hey abfer im used to dealing with a mester like yourself, screw everone and laugh as long as it doesnt efect me, right the last guy who tried to out last me ended up dying on the job after 43 years and not collecting one pension check. i'll admit i laughed alittle when the ambulance drove away.
ABF | IBT Backs Plan to Allow Some Pension Cuts
- Thread starter R-14Driver
- Start date
hey abfer im used to dealing with a mester like yourself, screw everone and laugh as long as it doesnt efect me, right the last guy who tried to out last me ended up dying on the job after 43 years and not collecting one pension check. i'll admit i laughed alittle when the ambulance drove away.
D
Deleted member 5115
Guest
Plunger Joe is #1 Measter and you smell like Plunger Joe to me.
If that is a true story, I feel bad for you... But then, if it is true, I'm sure you don't care about anything but what you think...
He put his time in & has the right to work as long as he wants.... To laugh at someone who died just shows your true character or lack of....
the sad thing is that there WAS a solution to this pension problem in the east, called the Defined Contribution plan[in other words, a lump sum payout]...which was scuttled by the older guys and the union when the guys set to retire out of the old defined benefit plan[a monthly payout plan] found that they werent going to get as much. the pension then started taking $$$ from the lump sum plan, shoring up the old plan WITHOUT letting the younger guys share in the old plan...in other words the teamsters took from the younger and gave to the older. It actually took a lawsuit by the members to rectify this injustice. However the union succeeded in putting all the contributions back into the old plan to cover for their financial misdeeds.[my opinion]. this is the same old plan that is failing now....good call, eh? the lump sum got no more money, the younger guys were NOT compensated for the money taken from their retirement and put into some elses retirement. all we got was the lump sum frozen and now we are stuck with the old monthly plan....which did i mention was failing?
- Credits
- 260
Sounds like you are talking about the Central Pa. pension, if so, you're characterization of what transpired is somewhat innacurate.
then correct me. my whole point is that one should not be surprised when the teamsters take their pension promises and turn them to dust for certain individuals.
- Credits
- 260
When I became a member back in the early 70's Central Pa was a defined benefit plan, then they changed it to individual accounts, then they went back to defined benefit. The contributions were made to the plan in effect at the time. No money, to my knowledge, was taken from one plan and funneled into the other. My opinion is that the members would have been better off had they stayed with the individual accounts but if I recall correctly the switch back to defined benefit was actually pushed for by members who at the time were seeing other funds with defined benefit plans giving full retirement at 25 and 30 years regardless of age. That looked pretty juicy at the time, of course now those funds are in trouble. The beauty of the individual accounts is you can take the money and run, which is what I did.
ABF is in a stronger position to offer it's employees options to save for their own retirement and cap their contributions into a defunct fund, because their NOT BROKE YET! Obviously you have not followed my posts, I am fully aware how the pension funds are in deep trouble, but also, according to the report, there are different options for participating employers to satisfy their obligations and protect THEIR employees interest. If you read the full report, this seems to be the beginning of some sort of action to face the music. Hopefully it can be salvaged to the extent that the reductions won't be too severe. I'm just glad to see that it's getting some serious attention. Does trashing my comments make you feel better? Glad I could be your psychotherapist, my fee is $50 hr., have a nice day! I always wanted to be a Doctor!
D
Deleted member 5115
Guest
And it's kind of hard to follow and it sounds like me after I've been drinking.
Double Barrel
TB Lurker
- Credits
- 0
IF it was to pass as law you would not just turn back the money on private plans, The goverment plans,ie ssi, fed. state,and local define benefits could be underfunded and be given less money. Do you think congress would what to cut there own retirement.
D
Deleted member 5115
Guest
You can safely bet your last dollar that congress and our union representatives will have different rules for their pensions.
TDU always spins any action as negative. As I read the report, I see it as a way for companies to equitably transition out of the out-dated plans and essentially mortgage their unfunded liabilities. The idea here is not to have to cut any accrued benefits, but rather transition to sustainable optional plans over time. But the time has come to make this a reality. There is probably a haircut now, but I would rather have that now, than a beheading later when I'm too old to work. I think most would agree we have to fix this. ABF is in decent financial shape and if they can become more profitable they would be able to negotiate from that strength to pay off their liabilities over the next 10 years or so. They could realistically do a plan such as Mr, Nyhan proposes in the report. Because of the enormous debt load YRCW has they will have to stretch theirs out longer, however, their employees already have seen a cut in their retirement, some that retired near the time of the merger had to go back to work after they defaulted on their pension obligations. These pension funds sorta make up the rules as they go along. If you have your own personal retirement account, you have much more control, and if you leave the company, you take it with you.
Thomas Nyhan, executive director, Central States Funds—At the request of other members of the Commission, Mr. Nyhan explained the recently adopted alternative withdrawal liability method referred to as the “two pool” method. Under this
model, employers who had been contributing to the plan would be offered an opportunity to retire their current legacy liabilities in exchange for a commitment to join and remain with a new withdrawal liability pool that uses the direct attribution model
over a specified number of years. Employers have found this approach to be appealing because the direct attribution method reduces their risk by making them liable primarily for their own unfunded liabilities. Protections have been included in the
design to protect the fund in the event the employer subsequently withdraws from the fund before fulfilling the commitment period. Mr. Nyhan reported that other Teamster plans had also adopted this method and that employers were signing on.
Thomas Nyhan, executive director, Central States Funds—At the request of other members of the Commission, Mr. Nyhan explained the recently adopted alternative withdrawal liability method referred to as the “two pool” method. Under this
model, employers who had been contributing to the plan would be offered an opportunity to retire their current legacy liabilities in exchange for a commitment to join and remain with a new withdrawal liability pool that uses the direct attribution model
over a specified number of years. Employers have found this approach to be appealing because the direct attribution method reduces their risk by making them liable primarily for their own unfunded liabilities. Protections have been included in the
design to protect the fund in the event the employer subsequently withdraws from the fund before fulfilling the commitment period. Mr. Nyhan reported that other Teamster plans had also adopted this method and that employers were signing on.
Double Barrel
TB Lurker
- Credits
- 0
The trustee have the option. Stay on the current plan and see it go into the pension protection act.Two reduce the amount payed to all new retirees,raise the age that a person can be able to retire.Three hope that congress can save the plan by passing a new law. There are some that like the personal retirement plan,but I have come across too many that have been let go of there current employment and have used there retirement account to pay for the bills. Leave's them with little or no retirement.
yes that right. now what I recall was before they put the DB plan back into place there was considerable griping that the "old plan" was underfunded and the people in it would only get 500 or so a month out of it. the trustees then stopped funding the "new plan" and rerouted the pension contributions back into the "old plan" which triggered the lawsuit since guys who started after 88? or 89? were only given benefits from the "new plan" This is why now you get your lump sum and an option to roll that over into the DB plan and get a certain amount a month. Im good friends with one of the men who initiated the original lawsuit and ill ask him for sure. I could be wrong of course since that was long ago. I was incorrect to say that they actually "took" money from one plan to the other. what did happen though is that the funding was stopped from the one and given to the other to shore it up without letting all the men benefit from the money since not all the guys at the time were in the "old plan".
yes im with you sir...if and when I retire im taking the money and running!
canaryinthemine
Retirement....The Job I Was Born To Have!
- Credits
- 0
Guys....read the story. Mr. Hoffa has "signed on" to a "joint Union-employer" PROPOSAL to change the (ERISA Act) rules. They are going to propose it to Congress. Mr. Obama has nothing to do with it until it reaches his desk. Too many people trying to make political hay out of nothing.....far too common today. Let's see if the "proposal" actually makes it to Congress in the form of a bill.......and through both the House and the Senate, and then onto the Presidents' desk.........and let's see if it looks anything like the original proposal. If Mr. Hoffa has "signed on" to a piece of employer-proposed slime,...then this would be the time to show up at the Union Hall for the monthly meeting and express your opinion.....call the IBT....nope....take that back, they don't answer calls directly. E-mail them.....ooops...they don't respond to e-mails. Write them......I think they still read letters....if only for the entertainment value. But if enough letters on the same subject come in..........like the diplodicus kicked in the butt....they very gradually respond to member pressure. Remember who's handling ABF's negotiations........not Mr. Johnson,....it's Mr. Sweeton. And that was due to member pressure.
D
Deleted member 5115
Guest
Thanks for keeping it short, amigo. I think we get more recognition from posting right here than we will through any other vehicle. They read this and so does the public and the publicity is the most powerful tool we have with these people. As always I feel as though any legislation that affects us should affect those who write it and pass it. Add that provision and see how fast Jimmy the Great gets off of it.
canaryinthemine
Retirement....The Job I Was Born To Have!
- Credits
- 0
Very true! Should be the standard for all legislation......."Jimmy the Great"...I like that. Sounds like a magic act. Let's watch him pull a good contract out of the hat........
troublemaker1
TB Lurker
- Credits
- 0
been alot longer than 6 yrs some people are just now opening there eyes and finding out that the dnc is a bad joke you cant get rid of