New Penn | Pension Contributions Must Return in 2011!

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A Look At 401(k) Plan Fees

Here is some information on 401k fees. Don't be suprised if YRCW tries to sell us a 401k instead of resuming the pension contributions that were taken away from all of us! I know the end of the year is a long way off, but we need to spread the word on this as soon as possible.
 
A Look At 401(k) Plan Fees

Here is some information on 401k fees. Don't be suprised if YRCW tries to sell us a 401k instead of resuming the pension contributions that were taken away from all of us! I know the end of the year is a long way off, but we need to spread the word on this as soon as possible.

Do you honestly think on 1/1/11 Yrc will continue normal pension contributions, as agreed to. I would bet my life that aint gonna happen, and I do not bet on anything. If at best, we get a reduced employer pension contribution I would be very surprised. Hoffa and Zollars will screw us all again just to maintain the Union dues from ending. Hoffa and Tyson better damn sure get NO salary increase going forward until all us rank and file members get all our wages and bennies back IN FULL period.
 
To answer your question, I honestly do think pension contributions will return in 2011. In the MOU we approved pension contribution DEFERRAL, not elimination. Any changes to pension amounts and monthly payment schedules outlined in the NMFA must be voted on and approved by the members. Do not count on the International or our Locals to tell us the truth. They have lied to us in the past.
I have included dialogue from Friday's YRCW conference call specifically addressing this issue.Please read and pass along to others at your terminal. One of our most important duties as union members is to educate and inform.



1. YRC Worldwide Inc. Q4 2009 Earnings Call Transcript
Page 10 out of 10|February 05, 2010 |

Operator

Your last question comes from Jack Waldo from Stephens, Inc. Your line is now open.

Jack Waldo -- Stephens, Inc

Good morning, gentlemen and Sheila. I wanted to talk a little bit more about the multi employer pension plans, specifically when does the pension payment come back on line? How much is it a month? I guess how much is it a month if we look historically on your employee count and how much would you expect it to be based on your current employee count?

Sheila Taylor

Yes, it comes back on in January of 2011. Historically, I’d say it was between $35 million to $40 million from a pension standpoint. I’d expect it to be closer to the $30 million, obviously, don’t know what headcount is going to look like or volumes next January, but it could be around that number.

Jack Waldo -- Stephens, Inc

Okay. And could you talk a little bit about the proposed pension legislation and how it might impact you guys?

Tim Wicks

Hey, Jack, it’s Tim. Before you go there, I think the other thing that’s important as we operate the business clearly while we are focused on strategies around 2011 I think we’d be remiss if we didn’t make sure everyone is aware that we operate the business with a forecast that anticipates those payments returning in 2011, right, as opposed to believing that we’ve it solved until we do have it solved.

Jack Waldo -- Stephens, Inc

Do you want to share what that forecast is?

Tim Wicks

Of course, not.

Sheila Taylor

Nice try.

Bill Zollars

Jack, on your question around legislation, we’ve been working for some time on an effort to partition off the orphans from the total requirements. I think as everyone knows, about 40% of what we pay into the pension funds on a regular basis goes to people that never work for us and we see that as kind of an unfair burden in the marketplace. And so we’ve been working with Capitol Hill on getting legislation started there. We’ve got two pieces of legislation. One in the Senate and one in the House, that have been launched and we’re continuing to work with the supporters of that legislation to see if we can get it passed.

Jack Waldo -- Stephens, Inc

Any idea when the outcome will be?

Bill Zollars No, we’d like it sooner rather than later obviously, but it’s hard to predict what’s going on in Washington right now.
 
So what they are saying is it would cost them 100mil. per quarter to make the pension contributions. How could anyone expect that a company that can't turn a profit, pay it's debt, buy new equipment would be able to suddenly be able to carry that kind of burden. In my opinion it aint gonna happen.
 
So what they are saying is it would cost them 100mil. per quarter to make the pension contributions. How could anyone expect that a company that can't turn a profit, pay it's debt, buy new equipment would be able to suddenly be able to carry that kind of burden. In my opinion it aint gonna happen.

Wasn't it the interest payments that were killing them??? Kinda like the credit cards we all have,some let them get out of hand and all they can make are the minimum payments and sooner or later they just can't make them...
 
So what they are saying is it would cost them 100mil. per quarter to make the pension contributions. How could anyone expect that a company that can't turn a profit, pay it's debt, buy new equipment would be able to suddenly be able to carry that kind of burden. In my opinion it aint gonna happen.[I think not.
 
i believe there are so many people covering there ears and closing their eyes because the truth hurts deeply.This economy will not just turn around and all of a asudden YRC will be seeing greener pastures. there are salesman and managers jumong ship every day. and the fools that say " they were a pos"....what an ignorant answer..way to many know it all truck drivers..the facts speak for themselves
 
i don't expect it to happen either but it'll be interesting how it plays out. i believe we will still have to vote on extending things past the deadline. i can't see them going straight back to top rate either. that's another thing that's supposed to happen on 1/1/11 but again won't we have to vote on that? either way the best idea i've had in years is getting the hell out of trucking.
 
H.R. 3936: Preserve Benefits and Jobs Act of 2009 (GovTrack.us)

This is a link to proposed legislation that was referenced in the recent YRCW conference call Feb. 5,2009. It is a tough read at times but pay attention to the multi-employer section. The section on partitions is what I found interesting. This is going to allow the funds to set up seperate benefit amounts for YRCW employees versus "orphans". It calls for a fifth fund at the PBGC to be set up to fund the partition benefits. What does it all mean you ask? In my opinion current and former YRCW employees will be segregated from others who accrued benefits working for defunct companies. Before anyone gets upset over this post remember this is PROPOSED legislation waiting in Congress for approval. It is intentionally vague and difficult to put into terms all of us can understand. I will continue to monitor and try to help all of us understand this before it gets passed. Ask about it at your next meeting AND keep asking. Do not count on our leaders to keep you informed if you do not ask for information. You will not find this kind of info at the union website.
 
i don't expect it to happen either but it'll be interesting how it plays out. i believe we will still have to vote on extending things past the deadline. i can't see them going straight back to top rate either. that's another thing that's supposed to happen on 1/1/11 but again won't we have to vote on that? either way the best idea i've had in years is getting the hell out of trucking.

Deadhead 10/4 on getting the hell out of trucking!!! I have had more then enough of this YRC nonsense to last the rest of my life time. The Teamster pride I always had is fading fast. Good luck to you and the rest of us guys that love to be demoralized. Drive safe.
 
YRC, imo, may still not make it. as a whole, the ability to make money may be beyond them. what alot of folks aint realizing is they, YRC, hasn't been profitable in some time. they may have been rescued by the banks & bond holders but they still have to turn a profit. they have lost over 40% of their customers and the ones they still have are getting their frt at high, discounted rates. not only that, Dollar Bill has stated that the customers that left have returned. of course they did, why not go back to YRC when they're offering moving our frt for next to nothing ? i would go back too ! i hope to God they make as i am employed at NP and our future is inter-twined with theirs but i just don't see it happening.
 
Hey fellows it will get better for you guys.Have you seen the year end numbers for all companies?Fedex was 101.5,conway at 99.6,vitran lost,us at abf were 105. Don't expect to see the rate beatings in 2010.
 
Hey fellows it will get better for you guys.Have you seen the year end numbers for all companies?Fedex was 101.5,conway at 99.6,vitran lost,us at abf were 105. Don't expect to see the rate beatings in 2010.

Don't think UPSF did good either...Can't haul goods for nothing and expect to make money..maybe the government should come back with regulations again before they have to bail out everyone...
 
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