Pension Contribution

Discussion in 'YRC Freight' started by nightowl, Nov 28, 2017.

  1. nightowl

    nightowl Well-Known Member

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    I know YRC pays a reduced pension amount, but were they not required to make any contribution at all for part of 2009 and all of 2010? Maybe I just don’t remember....
     
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  2. crewdawg

    crewdawg Member

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    As i recall, YRC quit paying in March 2009 and payed 0 until July 2011. They then started paying 1/4 of the normally required payments, dont trust me as i am getting old and tired and memory plays tricks on me.
     
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  3. nightowl

    nightowl Well-Known Member

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    Yeah that’s what the girl at the fund office told me, but I just didn’t remember them not having to pay anything at all. Thanks
     
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  4. ABFer

    ABFer Well-Known Member

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    It happened, I was told it was for about 2 years.
     
  5. mud

    mud Wonderin' AD-FREE USER

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    In late 2008 just before the merger I decided it was time to go. My retirement started 06/01/2009.Talk about retiring on the spur of the moment, with no plan at all.
     
    Last edited: Nov 28, 2017
  6. Chris616

    Chris616 Member

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    I had to call CSPF for legal reasons. YRCF pays 74 dollars a week to the Pension.
     
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  7. Elwood

    Elwood Question Authority

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    Western States was forgiven for contributions not made in 2009. Bargaining unit employees were given credit.

    CSPF used the contributions thereafter to compensate for the funds in arrears.

    I may be wrong, but that is my recollection.
     
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  8. Freight Crusher

    Freight Crusher Active Member

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    The original cuts included 0% to be paid into the pensions for 18 months. In fact all the concessions where supposed to be for 18 months. YRC and the union said they would be back on their feet after 18 months. There was snap back language in the agreement if they recovered sooner. Somehow it went from 18 months to 10 years and counting. Somebody was using fuzzy math to figure it all out.
     
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  9. havinsomefun

    havinsomefun Member

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    YRCW still owes CSPF over 100 Million dollars (since 2009). YRCW is paying the fund interest only, and has put up various properties as collateral.
     
  10. BIG R GUY

    BIG R GUY Hot girly thread photographer

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    [​IMG]

    I think this might be one of those properties???
     
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  11. crewdawg

    crewdawg Member

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    The trustees in the western conference granted us accruals through June 10 2009 only and then Refused any further YRC contributions into the Pension fund. The resumed 25% payments in July 2011 have been going to 401k only, this was my understanding at the time. CSPF still accepts the 25% into the Central States Pension fund.
     
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  12. muddog

    muddog Active Member

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    You are in a nutshell correct sir. What gets me is the union and company flat out lied to get the agreement to go through.
     
  13. havinsomefun

    havinsomefun Member

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  14. Elwood

    Elwood Question Authority

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    The WS Trustees forgave the debt owed through calendar year 2009 as of June 10 and credited members through that date. The 25% does go into the 401-k, at a maximum of $1.45/hour, 2080 hours.

    It was my understanding that the early contributions to CSPF @ 25%, were used to cover what YRC owed the fund in ‘missed’ contributions.
     
  15. Kennesaw Kid

    Kennesaw Kid Super Moderator Staff Member

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    That is what the $100M check YRCW is to write CSPF on 12.31.2019...It was due at the end if the 2019 MOU....but the IBT and CSPF deferred it past the MOU until the last day of 2019.
     

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