning for me, I have moved to the 'Land of Last". Since we are all wondering about the possible outcome. I love my source the best. Let's all be on that call 4/14/2015. Lets all send Miss Susan, as letter. I have no ideal how anyone will deal with $750 to $2000 cuts per month. God help us all. However my source is correct and I am safe. 
Drug tests are coming...I have this from a good source, that no Orphan will receive a cut at all. Because they have already suffered the loss of their Parent company. The first and foremost cuts will go to the ones still working and are employed by YRCW. They will only receive 75% cut of the max amount. Anyone who is retired and their company is still in business, will receive a 60% cut in pension. Now if anyone is going to come gunning for me, I have moved to the 'Land of Last". Since we are all wondering about the possible outcome. I love my source the best. Let's all be on that call 4/14/2015. Lets all send Miss Susan, as letter. I have no ideal how anyone will deal with $750 to $2000 cuts per month. God help us all. However my source is correct and I am safe.
joes bar and grill
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I am not collecting at all, that's when I left my IBT job and took an IATSE job.
What if you leave company A, then go to company B, then company B closes, and you hire back on with company A again? Does that make you an orphan once removed?
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I'm not gunning for you,but your information is totally incorrect.....KKI have this from a good source, that no Orphan will receive a cut at all. Because they have already suffered the loss of their Parent company. The first and foremost cuts will go to the ones still working and are employed by YRCW. They will only receive 75% cut of the max amount. Anyone who is retired and their company is still in business, will receive a 60% cut in pension. Now if anyone is going to come gunning for me, I have moved to the 'Land of Last". Since we are all wondering about the possible outcome. I love my source the best. Let's all be on that call 4/14/2015. Lets all send Miss Susan, as letter. I have no ideal how anyone will deal with $750 to $2000 cuts per month. God help us all. However my source is correct and I am safe.
