5 or 10 year newbies? I would say more like the last 20 year newbies.
ABF | Pension Solution?
- Thread starter 2631
- Start date
Pension Funding
The pension funds are much like Social Security. Many drawing & not enough paying into the fund.
It's true that there is not enough organizing to make up the difference in the lost members from the bankrupt carriers, CF, Preston, NW, etc. I don't know what can be done to organize those who don't want to help themselves. Many are afraid to sign cards & many don't understand union membership. Many have been told lies about the Teamsters & believe what they are told.
What Mr. Davidson said in the past is true about the organized carriers paying more into pension funds than non union carriers.
If one more organized carrier goes belly up it will cause the pension funds to be insolvent.
The only solution that I see is to organize & have more dues paying members.
I think that the trustees have done a fair job of managing the pension funds. I'm speaking of Central States which is the one that I know more about.
I don't know what the companies under the National Master Freight Agreement are going to propose about the 401K. I don't know the total amount that would be added to the pension funds if they did in fact bail out.
It will be interesting to see the dollar amount of both.
The pension funds are much like Social Security. Many drawing & not enough paying into the fund.
It's true that there is not enough organizing to make up the difference in the lost members from the bankrupt carriers, CF, Preston, NW, etc. I don't know what can be done to organize those who don't want to help themselves. Many are afraid to sign cards & many don't understand union membership. Many have been told lies about the Teamsters & believe what they are told.
What Mr. Davidson said in the past is true about the organized carriers paying more into pension funds than non union carriers.
If one more organized carrier goes belly up it will cause the pension funds to be insolvent.
The only solution that I see is to organize & have more dues paying members.
I think that the trustees have done a fair job of managing the pension funds. I'm speaking of Central States which is the one that I know more about.
I don't know what the companies under the National Master Freight Agreement are going to propose about the 401K. I don't know the total amount that would be added to the pension funds if they did in fact bail out.
It will be interesting to see the dollar amount of both.
Steward of the Rock
TB Veteran
- Credits
- 742
Very well said. This is exactly what I have been preaching to my brothers on the dock. ABF like any other public company must answer to the share holders and if they get control of the pension fund it would be another way for them to save the company money at our expense. Word is that ABF wants out of the Central States Health and Welfare Fund as well. If this happens we will probably end up on a company provided HMO which would be a terrible thing in my opinion. Just another way for ABF to save money at our expense and make the share holders even wealthier.
ctroadrunner
TB Lurker
- Credits
- 0
Not all funds are in trouble.
ctroadrunner
TB Lurker
- Credits
- 0
So you would rather fund your own plan out of your pocket while CEO's walk away with millions ?
Well hockey puck their is one problem with that. The retired teamster members worked for over 30 years, most of them, in which case all those years contributions where made monthly to the pension fund, so when members retire the pension should be funded properly, why would current members have to contribute to fund retired members, that does not equate! The money was paid in all those years!
HillBilly Frog
TB Veteran
- Credits
- 0
No I would rather the company pay into my retirement.But also I think the teamsters in general have shown poor management of the fund.Teamsters for years have had funds paid on thier behalf and this fund underfunded? Bull-crap the amounts paid over the years properly invested should more than enough cover any retirement.It's like our Social Security problem they keep extending retirement age to keep you from getting what's your's,because they have borrowed or stole from the kitty....All I am saying is a good 401K match ain't all bad plus you have some control over it and can keep a closer eye on your money.The pension money paid in should have years ago been set up in individual accounts with 100% percent vesting after say 20 or 25 years with a portion going to cover your medical insurance during your retirement.
I hope we all have our pension waiting on us when we retire but I am investing in a 401K in case it is'nt.I figure if it is I have extra money if it's not I'll still be Ok. But I'll be darned if I retire hoping the social security will save my butt if my pension ain't there...
Transpoet Topics
Transport Topics Online | Firms Seek to Replace Pension Funds
NEW YORK — The top executive at Arkansas Best Corp. said he expects to offer his fleet’s unionized employees a less-costly company-funded pension benefit plan and withdraw from the current Teamsters multi-employer funds as part of a new labor agreement with the union.
Separately, the Teamsters last week confirmed that UPS Inc., the nation’s largest trucking company and largest single employer of Teamsters, has offered the union a similar proposal.
These developments set the stage for potentially significant changes in the way the Teamsters and motor carriers handle the distribution of health benefits and retirement payments to employees covered under collective-bargaining agreements.
Transport Topics Online | Firms Seek to Replace Pension Funds
NEW YORK — The top executive at Arkansas Best Corp. said he expects to offer his fleet’s unionized employees a less-costly company-funded pension benefit plan and withdraw from the current Teamsters multi-employer funds as part of a new labor agreement with the union.
Separately, the Teamsters last week confirmed that UPS Inc., the nation’s largest trucking company and largest single employer of Teamsters, has offered the union a similar proposal.
These developments set the stage for potentially significant changes in the way the Teamsters and motor carriers handle the distribution of health benefits and retirement payments to employees covered under collective-bargaining agreements.
UPS' proposal is just that, a proposal. Teamster leaders are studying the proposal now and gathering information from the Central States Fund to fully assess the impact. You can be assured that your Teamster leaders will not support any proposal that will harm any active or retired Central States member.
You may have also heard that CEO Robert Davidson of ABF has been giving reports that he would like to have his company withdraw from all Teamster pension plans. We will not permit ABF or any other freight company to do anything that will harm any active or retired Central States member. Please be assured that any proposal related to pensions from ABF, or any other freight company, will not be discussed until NMFA talks begin later this year.
I urge you to not be swayed by rumors. Instead, visit the Teamsters web site for the latest information.
Well that should put those rumors to rest.
what is at stake here is very discernable
companies want control of the funds for their own greedy purposes
if you think that for one minute they have a true concern for your future once you are not working for them then i have a bridge that i would like to sell you
the only concern they have is easy and cheap access to EASY MONEY which is your money
currently these companies have to deal with banks to obtain financing for their needs
what would be better for them i ask, deal with these banks or deal with themselves (as it would be them who administer / control these funds)
where would they get a better deal
what is going on at conway is a precursor to what will happen
in all reality the penalty / liability amounts they would have to pay, in reality would even be underwritten by us members
very similar and analogous situation was the contract where we got a bonus the first year
any subsequent raises companies paid to us was offset by the fact that the amount of bonus did not compound over the life of the contract
bottom line we paid for our own raises
same thing here
abf wants to write a check of 600 mil to 650 mil payable over 10 - 15 years
this amount will be paid
#1 providing they stay in business
#2 with windfalls they will reap in their creative dealings with themselves if they elect to stay in business
once again for sure we will be the one's footing the bill
in the 60's and 70' we learned what can happen to our pensions if the wrong people control them
the mob used us for their own personal bank
now the companies are/have to be seen to be the new mob as they wish to attain the same control for very similar purposes
ACCESS TO OUR MONEY
we got beat over the head once already let's not revisit that scenario
companies want control of the funds for their own greedy purposes
if you think that for one minute they have a true concern for your future once you are not working for them then i have a bridge that i would like to sell you
the only concern they have is easy and cheap access to EASY MONEY which is your money
currently these companies have to deal with banks to obtain financing for their needs
what would be better for them i ask, deal with these banks or deal with themselves (as it would be them who administer / control these funds)
where would they get a better deal
what is going on at conway is a precursor to what will happen
in all reality the penalty / liability amounts they would have to pay, in reality would even be underwritten by us members
very similar and analogous situation was the contract where we got a bonus the first year
any subsequent raises companies paid to us was offset by the fact that the amount of bonus did not compound over the life of the contract
bottom line we paid for our own raises
same thing here
abf wants to write a check of 600 mil to 650 mil payable over 10 - 15 years
this amount will be paid
#1 providing they stay in business
#2 with windfalls they will reap in their creative dealings with themselves if they elect to stay in business
once again for sure we will be the one's footing the bill
in the 60's and 70' we learned what can happen to our pensions if the wrong people control them
the mob used us for their own personal bank
now the companies are/have to be seen to be the new mob as they wish to attain the same control for very similar purposes
ACCESS TO OUR MONEY
we got beat over the head once already let's not revisit that scenario
ctroadrunner
TB Lurker
- Credits
- 0
As a 25 year teamster I could not have said it better they want our money . We cannot let them get it !!!!!!!!!!!!!!
YES!!!!! I would rather pay out my own pocket to fund my retirement. That means I have control over my destiny. Have we gotten so lazy that we think the companies & unions should take care of our retirements for us, and then complain when the system is not working. A 401K gives us control, if the the company goes under, guess what!! We can take the 401K with us. You can't take the pension. Yes I know the government says it will guarantee any pension. but who wants to rely on the GOVERNMENT! They can't even biuld a freakin wall on our boarders. and the social security program is a flatout bust, earning less than 1%. Hell I invest in Mutal Funds makeing anywhere from 9% to 16%, and i'm just an uneducated truckdriver.
All I hear is how ABF is being greedy tying to make a dollar on our backs. Well guess what! Thats there american right is to make a PROFIT! And for them to pay into a fund that is not managed properly, and there paying for CF, NationsWay, and many other companies that have gone under is not fair to ABF, & Yellow-Roadway.
Now I love the union, I'm a thrid generation Teamster. But something has to change. The pension is not working for many reasons. And I know we have alot of oldtimers getting ready to retire like my DAD. But I still have 25-30years to go. I'm looking longterm. Alot of you oldtimers don't think about that.
ABF is not going to offer a bad plan to us, that can't afford too. Not if they wanna stay in buisness. Too much competition like Fed Ex & UPSF.
I'm just saying lets have an open eye to what ABF is proposing.
All I hear is how ABF is being greedy tying to make a dollar on our backs. Well guess what! Thats there american right is to make a PROFIT! And for them to pay into a fund that is not managed properly, and there paying for CF, NationsWay, and many other companies that have gone under is not fair to ABF, & Yellow-Roadway.
Now I love the union, I'm a thrid generation Teamster. But something has to change. The pension is not working for many reasons. And I know we have alot of oldtimers getting ready to retire like my DAD. But I still have 25-30years to go. I'm looking longterm. Alot of you oldtimers don't think about that.
ABF is not going to offer a bad plan to us, that can't afford too. Not if they wanna stay in buisness. Too much competition like Fed Ex & UPSF.
I'm just saying lets have an open eye to what ABF is proposing.
HillBilly Frog
TB Veteran
- Credits
- 0
Here stoneyABF have a few more glasses of Davidsons drink of choice.
imported_trubigtymer
TB Lurker
- Credits
- 0
stoneyABF, I went thru the whole "company controlled plan", at my last employer, when they shut the doors, i pulled my retirement right out of there, the guys who didnt, there retirement mysteriously decreased, so u go ahead and sip that kool aid young man, you are thirsty!
HillBilly Frog
TB Veteran
- Credits
- 0
Just visiting here...I kinda agree with Stoney,,if the compnay buy-out of the pension fund sures it up for those of you who are vested,I don't have a problem witha 401k.Sure I love the idea of a company paid pension.But lets face facts ABF & YRC need to keep the doors open for all of us to enjoy the $$$ we make working for them..Unless there is some major organizing effort to gain FedEx and ConWAy not to mention R&L I don't honestly see how they can compete...One thing I know for sure is this if our companies can't stay competitive we will all be begging the non-union companies for a job....:smilie_132:
so why don't we just take the NMFA and throw it in the garbage and just adopt all the non union practices so we can compete on an even ground
that would be what you are proposing
i'd rather ride my end out as it currently stands then to be a party to what you are proposing
it used to be the non unions were attempting to parity themselves with union work rules / pay to attract workers
now that they accomplished that the shoe is now on the other foot
union jobs are conceeding more and more with the union's permission in order to compete so what else do you want to give them?
don't be so much in a hurry to give up what i fought for, what my father fought for and what alot of union brothers and sisters fought for
after we give up everything we have then what's next "paycuts" "overtime" after 50 hours or even let's work saturdays for free
i respect your opinnion but bro let's keep it real
:toxic: 
ctroadrunner
TB Lurker
- Credits
- 0
A MEN TO THAT AFTER25 YRS I'M NOT GOING BACKWARDS, I'M NOT FINANCEING MY OWN RETIREMENT, WHILE CEO'S WALK WITH MILLIONS.so why don't we just take the NMFA and throw it in the garbage and just adopt all the non union practices so we can compete on an even ground
that would be what you are proposing
i'd rather ride my end out as it currently stands then to be a party to what you are proposing
it used to be the non unions were attempting to parity themselves with union work rules / pay to attract workers
now that they accomplished that the shoe is now on the other foot
union jobs are conceeding more and more with the union's permission in order to compete so what else do you want to give them?
don't be so much in a hurry to give up what i fought for, what my father fought for and what alot of union brothers and sisters fought for
after we give up everything we have then what's next "paycuts" "overtime" after 50 hours or even let's work saturdays for free
i respect your opinnion but bro let's keep it real