HillBilly Frog
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He also said and I quote "The easy part would be to write a check for $650 million dollars" end quote.
He also did not say it would be spread out over a 20 year span.
ABF | Last Night's Safety Dinner
- Thread starter harleydad75
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He also did not say it would be spread out over a 20 year span.
Mister Freight
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I do believe it will be a withdrawal from all the funds. The check will be paid by a loan that will be allowed to be paid back over time.
Mister Freight
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Found this also. This seems to be pretty accurate info.
"According to internal estimates, it would cost UPS about $4 billion to exit these multiemployer funds. One UPS source said that the company would make up that $4 billion in savings within four years if it were to exit. YRC's withdrawal liability is estimated to be close to $4 billion as well, but sources say the company doesn't have the cash reserve UPS does and would have to amortize the amount over 20 years."
Pensions dominate Teamsters' talks with UPS, freight carriers - 7/1/2007 - Logistics Management
imported_pipe layer
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I can see ABF coming back to us in a few years and tell us they want a giveback to pay back the loan. They tried it before and they will try it again. It is in their blood. One thing for sure is ABF employees will end up on the short end of this deal.