Yellow | Local 707 Pension Fund
- Thread starter LEHIGH vALLEY
- Start date
you are way off base even if employees move out of Maybrook or any other location thier pensions stays in fund they belong to, and the contributions the company makes to the fund in their name goes to their Fund in this case 707...maybe you should get your facts correct prior to posting...
Using facts here is sort of like holding up a crucifix to a vampire. It causes writhing pain and discomfort in some.
- Credits
- 539
Not exactly...I"am told by the Maybrook drivers that came to Atlanta there were once 1,500 teamster jobs in the Maybrook terminal, and there are approx 500 who are still laid off and some were laid off because they did not make the move on the COO....That alone costs the 707 Fund 500 members who have nothing paid into the fund......the COOs are the main reason there are only 853 active partcipants in the 707 fund
This fact was already posted here. Go back and read post 10,and 49.
How can there be 500 still laid off when they are hiring P&D and road drivers (or trying to hire anyway)? Also as I pointed out earlier, Maybrook was a gaining terminal in recent COO's. Besides, you've been around a long time so why do you believe anything a driver tells you?
John Kelder
TB Lurker
- Credits
- 0
Here are the facts as I know them - 707 pension was funded at 98% in 1995 when McCaffrey became a union officer and Fund Trustee .Under his watch he approved an increase in pension credits from $90 per credit to $115 .This coincided with President of 707 retirement and member of his ticket who immediately became a Yellow Labor manager ,Nicholas Piccarello .Nice going away gift .Then , instead of hard negotiations , when Cardinal Healthcare and Overnight/UPS became 707 Teamsters , they did not become part of the pension , they were put in a 401K .The pension NEEDED more employers then and now .Yet ,McCaffery complains about lack of employer contributions when he let 2 big fish get away .
In 2000 , the Fund had about 440 MILLION in assets .15 years later , we have next to nothing . Here is where the politicians got involved . In 2006 , Pension laws were changed , and that is why we receive those notices regarding funding status .That same set of laws also provided for a 5% penalty the first year , and 10% penalty every year after above and beyond the contribution rate until the fund was out of endangered status . I believe that THIS is what triggered UPS paying 6 Billion dollars to get out of CSPF . I also believe that is why YRC desperately needed to freeze pension contributions ...Because ZERO X 5% is ZERO ,and Zero X 10% is ZERO .And to the best of my knowledge , no penalty surcharge has been paid .
Leadership roles demands of leaders to make decisions , and accountability . The plan actuaries CANNOT have NOT known what this set of circumstances would do the the 707 pension fund .Yet McCaffrey and crew told the members to vote yes to save YRC , never speaking of actuarial advice to the contrary .
McCaffrey has , while holding a full time job as 707 President , became certified in Plan administration .He also ,as noted in this thread , entered into local politics .SO ,is it no wonder that the Teamster members suffer ? The 707 plan administrator was a full time job, the President was a full time job , and one would imagine that the constituents want their county legislator doing that full time ..THREE FULL TIME JOBS done by one person.Plus a Fund Trustee..Rome burned , as Nero fiddled ................He and the other Trustees have violated their Fiduciary duties IMO .
So please pass this along - at 4PM on Saturday 6/20/15 at LaQuinta Inn and Suites at MacArthur Airport ,10 Aero Rd. Bohemia NY all active and retired 707 pension participants are invited to discuss any and all legal remedies to restore our pension .
In 2000 , the Fund had about 440 MILLION in assets .15 years later , we have next to nothing . Here is where the politicians got involved . In 2006 , Pension laws were changed , and that is why we receive those notices regarding funding status .That same set of laws also provided for a 5% penalty the first year , and 10% penalty every year after above and beyond the contribution rate until the fund was out of endangered status . I believe that THIS is what triggered UPS paying 6 Billion dollars to get out of CSPF . I also believe that is why YRC desperately needed to freeze pension contributions ...Because ZERO X 5% is ZERO ,and Zero X 10% is ZERO .And to the best of my knowledge , no penalty surcharge has been paid .
Leadership roles demands of leaders to make decisions , and accountability . The plan actuaries CANNOT have NOT known what this set of circumstances would do the the 707 pension fund .Yet McCaffrey and crew told the members to vote yes to save YRC , never speaking of actuarial advice to the contrary .
McCaffrey has , while holding a full time job as 707 President , became certified in Plan administration .He also ,as noted in this thread , entered into local politics .SO ,is it no wonder that the Teamster members suffer ? The 707 plan administrator was a full time job, the President was a full time job , and one would imagine that the constituents want their county legislator doing that full time ..THREE FULL TIME JOBS done by one person.Plus a Fund Trustee..Rome burned , as Nero fiddled ................He and the other Trustees have violated their Fiduciary duties IMO .
So please pass this along - at 4PM on Saturday 6/20/15 at LaQuinta Inn and Suites at MacArthur Airport ,10 Aero Rd. Bohemia NY all active and retired 707 pension participants are invited to discuss any and all legal remedies to restore our pension .
And it is not as stinky as garlic.
The real problem is not COOs but the fact that union leadership has organized a big fat zero number of new companies in the NE or anywhere else to get them into the fund. No new employers in the fund and that means no new employees in the fund. Why aren't any new employers organized and in 707 - where is the leadership? We have been failed by the lack or organizing companies and getting them into our pension funds.
Last edited:
It keeps the bosses in office . Isn't that what really matters?
Hate to bring this up, but how gonna get people to want to join? Read the union forums like ours and abf. If one is not already a current Teamster, not welcome. Some of the posts call others scabs. Then picture telling a so-called scab, ' join us and be our brother..'
- Credits
- 539
That was told to me by the remaining Maybrook drivers in Atlanta......would have thought they knew about their old terminal, just like I will have to take your word that your facts are correct too.....how about it John Kelder?.....KK
D
Deleted member 5115
Guest
They're not as big a pain in the ass as we are either. They're afraid to speak.
captain cardboard
TB Lurker
- Credits
- 0
Thank you for your factual input. I totally agree that Mcaffrey is preoccupied with his local politics aside from the fact that besides being the president of 707 he also wants to run the entire 707 office. I feel he and the actuaries failed to do there fiduciary duties by running a well funded local into the ground in as little as 15 yrs. This local had so much money at one time they started giving the 13th check in mid December every year. What happened to all the money? I Guess he doesn't care about the men or the 707 pension, He'll get his Joint Council 16 pension instead.
Last edited:
LEHIGH vALLEY
TB Veteran
- Credits
- 0
The 500 or so you speak of were most likely laid off during a downsizing (or mutiple downsizings) at Maybrook. Over the course of time these members just said to hell with it and found jobs elsewhere. Like a lot of former roadway Stroudsburg men when the Company called them to come back they told YRC to pound sand!How can there be 500 still laid off when they are hiring P&D and road drivers (or trying to hire anyway)? Also as I pointed out earlier, Maybrook was a gaining terminal in recent COO's. Besides, you've been around a long time so why do you believe anything a driver tells you?
It's sad, Now that business is growing YRC is finding out how difficult it is to move freight from both the former Yellow & Roadway with a couple of thousand former member that they now have a snowballs chance in hell to ever see again!
Thanks again "Fuzzy" zollars! You screwed two good Companies for what? Ego? You bastard!
The comment I was responding to was that "there are approx 500 who are STILL laid off". No one at Maybrook is currently on layoff. They are shorthanded and are hiring. Also, all recent COO's have been gains for Maybrook.