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IMPO.Look for ABF to ask for relief on payments to CSPF in the near future....KK
Yellow | Central States Pension Fund Rescue Plan
- Thread starter demastus
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That should be a priority in my opinion.
Can anyone help me out here and answer this? During the Town Hall call tonight my phone cut out. There was a question about UPS retirees. I know this is a YRC board but did I hear this right? UPS retirees will be treated differently depending when they retired? Am I understanding that those who retired before UPS left the fund will be subject to a cut while those who retired after they left will not experience a reduction? If that's the case then some early UPS retirees will be treated the same as say a ABF retiree. I know those who retired after UPS departed are covered partially by CSPF and partially by the UPS plan and are going to be largely unaffected but I was under the impression that all UPS retirees would not be affected. Thanks.
Coop, you heard exactly what I did. That is about the only thing that was kind of cleared up for me. I hate to say this, I thought the whole thing was canned. The questions were from his opening speech, he knew the answers to quick. Just opinion. I pushed star three at the very start and never got asked what my question was. I stayed on and left a floating message to be found in outer space.
I listened to the second call. My UPS question was answered. It seemed to me that he danced around the orphan question. My understanding is still that orphans benefits are REQUIRED under the statute to be reduced to a level of 110 percent of the PBGC insured amount BEFORE anyone who is active or who retired from a still contributing employer will take any type of cut. I have no doubt about the critical funding status the fund finds itself in. If you have been paying just a little bit of attention over the years you know that the financial picture of the fund has been deteroriating. I guess that it's the question of equitibility and fairness that concerns me.
Yup that's it. Thanks.
You and I are on the same page here. We both know that something needs done and the cuts are necessary. We both want to be treated fairly and equal. Think about this, All Orphans have had their full pension paid in. One step farther, The fund was set up to protect the teamsters that were in fallen companies. After retiring the Orphans had contributions paid in on their behalf by the left over active companies. Which is how the rules were written. The New law states this has to be fixed. So be it. It will be fixed on the backs of the current and future retirees. Not the companies. If we are True Teamsters, we will all dig into our pockets and save this thing together. ( we do not have a choice on that) That my friends is or should be equal cuts as the frame work of the pension has been all along. Everyone gets an equal piece of the pie. Someone on the call, wanted the orphans to be singled out. I cannot for the life of me. figure out how any one teamster is more important than another. This new fix, will insure that all of us will keep getting our pensions, at a smaller rate and the new retirees' will get a pension also. Why does an Orphan have to take a bigger hit? It is what it is, But if that happens, then it is discrimination. Every Orphan, should be sending a letter to Susan Mauren, now and I mean thousands of letters saying this same thing. Email: [email protected]
imported_pamlico
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Department of Treasury has 180 days from December 16, 2015 to have the rules in place governing the law. So give or take a couple of days it looks like June 16, 2015 will be it. We should be hearing from CS shortly thereafter.
Trying to read all of this to make sense of it. Based on past letters we've received, we knew the fund was paying out more than it was taking in. My husband left Consolidated Freightways in 2000 before they closed in 2002. We have 11 years of Contributory Credit toward his pension. He has a Withdrawl Card. Since he left before CF closed, he is not an Orphan, right?
Hi 18. First and foremost I am not an authority on this or MEPRA but here's my take on the facts you presented. I do not believe that CF paid their full withdrawal penalty to the fund. The fund did recover some of their claims against CF but I do not believe they were successful in recovering it all. In my opinion YES your husband would be considered an orphan. Your situation is similar to mine. I also retired from a carrier who two years later closed without paying the withdrawal assessment. I am considered an orphan by the fund. As for the withdrawal card it has no relevance in this matter. It only allows him to return to the craft without paying his initiation fees.
freight jockey
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Yes he would be an orphan, CF was his last employer that contributed to the fund.
The only way he could have escaped this was to put enough contributory time (180 days) in with another employer in good standing paying into the fund.
I believe multiemployer plans are now required to vest at a minimum of 5 years. It used to be 10. That change alone of course increased the number of vested participants with claims on the fund. I have no idea how much someone with short term contributions would be entitled to.
imported_pamlico
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CONTRIBUTION-BASED PENSION
REQUIREMENT
There is only one requirement for the ContributionBased Pension. You must have at least 5 years of
Vesting Service. If you do not have any Employer
Contributionson or after January 1, 1999, you must
have 10 years of Vesting Service.
CONTRIBUTORY CREDIT PENSION
REQUIREMENTS
To qualify for a Contributory Credit Pension you must
have earned some Contributory Credit before 2004,
and upon retirement you must meet the Contributory
Credit requirement which applies to your established
Benefit Class and your Qualifying Age.
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Yes......you are vested at 5 years......anything under 20 years cannot be claimed until age 65.....anything over 20 can be claimed after age 62 with penalties. ....KK
We May have escaped it then because he was an employee of Roadway for two years and they made full contributions. He left before they were bought out by YRC.