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.
Turncoat ABF hired you for a reason, They needed a body to fill a position, one that should be able to fit right in with little training, they got a driver with 27 years of experience and that wasn’t a coinendence. ABF got you for 85 %. So they will be making money on your behalf for the next 3 years.
You said your putting all your faith into the union to do whats right for you. I hope you will read this.
International Union to Increase Payments to Officer Only Fund | Teamsters for a Democratic Union. Here is just one way they will take care of you. The IBT will take care of the IBT, and if you happen to get something from it then that’s a bonus, This is just one way that your union will take care of you. They negoiate so they will not lose what they have. If something happens to our union, or companies, then they lose what they will have, but you can bet their pension will still be protected at our expense.
I keep hearing lets fix the pension, I know it needs fixing, but the guys that are saying it are not ready or able to retire right now, They want it fixed so they can retire, but don’t care about all the people who are about to retire now. They just want it fixed so they can retire later. We can’t just abandand the guys now, we have to protect all members, not just so those later will have it!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
ABF also can enjoy somewhat what YRCW has now. All they have to do its utilize the utility drivers and that's going to save the company great amounts of money, and they already have that option. We all know that utility drivers can hook, work the dock, peddle freight, and run the road, so why not utilize what they already have.
Another waste of money is what is going on at some of the smaller terminals, I know a few of them have as many management people as they do drivers. We are all professionals, and we know what needs to be done. If you need someone to tell you every move to make then really why have you. We all know what has to be done. I am not saying no Management, just why so many.
I still don’t know why people came from other companies, after they voted for changes, and now want to give away everything we have and have worked for.
