Yellow | Central states

[againagain]

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.

I have to agree:

If it were not for the "old" money invested there wouldn't be enough to even have a pension.
In the pension meeting at the local BEFORE all this came about..it was told to us that if it were not for the "old" money invested..this just plain would not work.
The "old" guys built this fund for what it was..and is today.

 

[knightryda]

our ire, and anger(mine is), should be directed at the seperate funds which were set up like ponzi schemes. your money should be in an account with your name on it.

 

[Baldy17]

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:

Is that what there giving you on pension credits, till July 1 then there cutting you off, right?

 

[madyellow]

right you got the facts from central states. Oh wait there controled my the IBT it must true wake up bubba

 

[cdlguy]

So someone that retired with 20 in March 09 at age 62. Would his stay the same with no changes if the concessions are voted in?

 

[truckinus]

our ire, and anger(mine is), should be directed at the seperate funds which were set up like ponzi schemes. your money should be in an account with your name on it.

And there should be a low risk option where your money can earn a steady 2% or whatever a 10 year treasury is or some other stable investment. 70% in a stock market index fund is crazy.

 

[COOPER]

CDL...... I believe the short answer to your question is it all depends.

If the Fund does NOT impose a Rehabilation Plan Withdrawal (RPW) on YRCW
then by the time March of 2010 rolls around, 12 months later,the Fund will NOT
reduce the 20 year and out pension referenced in your question. If they DO
impose the RPW now, yes they can reduce the 20 and out pension.

I also believe that if the fund declares that YRCW is subject to the Default
Schedule in 2011 because they start contributing again in but at at a rate lower
than the Primary Schedule, you will have already collected 12 months of
pension and would not be subject to a reduction.

Alot if different senarios. It depends on the circumstances and what the
Fund ultimately decides to declare.......

 

[electraglideatl]

CDL...... I believe the short answer to your question is it all depends.

If the Fund does NOT impose a Rehabilation Plan Withdrawal (RPW) on YRCW
then by the time March of 2010 rolls around, 12 months later,the Fund will NOT
reduce the 20 year and out pension referenced in your question. If they DO
impose the RPW now, yes they can reduce the 20 and out pension.

I also believe that if the fund declares that YRCW is subject to the Default
Schedule in 2011 because they start contributing again in but at at a rate lower
than the Primary Schedule, you will have already collected 12 months of
pension and would not be subject to a reduction.

Alot if different senarios. It depends on the circumstances and what the
Fund ultimately decides to declare.......

Now the director that I spoke with yesterday is singing a different tune than you are......I asked him point blank, "if why yrc defaults come jan 1 2011 how would a retiree be affected that retired july 2009"?.......He said, "That retiree would be retro'd back to july 2009 and even though he or she received 18 monthly checks they would be cut under the 65 yr. rule times 6% per year to their age in 2009".....So this is a roll of the dice for anyone who wants to retire now and is really scary for the young ones who are in their early 50's to early 60's.......:TR10driving03:

 

[Hooddock]

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:

I cant see them ever making any more pension contributions.I hope I`m wrong,but something about this whole agreement thats just not right.

 

[Northern Flash]

Same here. I think that once they get this approval, we will never see another dime put into our pensions. They will come up with more excuses why they can't contribute. And who is going to force them to start contributing again?

 

[COOPER]

Yes it is scary. I retired in 3006 due in large part to the PPA and wanted to get out before it was implemented in January of 2008. Not everyone had the luxury of that choice. It was always my understanding that anyone who retired after the original notice of "Critical Status", April 8 2008 for CSPF could have their "Adjustable Benefits" or "Early Retirement" reduced or eliminated under the PPA. Central States does not come straight out and say that. Instead they reference the implementation of the RPW and Default Schedules for possible benefit reductions.

I'm not saying I've got all the correct answers but don't think the locals have the expertise or even some in the Fund have the expertise to answer these questions correctly either. Its a shame because the welfare of too many members depends on correct answers.

 

[TATTOOED]

I cant see them ever making any more pension contributions.I hope I`m wrong,but something about this whole agreement thats just not right.

I can't see them making anymore contributions if this gets passed either! In fact I belive the fund will go belly up with 62% of the contributions ending for 18 months, look the fund is in the red! Do any of you really think it will survive anymore than 6 months after this gets passed? Come on get real, YRC and the Union wants out of the Funds, the legacy cost for thoses of us who are from the 60's are going to flood the system and SS and the best way for them to deal with the legacy is to slowly force the Funds to go POOF! :TR10driving03:

 

[Bart]

And my vote is

Now the director that I spoke with yesterday is singing a different tune than you are......I asked him point blank, "if why yrc defaults come jan 1 2011 how would a retiree be affected that retired july 2009"?.......He said, "That retiree would be retro'd back to july 2009 and even though he or she received 18 monthly checks they would be cut under the 65 yr. rule times 6% per year to their age in 2009".....So this is a roll of the dice for anyone who wants to retire now and is really scary for the young ones who are in their early 50's to early 60's.......:TR10driving03:

The Vote is on fast track can't get solid answers to any questions.You know Electraglide this situation needs to be answered once and for all! I'm afraid that with the amount of people retiring, Vote on fast track the answer will come after the Vote and it wiil be put right here

 

[electraglideatl]

The Vote is on fast track can't get solid answers to any questions.You know Electraglide this situation needs to be answered once and for all! I'm afraid that with the amount of people retiring, Vote on fast track the answer will come after the Vote and it wiil be put right here

All I wish is to see a memo or something from the conversation that I had with the "Director of Pension Funds" and hopefully when the members report to their local halls then maybe we will see documentation.......Until then I wish all retirees and future retirees goodluck..........:TR10driving03:

 

[cdlguy]

yes...we need to have this in writing before the vote, so we have something binding, no surprises. And I'd like to see something in writing about the H&W too.