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ABF | Next Contract ?

nothumbleenough said:
Taken from Central States Website. https://www.centralstatesfunds.org/CSF/Pdf/ISC-Letter-to-Judge-Shadur.pdf Look closely at page 8 when it talks about net assets. Roughly 55,000 currently paying into the pension, while 214,000 drawing a retirement check. Am pretty sure Websters would define that as a ponzi scheme with 1 working to 4 drawing a check. At least Social Security has roughly 2.5 working for every one drawing a paycheck. Draw your own conclusions.
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Here is another facet. The money paid in by those 214000 SHOULD take care of their retirement. But because of bad investments and underfunding it does not.
 
The company's have made 401k's as the new favor of the decade and when it come's to retirement time in the future I wish the best for those that give up on the define benefit.
 
nothumbleenough said:
Lastly, everyone must understand a haircut is coming as it relates to how much we get in retirement. Don't have any clue just how much, but the numbers don't lie. There isn't enough money for everyone to get what they were promised.
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That folks, is realityville...it sucks, but it is what it is.
 
nothumbleenough said:
Taken from Central States Website. https://www.centralstatesfunds.org/CSF/Pdf/ISC-Letter-to-Judge-Shadur.pdf Look closely at page 8 when it talks about net assets. Roughly 55,000 currently paying into the pension, while 214,000 drawing a retirement check. Am pretty sure Websters would define that as a ponzi scheme with 1 working to 4 drawing a check. At least Social Security has roughly 2.5 working for every one drawing a paycheck. Draw your own conclusions.
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It would not be considered a scheme if the IBT had ORGANIZED! But you forgot to post that some of the retirees only make several hundred dollars a month and a current contributor pays over 1300 a month into the plan. And you also left out that fact that thousands of retirees die each year. And you did not mention the fact that their wives only get at best 50% of their spouses pension. No there is a lot of facts not being posted about the fund. Those that want to leave a defined plan you will be sorry. I will agree that there is plenty of waste that could be trimmed. We pay nearly $100,000,000.00 to each fund the CSPF and the Central States Health fund. Why so much? Has it became a PIGGY BANK for elected union officials to dole out jobs. DON"T GIVE UP ON YOUR FUTURE! YOUR BROTHER ALWAYS!
 
nothumbleenough said:
Taken from Central States Website. https://www.centralstatesfunds.org/CSF/Pdf/ISC-Letter-to-Judge-Shadur.pdf Look closely at page 8 when it talks about net assets. Roughly 55,000 currently paying into the pension, while 214,000 drawing a retirement check. Am pretty sure Websters would define that as a ponzi scheme with 1 working to 4 drawing a check. At least Social Security has roughly 2.5 working for every one drawing a paycheck. Draw your own conclusions.
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With my formal high school education, I conclude, it's BROKE! And if I count on it to retire, I'm gonna be BROKE! So, I will save all I can, and hope I get something out of it, or maybe ABF comes up with an equitable solution to buy out of the mess!
 
Life will go on. What ever you get out of the fund is more money than a lot non-union truck drivers will ever receive. The money was aways bargained in the contracts ,payed by the company's that you worked for. My hope is what ever pension fund in the future, the Union will have the company pension money put aside for your future .
 
ABFer said:
"White Paper" it will probably be, though they might try to give it a dressier name. I expect it to be based on the NMFA with a little tweaking here and there. That would be a whole lot easier than starting from scratch. I also expect ABF to be armed with the contract they gave UPS Freight. If you haven't browsed that yet you should.
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You dont want our contract...Unless you like the idea of 20% of your linehaul drivers being laid off so that contractors can come in and work every night.
 
Hey something has to be done with the plan. I am not saying get out, but it needs to be fixed.

To be sure, Central States is in poor financial shape. Its executive director, Thomas C. Nyhan, testified before Congress last year that Central States is facing an “unprecedented financial crisis” and could be insolvent within 10 or 15 years. According to Central States’ internal documents, it took in $675 million last year in employer contributions but paid out $2.9 billion in annual benefits—an operating loss of $2.225 billion. (New approach to Teamsters trucking companies)

I have a long way to go and don't see the fund being there for me or orthers teamsters. It can't go on like this it is like going down the road at 65 and throwing money out the window. if the government takes over everyone will get screwed.
 
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truxforever said:
Hey something has to be done with the plan. I am not saying get out, but it needs to be fixed..........I have a long way to go and don't see the fund being there for me or other teamsters. It can't go on like this it is like going down the road at 65 and throwing money out the window. if the government takes over everyone will get screwed.
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You my friend are correct!
 
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