Yellow | Retirement....2015
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Freightmaster1
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$14144 A Year Difference In Pension Contribution!
ABF paying full NMFA pension contribution of $342.00 a week ($17784 a year) right now. YRC Freight paying MOU contribution (25% of Sept 2009 NMFA contribution) of $70.00 a week ($3640 a year) right now! That $14144 a year difference is mainly what the ABF Freight lawsuit against YRCW and the IBT is all about!
ABF paying full NMFA pension contribution of $342.00 a week ($17784 a year) right now. YRC Freight paying MOU contribution (25% of Sept 2009 NMFA contribution) of $70.00 a week ($3640 a year) right now! That $14144 a year difference is mainly what the ABF Freight lawsuit against YRCW and the IBT is all about!
ABF pays into the pension plans for ABF employees and nobody else. Don't let anybody fool you with this "ophan bull****".ABF doesn't pay any more money than they are obligated for when they signed onto these pension plans. I know you don't want to start fresh in the "new plan" you want ABF to form, do you? How many years do you have invested in your present plan? How old are you? Ultimately it will be your choice but be carefull what you wish for!
If ABF can show the International that they are in the same shape as YRC was I am sure "The Texas Turncoat" and Uncle Jimmy will give them what they want. The big question will be what does the ABF rank and file want? GO40 you might have another decision to make.
Joe the plumber
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Ya right on bro. YRC teamsters are dummies. They didn't realize that by accepting pension concessions to avoid a shut down it would affect their retirement. OMG
Chicago 309
A better question is whos gonna care what the rank and file wants. Once ABF cuts its deal with the teamsters, The rank and file will be told, This is what your getting and your lucky to get that . AND if you don't like it you can always go work some where else.
A better question is whos gonna care what the rank and file wants. Once ABF cuts its deal with the teamsters, The rank and file will be told, This is what your getting and your lucky to get that . AND if you don't like it you can always go work some where else.
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I agree the International will bend over and give ABF concessions if they can prove distress. Then they will put it on the ABF rank and files shoulders to come to some kind of agreement. The International is spineless now, they won"t make the hard decisions anymore. Those days disappeared when Mr. James Riddle Hoffa did. This crew in Washington forgot about us freight guys a long time ago!!
Pardon me but after the Consent Decree was agreed to in 1983 the decision making was taken away from Central States.
The Gubberment mandated that the investment decisions would be made by a third party J. P. Morgan being one of them.
Awile back there was an excellent article from NY Times here on the YRC board comparing Cental States to the Western States Pension Fund. It was very detailed concerning Gubberment and Wall Street involvement in the mismanagement of Central States Pension Fund
I left yrc (roadway) big balls I cared more about my family .....afraid to make a move tough guy.... or just cock of after a a few drinks....
Speaking of a few drinks......
I also left (Roadway) small balls because I cared more about my family too! I made the move, I'm not cocked after a few drinks and I wish I could show you (internet tuff guy) What kind of man I am!! Read my post again and try to understand it, I was not putting you down.
So then GO40, should YRCF Teamsters support ABF Teamsters if there is an ABF strike over pension issues?
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GO40 you as well as anyone else is welcome here. IMO one of the reasons this forum is larger than most others is everyone is welcome here. I was referring to "deal with it" when I said your post was inflammatory.
I understand your point from your frame of reference as an ABF employee, however multi-employer pensions were devised to spread the pension liabilities out over many Companies thus making the cost less to participating Employers much in the same manner of how Insurance works...The problems started with the slow demise of participating employers..when one would fail it left larger obligations for those remaining...in the case of YRC, they contributed the required amount until it was in such financial distress, the pension obligations along with other costs, threatened the continued viability of the Company...so the Union along with the Rank and file agreed to cuts in an effort to stave off bankruptcy and to have a chance at preserving jobs in the present and hope for regaining lost ground in the future......Now in the case of ABF they were not teetering on collapse then, or are they now. They have a continued obligation to pay the full rate as they are currently able. If they were to become distressed in similar fashion as YRC then Concessions would be considered and put a vote among ABF rank and file...IF that were to happen can you think of what would happen to your pension? and the Fund in general? For ABF to pay less just because YRC does would only serve to weaken the Union Pensions further...and that would include yours......That is why ABF should pay the current rate they do.....It is the hope that YRC will, over time, regain strength and begin contributing more to the funds...which will in the long term be more beneficial to all teamsters without regard for who the Employers are, rather than allowing Employers to pay shrinking contributions just because they want to........Again I really do see your point...but in the broader picture, the question is what is best for everyone in the long run..rather than the short term.
It's not 1958 anymore.
The Idea of multi-employer pensions is still a good idea and one that should be advanced, not tossed aside, as it were, for an everyone for themselves plan...Strength lies in numbers. The more that participate the stronger the plan...It has worked very well for many years.....now that there are so many less contributing employers the solution is to bring in more Employers to participate...increase the numbers to increase the strength of the plan.. It would seem to me, in my view, that Employers could benefit greatly by reducing the cost of having there own plan by having the liability spread out over more Employers..They themselves should be very interested in getting other Carriers to join and share the cost and liabilities..that would be a better way to control costs and at the same time still provide strong pensions and benefits to their employees...So the idea of Companies being "responsible" for their own....not good for long term prospects...Strength is in numbers...not standing alone...
This is an open forum and all are welcome. YRC employees are free to visit other forums and to express opinion just the same as others visiting here can express opinions...If you don't agree with what others express...debate them in an adult manner rather than childish name calling....That might go a long way towards understanding and fostering a spirit of Teamster Brotherhood...
This is an open forum and all are welcome. YRC employees are free to visit other forums and to express opinion just the same as others visiting here can express opinions...If you don't agree with what others express...debate them in an adult manner rather than childish name calling....That might go a long way towards understanding and fostering a spirit of Teamster Brotherhood...