DHL Pension Liability $260 million

Discussion in 'Standard Forwarding' started by STDF.MSP.honestlogs, Jun 24, 2015.

  1. STDF.MSP.honestlogs

    STDF.MSP.honestlogs Member

    Messages:
    55
    Likes Received:
    12
    Trophy Points:
    8
    Howard Spoon, President of Local 371 in the Quad Cities posted a letter in the EMO terminal. The letter has been photocopied and should get to all the terminals. The letter says it was originally told to us in negotiations that the company did not have any pension withdrawal liability if they close. That has changed. the day before we went back to table, I was informed by Central States that if the company closes this year they would be hit with partial withdrawal liability of $260 million dollars. this could be a big game changer for DHL to meet some of the demands that you were promised.
    Also if you are on strike you will continue to enjoy your healthcare with Central States at no cost, for as long as you're on strike.

    What Mr. Spoon didn't flesh out is why the pension liability. DHL was in the US domestic ground and airfreight business from about 2002 until they closed the end of 2008. They employed thousands of Teamsters who were covered by the pension. DHL didn't pay their pension liability. Part of or maybe THE reason DHL bought Standard Forwarding is buying a Teamster company that is participating in the Central States Pension got DHL back in the good graces of the Fund and stop the need for then to pay their liability.

    So the liability is not Standard Forwarding but DHL liability.
    If it were to occur that DHL were to close Standard Forwarding, DHL would again be on the hook for $260 million.

    Go to your local meeting this weekend and ask questions.

    Either DHL is bluffing or they are willing to pay 10 to 20 times the value of Standard Forwarding to avoid paying us a fair days wage.

    The best scenario is for us to get a fair days pay and Standard management to run the company more efficiently.
     
    buffalobill and aztec warrior like this.

Share This Page