Yellow | CSPF application rejected

[bigtruk_us]

You my think that my thoughts are incorrect and off base but when the workers are taking the screwing that we are (and we all are) it is absurd and unconscionable that those at the top lavish themselves in more. Regardless of whether it be in the form of straight up cash or stocks. Those stock awards are not nothing, they equate to cash in the long run.

You are correct in your assumptions.When Welch goes from 700,000.00 a year to 11 million dollars a year in just a couple years.There is definitely something wrong with that picture.An indicator of how well a company is doing is by looking at what the President/CEO is being compensated

 

[ROLLBACK]

Let the retiring begin.

 

[Triplex]

You are correct in your assumptions.When Welch goes from 700,000.00 a year to 11 million dollars a year in just a couple years.There is definitely something wrong with that picture.An indicator of how well a company is doing is by looking at what the President/CEO is being compensated

He took an over 50% pay cut in 2015 though to a little over $5.2 million in total comp - salary plus stock. That puts him in line with Conway and OD CEO's.

http://insiders.morningstar.com/trading/executive-compensation.action?t=YRCW

http://insiders.morningstar.com/trading/executive-compensation.action?t=ODFL

Disclaimer - This is strictly an informational post and it in no way represents the personal opinions one way or the other of the poster. This is being explicitly stated for the benefit of those who can't figure that out for themselves.

 

[albag]

You my think that my thoughts are incorrect and off base but when the workers are taking the screwing that we are (and we all are) it is absurd and unconscionable that those at the top lavish themselves in more. Regardless of whether it be in the form of straight up cash or stocks. Those stock awards are not nothing, they equate to cash in the long run.

I've posted these figures several times before. And unfortunately, whether we Teamsters like or approve, and I do not. YRCW simply does not net enough money to pay the full pension contribution rate. It enrages me that the stock is not sold by YRCW to modernize our operation. But we all must come to terms with the realities of our situation.
The prescribed contribution rate in 2008 was $61.50 per day or tour of duty to a maximum of $258.00 per week. There are more or less 20,000 Teamsters employed at all of the YRCW operating subsidiaries. At a modest calculation of an ADDITIONAL $193.50 per week above their current rate, that's $10,062 per Teamster per year for pension alone. Multiply that by 20,000 and the figure is $201,240,000. Also realize that huge bonuses of stock are only being awarded to SENIOR management. If YRCW were to begin to contribute that kind of money to us, do you not think that terminal level supervisors and associated support staff would be entitled to their pensions being restored? Could James Welsh award all employees shares of stock, yes! Will he? It is unlikely.
Go read the SEC filings YRCW DOESN'T HAVE THAT KIND OF EARNINGS. Bill Zollars left a massive debt, which YRCW is struggling to service the INTEREST on. While continuing to provide above industry average wages and benefits.

 

[Deleted member 5115]

I've posted these figures several times before. And unfortunately, whether we Teamsters like or approve, and I do not. YRCW simply does not net enough money to pay the full pension contribution rate. It enrages me that the stock is not sold by YRCW to modernize our operation. But we all must come to terms with the realities of our situation.
The prescribed contribution rate in 2008 was $61.50 per day or tour of duty to a maximum of $258.00 per week. There are more or less 20,000 Teamsters employed at all of the YRCW operating subsidiaries. At a modest calculation of an ADDITIONAL $193.50 per week above their current rate, that's $10,062 per Teamster per year for pension alone. Multiply that by 20,000 and the figure is $201,240,000. Also realize that huge bonuses of stock are only being awarded to SENIOR management. If YRCW were to begin to contribute that kind of money to us, do you not think that terminal level supervisors and associated support staff would be entitled to their pensions being restored? Could James Welsh award all employees shares of stock, yes! Will he? It is unlikely.
Go read the SEC filings YRCW DOESN'T HAVE THAT KIND OF EARNINGS. Bill Zollars left a massive debt, which YRCW is struggling to service the INTEREST on. While continuing to provide above industry average wages and benefits.

So as you see it it is OK for a small percentage of people to fill their pockets while the rest suffer because the benefit of the few is nothing compared to what it would cost to satisfy the needs of the many. I get that. And a blind man can see who agrees with you, I do not.

 

[Triplex]

So as you see it it is OK for a small percentage of people to fill their pockets while the rest suffer because the benefit of the few is nothing compared to what it would cost to satisfy the needs of the many. I get that. And a blind man can see who agrees with you, I do not.

Did you miss the line right at the beginning where he states that he does not like or approve of what's going on?

 

[Deleted member 5115]

Did you miss the line right at the beginning where he states that he does not like or approve of what's going on?

No I saw it but the rest of his post made it sound like it was not big deal to lavish the top with more cash. I just think it's a slap in the face of the workers.

 

[Deleted member 5115]

It isn't just at ABF and YRC, it is everywhere, the CEOs' compensation is way out of whack for what our is and I am not OK with it because it's only 5 million that they get vs the 100 million it would cost to pacify all of us, let's cut back on theirs while they cut back on ours.

 

[albag]

So as you see it it is OK for a small percentage of people to fill their pockets while the rest suffer because the benefit of the few is nothing compared to what it would cost to satisfy the needs of the many. I get that. And a blind man can see who agrees with you, I do not.

Go back and READ what I posted. What do you think will occur if ABF, which lost money is the last one standing. The balance has tilted to the employer's advantage. And IMO nothing less than legislation will be a remedy.

 

[Deleted member 5115]

And IMO nothing less than legislation will be a remedy.

I think that the only remedy will be a civil war. The question for me is when will it happen?

 

[albag]

No I saw it but the rest of his post made it sound like it was not big deal to lavish the top with more cash. I just think it's a slap in the face of the workers.

It isn't just at ABF and YRC, it is everywhere, the CEOs' compensation is way out of whack for what our is and I am not OK with it because it's only 5 million that they get vs the 100 million it would cost to pacify all of us, let's cut back on theirs while they cut back on ours.

It is a slap in the face to Teamsters! And I am NOT OK with it. But you cannot get blood from a stone.

 

[Triplex]

No I saw it but the rest of his post made it sound like it was not big deal to lavish the top with more cash. I just think it's a slap in the face of the workers.

Then maybe you need to improve your comprehension skills. It's fairly obvious he posted his OPINION in the first lines (stating he didn't like or approve of the situation) and then posted FACTS in the remainder of the post. Not all that hard to understand with a little bit of effort.

PS - I've stated a number of times on here that I think that ALL CEO pay at most ALL companies is excessive. That is and has been my opinion for a very long time and I've said so.

 

[ROLLBACK]

Settle down guys, let's stay focused.

 

[Triplex]

"The decision could dim the chances for multiemployer pension funds to avoid insolvency by slashing benefits. Central States projects that, without the cuts, it will be out of funds by 2026 because it’s currently paying out $3.46 for every $1 it takes in. Even under the plan, the fund gave itself a coin-flip’s chance of surviving past 2064, according to its proposal."

http://www.freep.com/story/money/pe...ury-decision-central-states-pension/84014252/

http://www.nytimes.com/2016/05/07/b...-cut-pension-benefits-for-teamsters.html?_r=0

http://www.bloomberg.com/news/artic...central-states-plan-to-cut-teamsters-pensions

 

[Deleted member 5115]

Then maybe you need to improve your comprehension skills. It's fairly obvious he posted his OPINION in the first lines (stating he didn't like or approve of the situation) and then posted FACTS in the remainder of the post. Not all that hard to understand with a little bit of effort.

And there you go with your insults and ignorant remarks but when you get it back you cry like a baby. You are what you are and that will never change. Carry on.

 

[wongway]

To each their opinion on this subject , but "only my" opinion is that the few upper people in the company & union & c.s.p.f , should not keeping getting FULL salary's & free stock shares & full pension off the backs of the going broke driver's and anybody that keeps standing up for them should be ashamed of themselves !!

 

[Kennesaw Kid]

CAN THEY REFILE?...."Yes they can resubmit, BUT once again they have to show a 50% or better chance of solvency which at this time they cannot. Also, their unrealistic assumption of averaging 7.50% return on investments the next 30-50 years, because of losses the last couple years, has moved up to 8-9% needed. That won't happen. Plus the contribution rate to employers would have to increase 3-4% every year.

That means the employers would have to contribute $849 per week, per man. Keep in mind the top rate they are paying now is around $348 per week per man. YRC is only paying $71 per week per man which is 25% of what they should be paying.

The employers will never pay that much. Those reasons are why Mr. Feinberg declined their application under unrealistic assumptions".....Thanks Mike Walden....KK

 

[BIG R GUY]

Maybe the treasury dept should push CSPF, to get together with the union and company and develop a plan effective immediately to start putting money into a 401 plan, at least for the people with a long time to work yet, like say 15 plus years, so they at least don't have to worry about this pension fund 20 years down the road, and use the current fund money to fulfill obligations to current and people retiring in say the next 5 years or less? Just a thought.

 

[Dracula]

With the exception of federal government pension funds, which can be kept afloat because they can print money, all other pension funds are Ponzi schemes. All funds, both current and future deposits are needed to pay for today's retirees.

 

[Triplex]

With the exception of federal government pension funds, which can be kept afloat because they can print money, all other pension funds are Ponzi schemes. All funds, both current and future deposits are needed to pay for today's retirees.

And the fact that there is such a thing as a "withdrawal penalty" is proof positive of that. More was promised than what could be sustained.