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electraglideatl

electraglideatl

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Just got off the phone with a gentleman way up the ladder and I will not mention no names because it isnt official but he told me that yrc is not in default or entering into a rehab plan unless yrc defaults in dec. 2010 and then you would be affected ..........If they re-enter back into the plan no problems and if they go bankrupt you will not be affected......For now this is good news for recent retirees so lets hope and pray yrc enters back into the pension fund in 18 months.......nuff said for now.......:TR10driving03:
 
If I understand what your saying, then it should also be good news for anyone retiring in the next 4 months, meaning they would get their 13 checks before 12- 2010. Is that the way you understand it? If this is true the flood gate of folks leaving should open wide.
 
electraglideatl said:
Just got off the phone with a gentleman way up the ladder and I will not mention no names because it isnt official but he told me that yrc is not in default or entering into a rehab plan unless yrc defaults in dec. 2010 and then you would be affected ..........If they re-enter back into the plan no problems and if they go bankrupt you will not be affected......For now this is good news for recent retirees so lets hope and pray yrc enters back into the pension fund in 18 months.......nuff said for now.......:TR10driving03:
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Ok you can wake up from your dream now
 
TeamCujo said:
If I understand what your saying, then it should also be good news for anyone retiring in the next 4 months, meaning they would get their 13 checks before 12- 2010. Is that the way you understand it? If this is true the flood gate of folks leaving should open wide.
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If yrc defaults at the end of the 18 month termination period then central states will go all the way back to july 2009 and cut our pensions according to the 65 yr rule minus 6% for each yr under 65....just hope that yrc re-enters jan 1 2011.....Go to your locals and this should be brought out for all to understand.......Now he also told me if yrc goes bellyup then you are not affected until the govmt would take it over then we will all be cut back.......nuff said........:TR10driving03:
 
electraglideatl said:
Just got off the phone with a gentleman way up the ladder and I will not mention no names because it isnt official but he told me that yrc is not in default or entering into a rehab plan unless yrc defaults in dec. 2010 and then you would be affected ..........If they re-enter back into the plan no problems and if they go bankrupt you will not be affected......For now this is good news for recent retirees so lets hope and pray yrc enters back into the pension fund in 18 months.......nuff said for now.......:TR10driving03:
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Is it possible to get this explanation in writing for everyone to read and understand
 
Electra....

Not to muddy the water here....but....

If after the 18 months have passed and in January of 2011 YRCW starts making contributions once again to the plan, BUT, the contributions are less than those required for the Primary Schedule and made instead under the Default Schedule I would expect that the Fund would naturally impose the Default Schedule on retirees.

SOOOOOOO if true, would it not be better for someone to leave now rather than wait until 2011 and take the chance of falling under the Default Schedule?????

Remember I'm not speaking of the RPW but the Default Schedule.
 
electraglideatl said:
If yrc defaults at the end of the 18 month termination period then central states will go all the way back to july 2009 and cut our pensions according to the 65 yr rule minus 6% for each yr under 65....just hope that yrc re-enters jan 1 2011.....Go to your locals and this should be brought out for all to understand.......Now he also told me if yrc goes bellyup then you are not affected until the govmt would take it over then we will all be cut back.......nuff said........:TR10driving03:
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No it is not enough said. What will a full pension be cut back to if and when the government or more specifically, PBGC takes over Central States for those drawing a full pension of $3000?

And more specifically, is it your point that it doesn't matter to those currently retired if YRC stays or goes. What is the point of having the above information?
 
sirduckjr said:
No it is not enough said. What will a full pension be cut back to if and when the government or more specifically, PBGC takes over Central States for those drawing a full pension of $3000?

Multiemployer benefit guarantees (PBGC.gov)

Maximum guarantee

(ERISA Sec. 4022A(c))

The current multiemployer maximum benefit is:

100% of the first $11 of the monthly benefit rate, plus
75% of the next $33 of the monthly benefit rate, times
participant’s years of service.

That figure is $35.75 times years of service.

30yrs. times $35.75 = $1,072.50
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Where's The Bulletin?!

truckchick1 said:
Is it possible to get this explanation in writing for everyone to read and understand
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I would hope that Central States is getting ready to issue a bulletin with all the details BEFORE our local meeting this weekend! How can members make an informed vote if they don't have all the details? I know the IBT wants a "quicky vote" to make YRCW happy....but this is ridiculous!:Flame-On:
 
freightmaster1 said:
I would hope that Central States is getting ready to issue a bulletin with all the details BEFORE our local meeting this weekend! How can members make an informed vote if they don't have all the details? I know the IBT wants a "quicky vote" to make YRCW happy....but this is ridiculous!:Flame-On:
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I agree, we need to see something in writing. What someone says over a phone call doesn't cut it. I want it on paper so we can make a decision.
 
The question that no one is asking is what will YRC not paying for 18 months due to the level of underfunding in Central States, plus other underfunded plans.

That weekly payment YRC is making on behalf of their workers is presently going to support not just YRC people, but also all of the so called orphans, i.e. folks who are drawing a pension, but their employer is now long gone. This is the root cause of the underfunding, amoung others.

Central States is 40% to 45% funded today. Stock market is going nowhere. Now they are letting their biggest contributor, bar none, an 18 months freebee.

Who is going to pick up the slack for CF, Preston, etc. etc.????

My continued advise to anyone who can retire, do so, and collect while you can before the PGC gets involved.
 
Hockey puck, and all of you who call us ORPHANS, We had our money paid in and retired. Our money was invested and gained or lost as yours is. MY 30 years has been paid in. Yours will or has been paid in, till now. So you my friend are an ORPHAN. How does that sound? THIS WHOLE MESS IS VERY CONFUSING. To just send the ORPHANS packing is not only wrong, it is discrimatory. Plus the gov does not want just the orphans, it wants the whole or nothing including the entire funds to the last penny. Not gonna happen. We are in this together, like it or not. :ranting2:
 
electraglideatl said:
If yrc defaults at the end of the 18 month termination period then central states will go all the way back to july 2009 and cut our pensions according to the 65 yr rule minus 6% for each yr under 65....just hope that yrc re-enters jan 1 2011.....Go to your locals and this should be brought out for all to understand.......Now he also told me if yrc goes bellyup then you are not affected until the govmt would take it over then we will all be cut back.......nuff said........:TR10driving03:
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Your Post is kinda confusing.If YRC defaults at the end of 18mos then cuts will retro back to July 09.I assure you that if YRC goes belly up that would be default of the permanent kind and would trigger the same result.Beware of what people tell you unless you have Documents
 
:USA:To bad this wasn't important enough to give us any info on the conference call tonight. To be able to make an informed decision before we vote.:ranting2::ranting2:
 
Answers to alot of answers of the questions raised here can be found right on Truckingboards site. On JULY 5, 09, there is a thread titled "Central States Pension Fund and the Pension Protection Act" it was posted by Jeff. It is a copy of a printout mailed by Central States in May of 2008. In it you will find definations of alot of the terms we are using here as well as a list of questions about the Pension Protection Act PPA.
Under the FAQ's different senarios are addressed. Senarios like YRCW Teamsters face now. I found it very informative. It is shown on page 5 out of the 119 now showing on this site...........
 
sirduckjr said:
No it is not enough said. What will a full pension be cut back to if and when the government or more specifically, PBGC takes over Central States for those drawing a full pension of $3000?

And more specifically, is it your point that it doesn't matter to those currently retired if YRC stays or goes. What is the point of having the above information?
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SIRDUCKJR........I have no idea why you are trying to grill me and by the way this information is very important to the men and women who just retired in the last year.....How in the world would I know how much the Govnmt will shaft us if they take over......All I know is what I (by myself), took the time and went over the heads of the phone operators at Central States and found out this important info. and hopefully it will be an official letter for all to see.......Seems like damn if you do and damn if dont with "YOU"...........oh yea.........nuff said.......:TR10driving03:..........ps.....I care that yrc stays in business........
 
freightmaster1 said:
I would hope that Central States is getting ready to issue a bulletin with all the details BEFORE our local meeting this weekend! How can members make an informed vote if they don't have all the details? I know the IBT wants a "quicky vote" to make YRCW happy....but this is ridiculous!:Flame-On:
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The quicker the vote, the less we will know, and the less time we will have to analyse it.:nutkick: to both sides.
 
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