Pension

Discussion in 'ABF Freight System' started by Muler, Aug 21, 2012.

Would you vote to opt out of CSPF

  1. stay in my current plan!

    19 vote(s)
    32.2%
  2. open for change!

    40 vote(s)
    67.8%
  1. canaryinthemine

    canaryinthemine Retirement....The Job I Was Born To Have!

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    We tend to forget that when we "compare" wages with our non-Union competitors, we don't include the weekly pension payments made on our behalf, and the fact that our health care doesn't cost us anything out-of-pocket just to maintain it. I believe Conway employees pay 5% of their yearly gross toward health care. Conway gets a 5% discount per employee on group health. Not sure how their pension is managed, they don't seem too proud (or confident...) of it. I've yet to find a Conway driver...or, for that matter, any non-Union driver....that knows what a Form 5500 is. Misinformation seems to be rampant about the one thing...especially as you get older....that you should absolutely know in and out. A Defined-Benefit pension is the best pension...employers know this, and want to ruin them for two reasons. The first is the large blocks of stock investments that are nominally under Union Trustees control......Wall Street HATES that, read their editorials about how Unions shouldn't do "social engineering" with stock they own. The second reason is that if they can push, or delay the retirement age longer, they don't have to worry so much about losing experienced workers and training new workers...or hiring them. Win-win for Wall Street. You keep your tiny, little pile of a 401(k) in there longer.........Or perhaps you die, and instead of you spending it on end-of-life care, your survivors re-invest it. I believe the business community, the Chamber of Commerce, and the Federal Reserve are all in cahoots....as it were...to end Defined-Benefit plans, and push us all to that form of legalized gambling known as Stock-Market investing, where you try to out-wit Wall Street bankers by "adjusting" your 401(k) "investments". That truly is a suckers' game, especially if you're betting your retirement.
     
  2. canaryinthemine

    canaryinthemine Retirement....The Job I Was Born To Have!

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    Hey Joe, one of the main provisions of the first MOA was that YRC step out of all pension payments. Stunning! There's your "smoking gun" as far as how Goldman Sachs and the Wall Street hoodlums think about Defined-Benefit pensions. No pension payments for Physical-Labor Hourly-Wage employees that demographics prove die an awful lot sooner than some desk-jockey. That helped de-fund many pension funds, and took a swipe at ALL Teamsters. Now....WHO was the idiot that signed off on that particular slimy piece of negotiation?
     
  3. wolf

    wolf Well-Known Member

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    First MOU was 10%....second one included the pension cessation.....18 months. 3rd one brought on the funds coming up with a YRC/distressed Carrier schedule. None of which changes your point :wavey:
     
  4. canaryinthemine

    canaryinthemine Retirement....The Job I Was Born To Have!

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    Thank you, Brother Wolf. Wasn't the second MOU within 3 months of the first one?
     
  5. wolf

    wolf Well-Known Member

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    Estimated but close. 1st Jan 2009, 2nd July 2009, 3rd Sept 2010
     
  6. Joe the plumber

    Joe the plumber Banned

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    I doubt any company would want to pick up the check for a Defined-Benefit pension. But it is as good as it gets for the troops. Now the YRC pension cessation that de-funded many pension funds, and took a swipe at ALL Teamsters and the idiots who signed off on it you as you put it..long story short it was your YRC brothers that took this drastic action..they had to make a tough call. Ya, they had to hold off on retiring at 55 yrs off age to help bail the company out but helped cause a funding prob at CS>. It seems bail outs are the thing nowadays. They figured it would be better then cashing unemployment checks. Be careful, you never know what lurks in the mind of management. You may be making your own tough calls and a simple 'no' may not be sufficient to meet present needs or requirements of the establishment in Fort Smith.

    Now Goldman Sachs was just a fiduciary for CSPF for a fee of course. It increased assets for CS by $2B before it resigned. So they did their job and were paid well. No, they are not into Defined-Benefit pensions. It pays yearly bonuses in the millions to top employees. I guess they are no different then any other corporation who pays officers big money and cuts pay of the working families. Oh well, what the hell
     
  7. Muler

    Muler Banned

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  8. runawaytrain

    runawaytrain Wear their scorn with pride.

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    Slugger I told you how lucky you were to be in the western conference...And because you are one of my best friends I can say this to you...Why the hell did you leave California for the horrible heat in Texas? You could have chosen any state you wanted to and still draw your pension...And you choose Texas.. That makes me question your mental stability.. A man that would leave 70 degree weather all year round and that wonderful beach...Has got to have issues....LOL
     

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