SuperCourse
It's About The Borders - Idiot
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Group discount for the YRC Glee Club, they all seem a little edgy.
ABF | Local 707 Pension Fund insolvent in 2016
- Thread starter Triplex
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Group discount for the YRC Glee Club, they all seem a little edgy.
Thanks, I'll give it a try. If it works for Bruce, oops I mean Caitlyn, I guess it's OK.
Edgy? It's just another fun day on TB. Who's edgy?
Funny how some like to do the "poking" but don't like being "poked".
Careful, I don't want to see any "ethereal" comments!
So true. I've been etherealized in the past and I can tell you it's no fun!
canaryinthemine
Retirement....The Job I Was Born To Have!
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ABF is now the second lowest paid LTL carrier. All of the non-Union carriers are making in excess of $25.00 an hour.There's a heavy push on to expand the new contractual language for use of non-Union local cartage purchased transportation. And,.....as we see here, our pensions are under attack. Is it any wonder that ABF and YRC can't hire anyone? By the way, I've asked InfoRoundtable if they intend to use local cartage purchased transportation to replace the attrition rate of employees since they apparently can't hire anyone...........I'm waiting with bated breath for their answer,............
D
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I quit even going there...they haven't responded to a single question that I have asked!
I will answer your questions. Yes yes and hell yes.
Not saying I agree or disagree but would like some answers from anybody out. Let's say YRC did not get the MOU and went out of business. Would that create a ton more orphans to pay with nothing coming in? Where would all of the Union people go because we know there are no more Union jobs to be had and UPS bought out of Central States. Money was paid when times were good. Was it mismanagement of funds and too high of a pension back in the old days?
canaryinthemine
Retirement....The Job I Was Born To Have!
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I have a problem with the term "orphan". If your company closes after 20 years, you still had 20 years of steadily rising pension payments going into the fund. If you wait another 10 years before you retire to avoid early retirement penalties, that money was invested and profited on for 10 years before you accessed your monthly retirement check. Just because your company no longer exists doesn't mean you're getting any more than you were entitled to. And....if you wait 10 years to retire, your monthly check level was frozen at the rate from 10 years ago. The word " orphan" seems to be bandied about a good bit and tends to sound like someone is getting more than was paid in for that person. That is not the case. Either your pension was frozen the day your carrier went out of business...,.....or you went to work for another Union carrier and re-started your pension payments. I've had 9 carriers close under me, and I have a break in service from the '80's when you couldn't get a Teamster job for love nor money,.....so I lost 8 years of credit toward my pension. I don't feel like an "orphan",... in spite of those none carriers closing........
D
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Yes, maybe and yes. Back when the days were over the top on Wall Street federal law mandated that money could not be stockpiled and that benefits had to be increased. That combined with lackadaisical investment practices helped create the perfect storm and the mess we have now.
D
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But...Sir...Herr Muler...Brother, my questions were not of the 'yes', or, 'no' answer variety.
No wonder you consider yourself the canaryinthemine. I know 2 guys who had 3 union carriers close under them before they found themselves in the Yellow messpool. I thought they had some bad luck...
I was "fortunate" enough to find a Teamster job in the 80's. Worst job I ever had, but I was making 3x minimum wage to start and I was 19.
Orphan doesn't mean you are getting more than paid in for that person, otherwise everybody who lives long enough would be considered an orphan. That ponzi-like MEPF is set up so that when those contributions were made you were supporting somebody already retired. They promise you this future benefit that exceeds any amount contributed on your behalf with the hope that those working while you are retired would be supporting you. Your employers closed, now the fund is supposed to support you when you don't have a "parent" (current teamster at your employer) supporting you.
I was "fortunate" enough to find a Teamster job in the 80's. Worst job I ever had, but I was making 3x minimum wage to start and I was 19.
Orphan doesn't mean you are getting more than paid in for that person, otherwise everybody who lives long enough would be considered an orphan. That ponzi-like MEPF is set up so that when those contributions were made you were supporting somebody already retired. They promise you this future benefit that exceeds any amount contributed on your behalf with the hope that those working while you are retired would be supporting you. Your employers closed, now the fund is supposed to support you when you don't have a "parent" (current teamster at your employer) supporting you.
I was replying to the quote you took from Carnayinthemine. sorry I thought it was apparent MY BAD!
You are something. Not one good word ever about the Teamsters. Ponzi if I may. It would not be anything close to a PONZI if the CSPF officials and the ibt officials did what they were and are obligated to do it would be a fully funded pension plan. THEY let companies sell all their assets and we did not receive the full amount owed the pension plans. It was never to be a PONZI it was designed that everyone pay their liability when exiting the fund. Why was not all the assets used as collateral to the funds? No if the funds had been handled correctly there would be no need for investments because like I said the pension liabilities would have fully funded themselves. So stop calling the funds PONZI's.
I've said good things about the IBT. They have just been few and far between, appropriately.
You likely won't find better healthcare benefits in the industry. Is that worth all the other BS that comes along with that :
: sandwich? That's up to the sandwich eater to determine.
I said they are ponzi-like. You have 1 person paying into the fund for every 4.something drawing on the fund. Yes it was mishandled/mismanaged....but the best managed fund at those ratios wouldn't work at the contribution/withdrawal rates. Anybody that doesn't need their fingers and toes to do the math could see what type of long term unrealistic returns would be necessary for the fund to remain solvent. The actuaries were counting on membership numbers that are nowhere near where they are.
You likely won't find better healthcare benefits in the industry. Is that worth all the other BS that comes along with that :
: sandwich? That's up to the sandwich eater to determine.I said they are ponzi-like. You have 1 person paying into the fund for every 4.something drawing on the fund. Yes it was mishandled/mismanaged....but the best managed fund at those ratios wouldn't work at the contribution/withdrawal rates. Anybody that doesn't need their fingers and toes to do the math could see what type of long term unrealistic returns would be necessary for the fund to remain solvent. The actuaries were counting on membership numbers that are nowhere near where they are.
OK I will try one more time please try to follow along. There would not be a 4/1 if all the companies PAID THEIR FULL WITHDRAWAL LIABILITIES! Meaning when CF went out if they paid the funds up then their Teamsters would have a fully funded pension.I've said good things about the IBT. They have just been few and far between, appropriately.
You likely won't find better healthcare benefits in the industry. Is that worth all the other BS that comes along with that ::
I said they are ponzi-like. You have 1 person paying into the fund for every 4.something drawing on the fund. Yes it was mishandled/mismanaged....but the best managed fund at those ratios wouldn't work at the contribution/withdrawal rates. Anybody that doesn't need their fingers and toes to do the math could see what type of long term unrealistic returns would be necessary for the fund to remain solvent. The actuaries were counting on membership numbers that are nowhere near where they are.
But they were not made to pay the funds instead they paid the banks and we were left footing the bill for their Teamsters collecting in the funds. UNDERSTAND? As for just the insurance. How about your seniority rights? How about your grievance process that affords you your day in court if need be.
How about your overtime after eight? How about the equipment that you drive? Did you know it is article 16 in the NMFA that sets the standards for all the equipment in the industry. Such as the dimensions in the cabs. NO you don't even have a clue what the TEAMSTERS have done to make our industry a better and safer industry. And when I hear a HATER like you put it down I only imagine where this industry would be if you and your kind had came first. THANK GOD!
I will give you a name of a Teamster that has passed. His name was Phil aka KAMIKAZE. He drove hard and was a TEAMSTER through and through. He fought for people and understood the good that a well negotiated contract could do for all parties involved and he lived his life for that cause. And when many Teamsters hear you cut down our union they remember the KAMIKAZE'S that they knew in their lives. And that is the difference between you and us. YOU WILL PROBABLY NEVER GET IT.
My my. You've REALLY out done yourself. Such a keyboard Rambo. Your just another ill informed fool. And it's obvious from your post. The withdrawal penalty has NO relationship with the 4:1 contribution ratio.
And I almost spilled my beer laughing about docker. Between the two of you, there's not enough to make a real Teamster. From any school! I would go back to where dissent is not allowed. But you've blocked me!
How can you say the pension funds aren't a Ponzi-like scheme when your own post contradicts that? Here is the definition of a Ponzi scheme:
A Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator.
Ponzi scheme - Wikipedia, the free encyclopedia
The fact that any company is assessed a withdrawal liability over and above all the required regular pension contributions for each employee is in itself proof of the Ponzi-like aspect of the plan. If it were not a Ponzi-like scheme there would be no such thing as a withdrawal liability. As long as a company was up-to-date with all the normal pension contributions it wouldn't matter if they closed down. Everyone would be whole as far as all their pension time earned there.