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ABF | Latest Rumor from 003 KC

papajohn said:
You sure are willing to give up everything. Is there anything you would fight for that is not for the company?. And as usual you refuse to answer questions. Just what I would expect from management......
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With all due respect....I would not want you in my fox hole during a battle....the PBGC would reduce a $3,500 a month pension down to a max of $1,200 per month....that ain't what I signed up for....but then again...the PBGC does not have re-employment rules so you can subsidize your $2,300 a month loss of pension with another driving job with JB Hunt!.....KK
 
Homesick said:
How do you know Judy so well? And you are wrong about big wigs sweating a strike. There are a lot more employee jobs than C-level jobs. And a lot of C-level pay is in bonuses. How many bonuses do you get if we go on strike?
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All I know about Judy is she is a CEO who like any CEO will kill to make the company more profitable. Apparently Bobby was not up for the task. Where you gonna go if you lose your job in a COO? YRC could always use a few good freight men that can run a 10 second 40 yards:coffee1:
 
Homesick said:
I agree and the last sentence is my point. I don’t believe congress is going to pass any pension legislation. ABFS is relying on the government for a bailout in the form of pension relief. If they don’t get it, then ABF will be back for more concessions. That is exactly why I voted NO, why I will not change my vote, and why I believe you and every other ABF employee should vote NO. Fix it now, in this contract, or let’s go home!!!!!

We don’t have to beat or match O.D. there are a lot more players on the field. There is a lot of room in the LTL market and ABF has a good nitch.

So, in your opinion, if the hole that is the multi employer pension where fixed would ABF still need us to take these concessions?
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nothumbleenough said:
I agree about fixing the pension but that will take an act of congress and right now neither party would **** on the other even if their hair was on fire so cooperation is not likely. The only other solution is for PBGC to deem the Central States Pension insolvent. At 52% funded we really are not to far off from that point.
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NOTHUMBLEENOUGH YOU SURE ARE WILLING TO GIVE UP ON SOMETHING THAT WAS FOUGHT FOR AND NOW YOU ARE WILLING TO JUST THROW IT OUT JUST TO HELP THE COMPANY....

Black Hawk said:
Pension help from the government is unlikely other then extended time to recoup pension losses which was already granted. The fact that teamster pensions have no cost to taxpayers if it becomes insolvent leaves any help from the government out of the picture other then the rules about funding it properly etc. I think what is very unlikely is those who have earned a pension (orphans) will forfeit their pension so others may keep theirs. To suggest blowing off orphans or retirees to benefit ABF is not going to happen.

What is extremely unlikely is that for the PBGC to declare the Central States Pension Fund insolvent is a solution. If that happens it would be a failure. An irreversible disaster. Retirees would take a 50% cut but future retirees would get air, nada, work till you die. The CSPF trustees will make the decision if and when the fund is insolvent. That day is when they announce they don't have enough money to pay all retirees for the entire year. ABF is proposing to not pay any increases in pension contributions for next 5 years in this contract. It is likely pension contributions will be more negotiable in any future contracts
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Solutions Not Bailouts is the title of the full report issued by the pension committee. Many of its proposals are positive and reasonable. But the central proposal could be a dagger to tens of thousands of Central States Teamsters.

Consider the case of Greg Smith, an Ohio Teamster who retired from YRC after 29.5 years with a monthly pension of $3019.

If Central States goes bankrupt, the Pension Benefit Guarantee Corporation would pay Smith a monthly pension of about $1100.

The "alternative" being backed by the Teamsters would allow the Central States to cut Smith's pension to as low as $1210!

"Our union should be fighting for legislation that protects our pensions. We all know that Central States is in trouble. No one expects miracles. But the whole point of having a union is to fight for a square deal. This is just a surrender," Smith said.

It's not too late for the Teamsters Union to change course. The pension proposal is in its early stages. But Teamster members and retirees need to make their voices heard.

Millions of workers, retirees and our families depend on union pensions. Our union should be working other unions and seniors' groups to increase PBGC protections for our pensions, not backing legislation so our own union pension funds can sock it to us. That's not a bailout, it's just common sense.
- See more at: IBT Backs Plan to Allow Some Pension Cuts | Teamsters for a Democratic Union

The amount of members' dues money that goes to an officer-only pension fund will nearly double next year to $9 million. And an even more exclusive plan, which is reserved for International officials only, is taking another $12.5 million in dues.

This announcement came in the April Funding Notice of the Teamster Affiliates Pension Plan. The International Union will pay $5 million in dues money in 2012, and increase the annual payment to $9 million in 2013.

The $9 million in dues money represents four times more than the total spent on the members’ strike and defense fund benefits last year (according to the IBT's LM-2 financial report). And it represents approximately half of what was spent on organizing (according to the IBT audited financial statement).

The Affiliates Plan is an officer-only pension fund. The plan was frozen in 1993 under IBT president Ron Carey so any Teamster who became a full-time officer or business agent after 1993 will not receive any pension from the fund.

If not for the freeze, the plan would be costing many millions more by now.

The International also pays millions of dollars into a separate fund, the "Family Plan," which provides pensions and huge lump sums to International officials.

In most cases, the International official getting the big lump sum is covered by multiple pension plans. The International union poured $12.5 million into this plan last year (according to the LM-2 report), and likely will increase that in 2013.
- See more at: [url=http://tdu.org/news/international-union-increase-payments-officer-only-fund#sthash.98Xt5G0j.dpuf]International Union to Increase Payments to Officer Only Fund | Teamsters for a Democratic Union

AND THESE PEOPLE ARE SUPPOSE TO HAVE OUR BEST INTEREST. LOOKS LIKE THEY ARE MAKING SURE THEIRS ARE PROTECTED... WHAT ABOUT US

THE IBT, PENSION FUNDS AND THE COMPANIES ARE ALL IN FAVOR OF THIS, BY CHANGING THE LAW. THIS IS THE EASY WAY OUT, THE IBT, AND THE PENSION FUNDS WILL NOT BE HELD ACCOUNTABLE. AND THIS TO ME IS UNACCEPTABLE....... CHANGING THE LAW IS NOT THE ANSWER..... DOES NOT FIX ANYTHING... FIX WHY IT HAPPEN.

NOTHUMBLEENOUGH, YOU DON'T CARE ABOUT THOSE WHO HAVE RETIRED OR ANY FUTURE RETIRES AS LONG AS YOU GET WHAT YOU WANT... SAD

IBT Backs Plan to Allow Some Pension Cuts | Teamsters for a Democratic Union
 
Kennesaw Kid said:
With all due respect....I would not want you in my fox hole during a battle....the PBGC would reduce a $3,500 a month pension down to a max of $1,200 per month....that ain't what I signed up for....but then again...the PBGC does not have re-employment rules so you can subsidize your $2,300 a month loss of pension with another driving job with JB Hunt!.....KK
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All due respect, I am the one fighting to save our pensions, not see them reduced. I don't think it is right to see the retired and future retires pension cut or lost. Changing the pension laws, is not the answer, fixing the pension is.
 
Kennesaw Kid said:
With all due respect....I would not want you in my fox hole during a battle....the PBGC would reduce a $3,500 a month pension down to a max of $1,200 per month....that ain't what I signed up for....but then again...the PBGC does not have re-employment rules so you can subsidize your $2,300 a month loss of pension with another driving job with JB Hunt!.....KK
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Kennesaw Kid
I agree with you about our pensions being reduced to around $1100.00 a month, but with the pension laws being changed you would only get about $1200.00 a month. BIG DEAL, You would get $100.00 dollars a month more, and still have the re-employment rules. I did not sign up for that either.

THE ONES THAT ARE RESPONSIBLE FOR OUR PENSION FUNDS SHOULD BE HELD ACCOUNTABLE, AND BY CHANGING THE LAW THEIR WILL BE NO ACCOUNTABILITY FOR WHAT HAS HAPPENED….

What do you think the answer is? What will you do to protect not only yours, but every member’s pension so they are not reduced to such a level that you will have to go back to work.
 
papajohn said:
You sure are willing to give up everything. Is there anything you would fight for that is not for the company?. And as usual you refuse to answer questions. Just what I would expect from management......
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Problems like the under funding of our pension will not solve it self. I personally spent months talking about ways to fix our pension problems in these pages. As with any big problem the solutions will be painful and involve sacrifice. The will is not currently for that sacrifice so we have a contract offer that continues to pay the full rate on the pension but ABF gets a concession on wages, lose a week of vacation and subcontracted freight.

Pick your poison Papajohn. ABF pays roughly $16000 per employee in pension costs that no other LTL company pays. ABF also pays for a premium health insurance and pays very close to the top scale in the industry.

The law of demand in market based capitalism will demonstrate 100% of the time that as the cost of a product increases demand will go down for said product. This is why we continue to lose market share.
 
nothumbleenough said:
Problems like the under funding of our pension will not solve it self. I personally spent months talking about ways to fix our pension problems in these pages. As with any big problem the solutions will be painful and involve sacrifice. The will is not currently for that sacrifice so we have a contract offer that continues to pay the full rate on the pension but ABF gets a concession on wages, lose a week of vacation and subcontracted freight.

Pick your poison Papajohn. ABF pays roughly $16000 per employee in pension costs that no other LTL company pays. ABF also pays for a premium health insurance and pays very close to the top scale in the industry.

The law of demand in market based capitalism will demonstrate 100% of the time that as the cost of a product increases demand will go down for said product. This is why we continue to lose market share.
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As I see it one of the big problems is the substandard contract that the IBT is pushing over at UPS Freight, like they're doing to us. UPS Freight is one of the large discounters out there with the, "What does my price have to be to haul your freight?", approach. Then they cry to the IBT, "We're not making any money!". :duh:
 
papajohn said:

Explain to us about these SEC filings for "confidentiality agreements" that hide certain accounts from the public's eye.
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nothumbleenough said:
Problems like the under funding of our pension will not solve it self. I personally spent months talking about ways to fix our pension problems in these pages. As with any big problem the solutions will be painful and involve sacrifice. The will is not currently for that sacrifice so we have a contract offer that continues to pay the full rate on the pension but ABF gets a concession on wages, lose a week of vacation and subcontracted freight.

Pick your poison Papajohn. ABF pays roughly $16000 per employee in pension costs that no other LTL company pays. ABF also pays for a premium health insurance and pays very close to the top scale in the industry.

The law of demand in market based capitalism will demonstrate 100% of the time that as the cost of a product increases demand will go down for said product. This is why we continue to lose market share.
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I will ask again since you refuse to answer.... Explain to us about these SEC filings for "confidentiality agreements" that hide certain accounts from the public's eye.
 
papajohn said:
NOTHUMBLEENOUGH, YOU DON'T CARE ABOUT THOSE WHO HAVE RETIRED OR ANY FUTURE RETIRES AS LONG AS YOU GET WHAT YOU WANT... SAD[/B][/SIZE]

IBT Backs Plan to Allow Some Pension Cuts | Teamsters for a Democratic Union
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Divide and conquer is the oldest tactic in the book and your practicing it when you say I don't care about current and future retirees. It is fantasy on your part to think tax payer money will come to help solve this problem. It is as productive as saying the tooth- fairy will help. 17 trillion in public debt doesn't even touch Medicare, social security let alone the countries pension problems.

I'm trying to think of General Washington's speech to his troops at Concord, "it's somebody else's fault, it's too cold to fight and we need help." Or maybe not!
 
nothumbleenough said:
divide and conquer is the oldest tactic in the book and your practicing it when you say i don't care about current and future retirees. It is fantasy on your part to think tax payer money will come to help solve this problem. It is as productive as saying the tooth- fairy will help. 17 trillion in public debt doesn't even touch medicare, social security let alone the countries pension problems.

I'm trying to think of general washington's speech to his troops at concord, "it's somebody else's fault, it's too cold to fight and we need help." or maybe not!
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what a bunch of bs. Now try answering my question
 
ABFer said:
As I see it one of the big problems is the substandard contract that the IBT is pushing over at UPS Freight, like they're doing to us. UPS Freight is one of the large discounters out there with the, "What does my price have to be to haul your freight?", approach. Then they cry to the IBT, "We're not making any money!". :duh:
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I haven't paid close attention to the UPS Freight contract but would kill to see a profit and loss statement from the freight side. I can't understand such a crappy contract from a company that made 4 Billion in profit last year!
 
nothumbleenough said:
I haven't paid close attention to the UPS Freight contract but would kill to see a profit and loss statement from the freight side. I can't understand such a crappy contract from a company that made 4 Billion in profit last year!
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To my knowledge they release one and only one such statement last year. It showed little or no profit. The fact that they only released one once makes me wonder what they're up to.
 
ABFer said:
To my knowledge they release one and only one such statement last year. It showed little or no profit. The fact that they only released one once makes me wonder what they're up to.
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They are probably up to the same thing ABF is up to. Not hard to figure that one out...
 
papajohn said:
You still haven't explain to us about these SEC filings for "confidentiality agreements" that hide certain accounts from the public's eye. You really haven't explained anything. You have a 1 track mind and that is to just give the company concessions, which not very many believe it needed. What position do you hold in management.
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I don’t believe anyone on this website can answer that question. And the people who can, will not. That is why the word confidential is used. I know it sucks and lets us know that they are hiding things but that is the way it is sometimes. Just KNOW they are hiding something!!!!
 
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