CS pension question

Discussion in 'ABF Freight System' started by iam4us, Jun 26, 2016.

  1. iam4us

    iam4us Active Member

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    I ask this here, because i am an ABF employee and dont care to ask other companies workers...but has the question been asked or was it reflected upon how many millions, billions perhaps over the years of concessions at YRC, 2/3 less contributions, multiplied by CS members of theirs...how much it has depleted the fund...thats just contribution, plus, growth of that with its annual % of earnings.. with the fund in Red, being robbed of 2/3 of its required contributions due to member votes. No wonder we all pay a price.
     
  2. ABFer

    ABFer Super Moderator Staff Member

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    It has been mentioned a time or two, here and there but don't dare blame YRC for contributing to those problems, you'll get tarred and feathered. Just another wedge between the membership, it appears as though we should all take a cut to keep that company alive so they can go and squander their savings away. And don't forget the toll that letting UPS out of that fund has taken as well, there is a bigger loss of contributions right there.
     
  3. yrc-atm

    yrc-atm commodities relocator

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    About $2.5 billion not including what that money would have earned. And its 3/4 less contributions
     
  4. iam4us

    iam4us Active Member

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    Your right, 3/4,,sorry...and, 6 billion dollar check by ups, no compensation by yrc to make up any of that 2.5 billion plus interest. Just befuddles me, i saw 3 pension letters under the old proposal for cuts that was shot down, YRC guys transferred to ABF.. get their time in,,in just a few years, then retire..their pensions were really not cut. Yet they voted for years and years of concessions to the very fund hurting..and bragged about how much they were getting...now its the original amt. Only will last 10 yrs, supposedly.
     
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  5. ABFer

    ABFer Super Moderator Staff Member

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    And don't forget that there are what, 2 1/2 years that they paid in NOTHING? Yet they lavish themselves in bonuses at the top. It should be balance due to pension funds before bonuses for the Welcher and company yet our 'Great Union' lets it happen. :ranting2:
     
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  6. hangbelly

    hangbelly Active Member

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    I know I have harped about this before and I apologize in advance for repeating it again, but it cannot be overstated in importance. James R Hoffa structured the multi-employer pension funds to work superbly under a regulated industry, and it did so for decades. In fact, it was so well designed that it survived decades after we were deregulated. However, when Carter and the democrats deregulated both the trucking and airline industries, they set in motion the inevitable collapse of both industries and their pension funds. They INTENTIONALLY ended the industry price- setting bureaus that set rates for everyone in LTL freight. The bankruptcies that resulted from the cutthroat de-regulated pricing competition and then the pile-on effect of bankruptcy courts allowing bankrupt companies to ignore their pension withdrawal liabilities doomed the funds in concert with cyclical market losses and wall street corruption that sealed our fate. There were other employers involved in these pension funds as well and thankfully many still are, but the big contributors were the major LTL trucking companies. It is interesting to contemplate if these pension funds could have survived all the other market forces that affected them since if they had had the shared financial underpinning of a healthy freight industry as envisioned by our proud and legendary president James R. Hoffa. I think they would have. I ache for his counsel now and would love to hold his coat and stand beside him while he told these... what he thinks of them all. May he rest in peace, lost to us now, but never forgotten. I am not ashamed to say I loved the man. These jackaels that caused this chuckle to see us fighting among ourselves now over the bleached bones of what we once had, and ignoring the true culprits grinning from the shadows, waiting to finish their meal. So why do I agonize to repeat all of this again? Because we must REMEMBER IN NOVEMBER!!! They may take our livelyhoods, they will never get our pride.
     
  7. DCM_Doc

    DCM_Doc Well-Known Member

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    The government takeover of the pension fund in the 80's is a huge factor in the collapse of the CSPF. With no over sight or accountability of the fund Goldman Sachs & Northern Capital has lost billions. The last figure I saw was $20 billion plus in loses. With a loss like that to other clients there would be a class action lawsuit. I don't blame Hoffa. I blame whoever in government was responsible for giving a blank check to firms that grossly mismanaged our funds.
    The reason given for the takeover was that there was crooks in the Teamsters. The fund lost more under the oversight of government than previous fund managers. How can you not classify the loss of our funds as theft?
     
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  8. hangbelly

    hangbelly Active Member

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    Great points, DCM_Doc. Now we begin to understand why wall street and Goldman Sachs are backing Hillary. I think it is interesting to hear that Lloyd Blankfine @ G-S told his folks that they may want to get concealed carry licenses for themselves. In New York city no less! I wonder what they are afraid of?
     
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  9. hangbelly

    hangbelly Active Member

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    I forget where I heard this, but I remember hearing that G-S and etc. were diverting and keeping the profits earned on the fund investments and charging back the losses on a regular basis. You gotta love the brass of these guys!
     
  10. GO40

    GO40 Banned

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    Don't ever question the comedy club, they did no wrong! They kept their bids & most of their vacations, and willing to bet on a 6th giveback....
     
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  11. BIG R GUY

    BIG R GUY COOP Dispatch GPS Division

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    If you look back prior to 2007 when ups withdrew from CSPF, they had been aware for years before as they stated, 60 cents of every dollar they were paying in was going to people who never worked for them. This fund was in trouble back in the 90's, but many locals still had 25-30 and out at any age and such. Even if ups, abf, yrc, and others had continued to pay into this fund at the contractual rates, CSPF would still not be able to pay out the 3000 plus monthly the members were supposed to draw. Deregulation and poor fund management have contributed in part to the problems this fund is caught up in. Sad, it has taken close to 20 years to realize the magnitude of this issue.
     
  12. Snark Monkey

    Snark Monkey Well-Known Member

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    "However, when Carter and the democrats deregulated both the trucking and airline industries"

    Both parties are Whor . . of business. And you thought your vote actually meant something. Silly Boy!
     
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  13. SAC75

    SAC75 Well-Known Member

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    Carter deregulated electronics in like 76 to Japan. Almost all the US manufacturers went out of business in the US. WEIRD! said this alot lately
     
  14. hangbelly

    hangbelly Active Member

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    I used to believe that trucking would be insulated from this global outsourcing of manufacturing that has destroyed the American middle class. After all, it has to be moved across America no matter where it was made. Seems obvious now that corporate greed knows no bounds. I wonder if these clowns will ever look back and regret what they did to the greatest nation that has ever existed in recorded human history all for a bigger buck. Nah, probably not. BTW: these new freightliners were made in Mexico. The freightliner plant in Portland is essentially closed.
     
    Last edited: Jul 31, 2016
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  15. vongrimmenstein

    vongrimmenstein Well-Known Member

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    By then they will be dead & long past being able to care. Now, their offspring, that is a whole different kind of answer.
     
  16. hangbelly

    hangbelly Active Member

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    well, von,I'm going outside the wire with this one, so lock- and- load. My lifetime experience has convinced me that we are a defective species. God really screwed up and needs to wipe out the petrie dish and start over. We are, for the most part, selfish, narcissistic, egotistical, self-centered, uncaring bags of protoplasm with the intelligence to make life miserable for all living things if we desire to. Factor in the wealth and power to control others' lives, and the fun really begins. Look at that jerk, speaker Paul Ryan. He doesn't want a wall with Mexico, but he built one for his family around his palatial estate in Janesville, becuz, well, HE has 3 kids and 2 dogs after all and has to worry about THEIR security. He is fine with all the illegal immigration, but sends his kids to private schools so they don't have to interact with the unwashed masses. If there is a god, he will lose this Aug in the primary. I even sent money to his opponent Paul Nehlen to help out. Never did that before, but I have had enough! And the examples are legion. Soros, Gates, Pelosi, etc, etc, etc. If I may be so presumtuous, I would suggest that when god starts over, he might consider dogs as the repository of his souls next time. They are everything we are not. The only bad habit they have is they go around sniffing each others rear ends, but a loving god can accept that, I believe. If any of you were offended by my description of your character assassination, you have my sincere apologies. You should also check with your travel agent, becuz you were probably dropped off on the wrong planet by mistake. OK I'm hunkered down again. You can commence firing at will.
     
    Last edited: Jul 31, 2016
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  17. pltjack

    pltjack My posts are for poor entertainment only!

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    God should be spelled with a capital G.
     
  18. hangbelly

    hangbelly Active Member

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    Point taken. But I guess it depends on what you believe. One man's God is another's god. Let's not even get into how much humanity has already been and still yet will be wiped off the planet fighting over who's God is correct.
     
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  19. the5tolls

    the5tolls I hope we make it to 19....got my NO ready

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    Am I the only one that would much rather discuss the future rather than the past? Yes a lot of bad and dumb and shady things have happened in the past and I don't think any of your guys Gods had a whole lot to do with it. I am more worried about the future I sure would like to see everyone get a little of what is left rather than a few get it all now and later the guys will get nothing! I am still scratching my head why that plan that was shot down recently was such a bad idea but then what do I know I'm just a dumb truck driver!
     
  20. canaryinthemine

    canaryinthemine Retirement....The Job I Was Born To Have!

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    Very interesting, Brother. I like that.......I might not agree with your postulation that man is innately petty , greedy, and willing to foul his own "nest" , as it were........Some certainly are,..........maybe even a majority of us are......

    Have you been reading Jonathan Swift? The 17th century author and original inventor of the word " Yahoo",......a mythical race of men, covered in their own feces, and eating their own young ? One of the lesser known "Gulliver's Travels".......
     

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