Yellow | Local 707 Pension Fund

LEHIGH vALLEY

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Anybody hear anything about the New York City Local 707 Union s pensions fund? Getting a couple of calls out of N.Y.C. and Maybrook N.Y.
 
Anybody hear anything about the New York City Local 707 Union s pensions fund? Getting a couple of calls out of N.Y.C. and Maybrook N.Y.

Just got the announcement in today's mail from Local 707 Pension Fund that the fund expects to be insolvent in 2016. The fund is receiving only $7.5 million in contributions while paying out $47 million a year in benefits.
 
Just got the announcement in today's mail from Local 707 Pension Fund that the fund expects to be insolvent in 2016. The fund is receiving only $7.5 million in contributions while paying out $47 million a year in benefits.
One year!!! They didn't see this coming? Maybe the question should be do they care?
 
Here's the notice:


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Terrible management of these funds.Plain and simple.Plus some wrongdoings and or bad information.This is now being an ever so told story now.Hmmm..something very wrong with this picture
 
the actuaries for local 707 need to held accountable as well as the president. How could they not have seen this coming YEARS ago with the actives to retiree imbalance? The president used the campaign promise of 25 yrs and out with any age to get elected many years ago and didn't run the numbers and see the demise it would lead to? Something very fishy going on here.
 
ITE="captain cardboard, post: 935117, member: 6745"]the actuaries for local 707 need to held accountable as well as the president. How could they not have seen this coming YEARS ago with the actives to retiree imbalance? The president used the campaign promise of 25 yrs and out with any age to get elected many years ago and didn't run the numbers and see the demise it would lead to? Something very fishy going on here.[/QUOTE]
Isnt 707 in the Chicago area? Also it is affiliated with 710? If so and those two locals are connected to each other.Wasnt there a President of one of those locals suspended over money issues (P.Flynn)
 
707 was a big freight local at one time and as the freight jobs disappeared so did the contributions going into the fund!I beleive that ABF is the only freight carrier paying 100% into that fund! 707 also represents The YRC companies including the big Maybrook barn so there's going to be a lot of Brothers and Sisters affected by this! Unless your one of the lucky ones who came under a coo and are covered under a different plan like some guys out of New England or central Pa.This really sucks and I hope they could find a solution to this problem.
 
ITE="captain cardboard, post: 935117, member: 6745"]the actuaries for local 707 need to held accountable as well as the president. How could they not have seen this coming YEARS ago with the actives to retiree imbalance? The president used the campaign promise of 25 yrs and out with any age to get elected many years ago and didn't run the numbers and see the demise it would lead to? Something very fishy going on here.
Isnt 707 in the Chicago area? Also it is affiliated with 710? If so and those two locals are connected to each other.Wasnt there a President of one of those locals suspended over money issues (P.Flynn)[/QUOTE]
707 is out of Hempstead N.Y. which is out on Long Island.But they also represent the Maybrook N.Y.(123) barn.
 
[/QUOTE]Isnt 707 in the Chicago area? Also it is affiliated with 710? If so and those two locals are connected to each other.Wasnt there a President of one of those locals suspended over money issues (P.Flynn)[/QUOTE]


Question #1 NO, question #2 NO, question #3 NO, and question #4 not really. Pat Flynn was the Secretary-Treasurer and principle officer of 710. The 4 officers and 3 trustees (GEB) were removed when 710 was placed in trusteeship.
 
According to the 2013 Form 5500 report filed with the Dept Of Labor, the "Road Carriers Local 707 Pension Fund" had

835 - Active
2496- Retired Receiving Benefits
776 - Entitled To Future Benefits
493 - Deceased Whose Beneficiaries Are Receiving Benefits
and
10 - Is the number of contributing employers

https://www.efast.dol.gov/portal/app/disseminate?execution=e1s2

Search "Road Carriers Local 707 Pension Fund" (#516106510)

:hissyfit:
 
the actuaries for local 707 need to held accountable as well as the president. How could they not have seen this coming YEARS ago with the actives to retiree imbalance? The president used the campaign promise of 25 yrs and out with any age to get elected many years ago and didn't run the numbers and see the demise it would lead to? Something very fishy going on here.
Maybe the President Of Teamsters Local 707 was too busy campaigning last year for this Suffolk County job? Maybe he overlooked how bad a shape his Local's pension fund was in?

Local 707’s Kevin McCaffrey Wins Hard-Fought Campaign
Kevin McCaffrey, President of Local 707 in Long Island, N.Y., will represent the 14th Legislative District in Suffolk County after winning an election in November.

McCaffrey didn’t waltz into the election without any experience as an elected official. He’s not only president of a Teamsters local, he was deputy mayor of Lindenhurst, N.Y. and a village trustee for 23 years. A Republican, McCaffrey has a long record of bipartisan cooperation.

And like so many Teamster brothers and sisters in the New York region, McCaffrey devoted many hours and much effort to helping victims of Superstorm Sandy.

New York Newsday endorsed him for the seat, citing his experience and independence: “McCaffrey's municipal background has prepared him to be an effective legislator...McCaffrey has helped balance Lindenhurst's budgets for years while Dolan's (his opponent in the race) experience is more limited and outside the public sector…McCaffrey says his efforts to help residents the night Superstorm Sandy hit and in the aftermath have been draining but rewarding. His passion is affecting…In a race between competent candidates, experience tips the scale.”

McCaffrey said the Teamsters Union was helpful during his hard-fought election, which he won by about 5 percent.

“Teamsters from around the country donated money to my campaign,” McCaffrey said. “Locals in Joint Council 16 also donated to my campaign and provided volunteers to go door to door. I also received help from the Long Island Federation of Labor, Nassau Suffolk Building Trades, health care workers, corrections officers, deputy sheriffs, the Carpenters Union and the Operating Engineers.

“My victory would not have been possible without the support of organized labor,” he said.

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:chairshot:
 
707 was a big freight local at one time and as the freight jobs disappeared so did the contributions going into the fund!I beleive that ABF is the only freight carrier paying 100% into that fund! 707 also represents The YRC companies including the big Maybrook barn so there's going to be a lot of Brothers and Sisters affected by this! Unless your one of the lucky ones who came under a coo and are covered under a different plan like some guys out of New England or central Pa.This really sucks and I hope they could find a solution to this problem.
Dog, it covers YRCF Terminals in Maybrook, Mt. Vernon, Brooklyn, Plainview and Deer Park NY.
 
Why can so many people not face the facts? It is not mismanagement of funds or any wrong doing. Back in the day there were so many union lines versus non union. You had more people paying in because there were more union jobs. Now the tables have turned and there ain't that many union jobs for people to pay into your fund with. Its simple math people. Quit blaming mismanagement of funds or wrong doing of sorts and realize things ain't what they used to be. Times change and you have got to be able to roll with the changes or things will pass you by.

I'm not blaming the union or the drivers or the companies. I'm not for the union my self but I'm not going to argue that. Its just plain and simple math why the funds are underfunded. You can't let a few take care of a whole fleet of retirees.
 
Why can so many people not face the facts? It is not mismanagement of funds or any wrong doing. Back in the day there were so many union lines versus non union. You had more people paying in because there were more union jobs. Now the tables have turned and there ain't that many union jobs for people to pay into your fund with. Its simple math people. Quit blaming mismanagement of funds or wrong doing of sorts and realize things ain't what they used to be. Times change and you have got to be able to roll with the changes or things will pass you by.

I'm not blaming the union or the drivers or the companies. I'm not for the union my self but I'm not going to argue that. Its just plain and simple math why the funds are underfunded. You can't let a few take care of a whole fleet of retirees.
It's just frustrating. This has been in the works since de-reg. Now they want to address it in the Eleventh Hour. The members are frustrated, that's all.
 
face the facts,really. I saw this coming years ago and have made the proper adjustments to be ready for it. I want to know why the local didn't do everything possible to prolong the longevity of the fund like lower the dollar value per credits, 30 yrs to retire or raise to age to collect. no changes have been made since 2008. I guess I was foolish when I started at 18 yrs old to believe the union promise of a pension if you pay in and put in the years of service
 
face the facts,really. I saw this coming years ago and have made the proper adjustments to be ready for it. I want to know why the local didn't do everything possible to prolong the longevity of the fund like lower the dollar value per credits, 30 yrs to retire or raise to age to collect. no changes have been made since 2008. I guess I was foolish when I started at 18 yrs old to believe the union promise of a pension if you pay in and put in the years of service

I'm going to take a guess at the answer. If you look at the anger and discontent exhibited by so many over the concessions at YRC, how do you think many would have reacted if the funds tried to reduce payouts or raise the ages? Some folks just don't get it I'm afraid.
 
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