ctroadrunner
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Well i'm not that far gone,but I believe all of ups should stay in. And not undermine the rest of us.
ABF | Pension Solution?
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HillBilly Frog
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If you are a Teamster then be a Teamster.
imported_pipe layer
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Thankyou Hillbilly Frog You Are Right On.now More Than Ever We Need To Stick Together. The Union Is Only As Good As Our Members.
T
ttman
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Yes. And act accordingly. We'll get through this.
HillBilly Frog
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Look what I am trying to say is If the Teamsters sell back the fund a 401K aint the end of the world,I have'nt been a teamster very long and I have nothing to lose on this issue as I know alot you do.As far as Life Insurance I have 250k on a 15 year term I put 10% of my check into the teamsters 401k which I have complete control over.The way I have it figured in 15 years I won't need the insurance policy as I should have enough in my 401k to leave and should I live long enough to spend it then my kids can try farting and whistling dixie at the same time....
imported_River17
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I just wonder how many folks actually invest in the teamsters 401K ????
Of course they one's that don't will say that they would rather pay higher taxes to the government than keeping part of that tax money in their 401K.
Of course they one's that don't will say that they would rather pay higher taxes to the government than keeping part of that tax money in their 401K.
Okay, all you pension haters, tell me how your going to divy up the remaining funds? And how much are the companies going to be required to put into your 401K. Anywhere near the $200+ a week they put in now or a Conway like $36 a week (3% match based on $1200 gross) I wonder where that extra $164 per week goes, executive compensation? You make me sick to my stomach calling yourselves Teamsters.
HillBilly Frog
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Your right a chump..Makes big $$$ and ends up with nothing? What kind of fool makes big$$ and is'nt smart enough to put some back? A Genuine Fool.....If you get your pension that's great but you better have a backup plan.Nothing but death and taxes are guaranteed in this country.The rest is a gamble.When it's said and done the Teamsters and the Companies will both be big winners financially if the funds are sold.And if UPS pulls out I figure you better hope for a miracle.
Steward of the Rock
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Very well said. I seriously doubt that ABF plans to put $210.00 every week into a company pension or 401K for us, afterall, Mr. D said in the quarterly report film that they thought that they could better manage the pension and save money at the same time. Also, we now enjoy a multi-employer pension which means if something happens to the company that we work for and they go belly up, we still get our pension (like Jones or CF). If ABF gets our pension and they fold, we most likely end up getting pennies on the dollar for our pension because we are no longer under a multi-employer pension plan.
imported_River17
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Steward of the Rock
Late in 2006 the congress passed a new law overhauling or changing some of the pensions.
What ABF is talking about is vesting the old timers and freezing those accounts. The new pension plan is called a PPA Pension Portable Account, and it is in you name and you get to move it with you if you quit or move jobs.
:smilie_132:
Steward of the Rock
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What if you are not yet vested (5 years of employment or more with the same company). Say for example I were to leave ABF after 3 years and start working for Yellow. After 4 years at Yellow I then leave and go to work at UPS for 3 more years and then quit. If each of these companies have there own company provided pension plan then I have not vested at any of them and have no pension. However, the way we have it now with all of these companies under the same pension thru the Teamsters (multi employer) I am vested and have credit for 10 years. Please correct me if I am wrong as I am trying to get as much info. for my brothers and sisters that I work with as I can.Steward of the Rock
Late in 2006 the congress passed a new law overhauling or changing some of the pensions.
What ABF is talking about is vesting the old timers and freezing those accounts. The new pension plan is called a PPA Pension Portable Account, and it is in you name and you get to move it with you if you quit or move jobs.
:smilie_132:
ctroadrunner
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I do' I'm going to use that money for health Ins. between 59 and 65 yrs. old.
HillBilly Frog
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If these companies actually pull it off and I suppose if UPS succeeds the others will follow.I believe some very strong wording in the next contract would have to be there.
The place I worked for before BigR SemGroup.Had an excellent 401k. They matched 100% on the first 5% invested and from day one you are 100% vested.When I quit I took my $ plus the all of the $ they put in I was only in the plan about 5 months.I worked there a few years but was not smart enough to get enrolled until later.I believe if things in the next contract go that way there should be wording on being 100% vested in whatever path is laid out for all of us...
I am not sure if the SemGroup Website tells about the 401K.But I believe if that is how all this plays out they have a model package..The website is Welcome to SemGroup
If what they are doing sures up the funds for all you who are vested so you get what you have coming to you.And the rest of us are offered a second to none plan as far as 401k's go I think maybe we could all come on the winning side.
Something else to think about here..When is the last time ABF or YRC has expanded as FedEx has.I don't mean buying companies I am talking about creating jobs.If somehow this could give our companies a competitive edge...Then we all win.. With that I'll leave you guy's be,,I got my opinion you have yours mine is in hopes of having a job for a long time and some of the opinions here I gather don't give 2 hoots in hell if the company stays open as long as they get what they want.Life is about comprimise and survival most of what I have read is no comprimise and who cares about survival the boy's at OD,,R&L and FedEx will be shaking your hands in about 10 years for the extra work....I hope our companies are here in 30 years and they can be if they can stay competitive.....
I'm in for 13% of my pay plus another 7% into a Roth IRA.
I'm in for 15% pretax and 5% aftertax.
60% in Select Overseas and 40% in Wellington. Between the 2 funds I averaged over 25% return last year. This year, year to date, averaging 9.57% so far. I might diversify a little this year as other funds seem to be doing slightly better right now.
Boy oh boy......this is fun
bigrentman
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penson central states
we all seem to forget that the compamy had the same amount of trustees as the teamsters
we all seem to forget that the compamy had the same amount of trustees as the teamsters
Thats correct BIGRENTMAN, The union does not have control of the pension funds. They are controlled by a board of directors consisting of an equal number of union and company people.
let's analyze what's happening in the central states pension fund
the fund is by all acounts underfunded
in order to combat that threat one of 2 things are neccessary for the fix
1- influx of new members
2- or increase of employer contributions
since organizing is not a reality that fix is unlikely
since the nmfa employers like abf want out along with ups the increases we would need are in jepoardy
answer= ??????????? more money from somewhere
something to consider
ups is willing to 4 billion to withdraw from the central states fund
abf is willing to pay 650 million
the total is over 41/2 billion dollars
that may be the financial answer to guarantee every member to get what he / she is entitled to and maybe even retiree health bennies to boot
the big question is for those still working
what then?
do we trust a fund that is adminstered and controlled by the companies with the teamsters only overseeing the amount of contributions made and that ends their fiduciary duty?
dangerous tradeoff i think
the fund is by all acounts underfunded
in order to combat that threat one of 2 things are neccessary for the fix
1- influx of new members
2- or increase of employer contributions
since organizing is not a reality that fix is unlikely
since the nmfa employers like abf want out along with ups the increases we would need are in jepoardy
answer= ??????????? more money from somewhere
something to consider
ups is willing to 4 billion to withdraw from the central states fund
abf is willing to pay 650 million
the total is over 41/2 billion dollars
that may be the financial answer to guarantee every member to get what he / she is entitled to and maybe even retiree health bennies to boot
the big question is for those still working
what then?
do we trust a fund that is adminstered and controlled by the companies with the teamsters only overseeing the amount of contributions made and that ends their fiduciary duty?
dangerous tradeoff i think
I don't think that any of us understands the complex economics of the MEPF.... If the companies have an equal number of trustees on the pension fund board, then how can some funds be underfunded by so much.
What I can't figure out is why, if a pension fund is 75-80% funded, a board of trustees would vote to increase the yearly pension credit....Every dollar they raise the credit means more of an unfunded liability the company has. Why would the company's trustees who work for UPS,YRC & ABF etc. approve a raise unless it is in the best interests of their companies?
The trustees & the plan administrators have a fiduciary responsibility to ensure that the fund stays healthy......So just maybe a pension plan being underfunder isn't all that bad.
What I can't figure out is why, if a pension fund is 75-80% funded, a board of trustees would vote to increase the yearly pension credit....Every dollar they raise the credit means more of an unfunded liability the company has. Why would the company's trustees who work for UPS,YRC & ABF etc. approve a raise unless it is in the best interests of their companies?
The trustees & the plan administrators have a fiduciary responsibility to ensure that the fund stays healthy......So just maybe a pension plan being underfunder isn't all that bad.