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Yellow | Retirement....2015

ROADY said:
Joe, that drivers company made full contributions towards that man's pension for 19 years. Is it his fault his company went under? Are you saying he is not entitled to a pension even thou he put in 19 years and contributions were made to his fund for him? He's not an orphan, he's a driver who lost his job and is entitled to collect his pension when he is eligible. How would you feel if you were in his shoes? I hope the man makes it to his retirement age and collects every Goddam penny he is owed!!
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He should be entitled to a 19 year pension..... with the rip plan its cut & dry, what you have is what you have....
 
GO4O you must be from pa.sorry for every1 else be we are the only ones with the rip plan.
mine was approved last friday and an expecting my check within the next couple weeks .
Im only 56 but since I had 11 years in a differant union they add up to 32 years so il get my monthly db too.
any1 not in central pa is basicly screwed.
 
ROADY said:
Joe, that drivers company made full contributions towards that man's pension for 19 years. Is it his fault his company went under? Are you saying he is not entitled to a pension even thou he put in 19 years and contributions were made to his fund for him? He's not an orphan, he's a driver who lost his job and is entitled to collect his pension when he is eligible. How would you feel if you were in his shoes? I hope the man makes it to his retirement age and collects every Goddam penny he is owed!!
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Did I say he wasn't entitled to a pension? I don't think so. I said he's an orphan. It's a term they use for teamsters that didn't work for YRC/ABF. It's no joke. Google 'teamster pension orphan bill'. The problem is huge. The Funds are 50%-60% underfunded. So where is the money coming from to pay all these people? Where is the money coming from to pay future retirees? You know where the hope bs got us.
 
longblade said:
GO4O you must be from pa.sorry for every1 else be we are the only ones with the rip plan.
mine was approved last friday and an expecting my check within the next couple weeks .
Im only 56 but since I had 11 years in a differant union they add up to 32 years so il get my monthly db too.
any1 not in central pa is basicly screwed.
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I am & dident know the rip plan was not offered in other plans....good luck with retirement
 
ROADY said:
Joe, that drivers company made full contributions towards that man's pension for 19 years. Is it his fault his company went under? Are you saying he is not entitled to a pension even thou he put in 19 years and contributions were made to his fund for him? He's not an orphan, he's a driver who lost his job and is entitled to collect his pension when he is eligible. How would you feel if you were in his shoes? I hope the man makes it to his retirement age and collects every Goddam penny he is owed!!
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Roady, Plunger Joe is just trying to protect his and to hell with everyone else.
 
Joe the plumber said:
What about the thousands of teamsters who are getting paid or waiting to get paid on a vested pension? That only worked in the trade for say 5-19 years then lost the job? My neighbor next door drove a tanker/trailer over 19 years for a teamster tanker company when it folded.. There were many teamster tanker years ago now there are very few. He'll get about $800 a month when he turns 64 and never drove for a freight company. He's an orphan who's been out of the trade for 15 years or longer. It's the vested pensions that are the problem..an unsustainable problem
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Many factors have contributed to the CRISIS in many multi-employer pension funds. Joe is right on target. There were many Teamster represented companies that have ceased operations in the last 25 years. "Orphans" is the commonly accepted name for those particapants of multi-employer pensions whose employers are no longer contributing for WHATEVER the reason. And this situation IS unsustainable. THIS NOT AN ABF/YRC PROBLEM IT IS A UNION PROBLEM.
 
Pension is gone

ABFer said:
Roady, Plunger Joe is just trying to protect his and to hell with everyone else.
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I worked for 17 years out of Local 707. We keep getting information that the pension is broke and will be totally bust in a few years. They blame 9-11, the stock market, orphan companies, and everything they can. Funny, other pensions in the area are doing well and are solvent. We get no say so in the monitoring of the funds and we are basically at their whim. I couldn't even vote to elect people who monitor my pension as I transferred on a change. I still cant wrap my head around the orphan company thing. It's not like these members never made pension payments and walked off the street to collect a pension. The stock market has bounced back. Why is local 707 broke? No one can be sure I guess. We just need to be happy that we have jobs is the attitude. I just hope that if there is shenanigans that guilty people make a walk with cuffs and faced covered for the cameras....
 
Chicago 309

albag said:
Many factors have contributed to the CRISIS in many multi-employer pension funds. Joe is right on target. There were many Teamster represented companies that have ceased operations in the last 25 years. "Orphans" is the commonly accepted name for those particapants of multi-employer pensions whose employers are no longer contributing for WHATEVER the reason. And this situation IS unsustainable. THIS NOT AN ABF/YRC PROBLEM IT IS A UNION PROBLEM.
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A union problem indeed, but only for the union members. Not for the union officers , janitors, or any one protected under the family and friends plan.
 
people just dont seen to grasp how it works. you do not take out what you put in .what you put in goes to those that have all ready retired and to be able to get yours you need the next generation to be paying in for you. think its call a ponzi .
 
The way it works is simple , its called investments ! They funds use the money the companies pay in and invest that money into everything from stocks,bonds,real estate, US treasure notes , ect ect . They do not just hold onto the money . If you look at your fund you can find a complete work sheet on what they do with the funds .

longblade said:
people just dont seen to grasp how it works. you do not take out what you put in .what you put in goes to those that have all ready retired and to be able to get yours you need the next generation to be paying in for you. think its call a ponzi .
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The only logical explanation I can see for an "orphan" would be one who worked for a company that went out of business and when they went out they did not have the money to pay their unfunded liability. In this case the rest of us would be holding the bag and I am confident that there are a few of those to say the least.
 
ABFer said:
The only logical explanation I can see for an "orphan" would be one who worked for a company that went out of business and when they went out they did not have the money to pay their unfunded liability. In this case the rest of us would be holding the bag and I am confident that there are a few of those to say the least.
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You have struck upon the fundemental issue. I don't have enough fingers and toes to count ALL employers who have ceased operations in the last 25 years. Not just LTL freight haulers. How about Holly Farms or Schnieder Transport. And so many others. Those companies went bankrupt and while the funds got something it in NO WAY made up for the loss of a contributory employer. Now many more brothers and sisters are reaching retirement and the funds are being strained to the breaking point.
 
ABFer said:
The only logical explanation I can see for an "orphan" would be one who worked for a company that went out of business and when they went out they did not have the money to pay their unfunded liability.
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When a company goes out of business they don't have the money to pay unfunded liability? That's logical? ya think? Hello is any body home?
 
Joe the plumber said:
When a company goes out of business they don't have the money to pay unfunded liability? That's logical? ya think? Hello is any body home?
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That's not always true, Joe. APA Transport went belly up and I think my local went after them and finally received 30 millon dollars for our fund. What about Red Star, they were put out of buisness by YRC and YRC had to pick up the unfunded liability for them. I am sure many other companies that filed for bankruptsy have paid unfunded liabilities to funds if they were vidulent enough to go after them. Just because a company closes down does not mean there is no money left. You have to follow the money trail.
 
ROADY said:
That's not always true, Joe. APA Transport went belly up and I think my local went after them and finally received 30 millon dollars for our fund. What about Red Star, they were put out of buisness by YRC and YRC had to pick up the unfunded liability for them. I am sure many other companies that filed for bankruptsy have paid unfunded liabilities to funds if they were vidulent enough to go after them. Just because a company closes down does not mean there is no money left. You have to follow the money trail.
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APA and Red Star were good carriers that didn't file bankruptcy. APA shut down abruptly for some unknown reason. I remember hearing they owned a lot of property. CF paid the drivers what they had coming on the Warn Act too. Most of the union carriers dropped like fly's soon after dereg..
 
ABFer said:
The only logical explanation I can see for an "orphan" would be one who worked for a company that went out of business and when they went out they did not have the money to pay their unfunded liability. In this case the rest of us would be holding the bag and I am confident that there are a few of those to say the least.
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Joe the plumber said:
When a company goes out of business they don't have the money to pay unfunded liability? That's logical? ya think? Hello is any body home?
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ROADY said:
That's not always true, Joe. APA Transport went belly up and I think my local went after them and finally received 30 millon dollars for our fund. What about Red Star, they were put out of buisness by YRC and YRC had to pick up the unfunded liability for them. I am sure many other companies that filed for bankruptsy have paid unfunded liabilities to funds if they were vidulent enough to go after them. Just because a company closes down does not mean there is no money left. You have to follow the money trail.
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Another classic case of Plunger Joe at his finest. I did say "went out of business" not "went bankrupt". Besides, the gist of the statement was to discuss orphans and what they are. Others have stated that there was no such thing.
 
ABFer said:
Another classic case of Plunger Joe at his finest. I did say "went out of business" not "went bankrupt". Besides, the gist of the statement was to discuss orphans and what they are. Others have stated that there was no such thing.
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Another example of the ABFool not believing the cost problem orphans are or even knowing what they are. You got lucky with the two carriers that went out of business, what about the other 60+ union carriers that shut down bankrupt and paid nothing into the pension a year before they shutdown and nothing after?:fingure:
 
Joe the plumber said:
Another example of the ABFool not believing the cost problem orphans are or even knowing what they are. You got lucky with the two carriers that went out of business, what about the other 60+ union carriers that shut down bankrupt and paid nothing into the pension a year before they shutdown and nothing after?:fingure:
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I guess Preston doesn't count then since there were only two. I am not going to clutter this thread/forum going back and forth with you. I am confident that the other participants understand what I posted.
 
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