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Yellow | Local 707 Pension Fund

captain cardboard said:
Would I be considered an orphan, 10yrs at St.Johnsbury, 10yrs At CF, and finished up at Roadway. All 707 jobs with no breaks in service.
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captain cardboard said:
Would I be considered an orphan, 10yrs at St.Johnsbury, 10yrs At CF, and finished up at Roadway. All 707 jobs with no breaks in service.
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I don't think they know the true definition of an "orphan". Your time is paid its paid!
 
captain cardboard said:
Would I be considered an orphan, 10yrs at St.Johnsbury, 10yrs At CF, and finished up at Roadway. All 707 jobs with no breaks in service.
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I wish I could help you out but this is starting to test my basic limits of knowledge on the issue. Best thing you can do is call the plan you are in. If it is 707 call them or if they cannot answer the phones look through all the info they sent out for any explanation. My hunch is plan trustees are looking at service orphan status issues right now since the regulations were just issued. Sorry I cannot be of more help.
 
captain cardboard said:
Would I be considered an orphan, 10yrs at St.Johnsbury, 10yrs At CF, and finished up at Roadway. All 707 jobs with no breaks in service.
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NO....If you retired from an active company in the fund, you are NOT an orphan. Those that retired when CF went out of business would be an orphan....those that continued working at another participating carrier would NOT be an orphan.....KK
 
COOPER said:
Actually.....I don't think there is "maximum". Not to split hairs with you but take the case of a "orphan" presently drawing $3000.00 per month. In this senario under MPRA the orphans must be the first to take cuts and those cuts must be made the fullest extent allowed under the law before any actives etc. can be cut. The cut in this case would be made to 1.10 percent of the PBGC insured rate. 1.10 percent of the maximum PBGC rate ($12870.00) would result in an annual pension of $14157.00. That is closer to 61 percent in this case. The bottom line is this.....a pension of $36000.00 being now reduced to $14157.00. Again....it appears to me that the 707 plan is too far gone. In that case MPRA would not apply instead the PBGC maximum of $12870.00 would be the maximum a participant would be able to receive.
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Then you need to read the Miller-Kline Bill...maximum IS 60%....KK

http://edworkforce.house.gov/uploadedfiles/bill_text_bipartisan_multiemployer_pension_reform.pdf
 
captain cardboard said:
Would I be considered an orphan, 10yrs at St.Johnsbury, 10yrs At CF, and finished up at Roadway. All 707 jobs with no breaks in service.
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If the 707 plan becomes insolvent and the PBGC picks up your payments it really wouldn't matter if you were considered an orphan or not. Forget about MPRA. You will receive only the PBGC insured amount. The annual maximum you would receive is $12870.00.
 
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Kennesaw Kid said:
Then you need to read the Miller-Kline Bill...maximum IS 60%....KK

http://edworkforce.house.gov/uploadedfiles/bill_text_bipartisan_multiemployer_pension_reform.pdf
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COOPER said:
I did read it. I never saw the maximum allowed cut allowed was 60 percent. How about saving me some time. If you read that please provide the page where you found it. Thanks.
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Have you found that 60 percent maximum limit in the MPRA law yet? Please pass the page or article number along. I'm interested in reading it.
 
John Kelder said:
next meeting is this Saturday 6/27/15 ..Doors open at 230PM ,meeting starts at 330 PM.. At - Black Rock Fish and Game Club ,5 Pleasant hill Rd
( off Rt. 32 ) Mountainville NY 10953 . To discuss Forensic audit , lack of fiduciary oversight , and legal action .
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Hats off to you members at 707 for taking action and searching for real solutions to this travesty... From a concerned member and Teamster of the Central States Pension Fund. I think I post this in the support of many members..
 
I do concede that these Multi Employer pension funds are a bad business model.Obsolete.They allow for investment companies to come in to manage these without any flesh in the fight.All they care about is their fees and contract payment.In some ways these outside sources can sabotage a fund.These Pension funds must change.
 
I wonder why the powers to be have been just talking about the Pension funds since i don't know how long.Nobody has been granted and intinsic investigation and audit on the CSPF.
 
707 Union meeting _ I was told by the Secretary treasurer that it will be 7/26/15 , but still not posted on the bulletin board ...Guess there is nothing to talk about........
 
John Kelder said:
707 Union meeting _ I was told by the Secretary treasurer that it will be 7/26/15 , but still not posted on the bulletin board ...Guess there is nothing to talk about........
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That is still two weeks away. Is this supposed to be a special meeting?
 
John Kelder said:
707 Union meeting _ I was told by the Secretary treasurer that it will be 7/26/15 , but still not posted on the bulletin board ...Guess there is nothing to talk about........
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They don't want to give people time to make the meeting, this way they don't have to answer many questions. they're hoping only a handful show up for coffee and crumb cake
 
captain cardboard said:
Would I be considered an orphan, 10yrs at St.Johnsbury, 10yrs At CF, and finished up at Roadway. All 707 jobs with no breaks in service.
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My situation is similar with Preston, then Yellow. Vested, then resigned. Central States lists me as YRC, in a Rehabilitation Plan.

The problem will be- once plans like 707 go under the Guarantee- Congress says those funds will go broke as well. Pension guarantee boards are not much better funded than Pensions are...
 
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