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Coo news

Muler said:
But all the ones that came before still have a defined pension correct? The new hires in management now receive a 401k plan. But if they happen to make it too the upper crust of the company they will again receive a defined pension with lifetime medical upon retirement correct? Not a bad deal to have been given a 401k then a defined pension after that. Not bad. YOUR BROTHER ALWAYS!
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ABF posted on there employee web page that an agreement has been reached on the coo that was rejected but no more info available now. Maybe the pension issue will be addressed later?
 
woodennose said:
what is the emploee web page? Is it abfatwork.com ?
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I think that's what he was referring to...someone asked if the rumor was true that the COO was approved and they replied that it was approved but with no further details.
 
converted said:
ABF posted on there employee web page that an agreement has been reached on the coo that was rejected but no more info available now. Maybe the pension issue will be addressed later?
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IMO...the pension issue won't be addressed until the contract talks.
 
TurnCoat said:
I already have been SCALPED at YRC, but now at ABF I should snap back after 12 months. But, I realize ABF CANNOT sustain this insane pension program, nor should they have to.
It's simple 9th grade math! Multi-Employer funds had their place in time, but a single company can't and should not have to sustain it. I don't see the YRCW companies ever paying full contributions again, if they even survive. I have a pretty good idea what's up their sleeve. I think that ABF now has standing with the courts to get some reasonable options for us to look at. PLEASE ABF BUY ME OUT! I'm sorry, you guys and gals that have less than 20 yrs., and a long time left until retirement, you must get a savings plan in your budget. Say it ain't so if you want, but this Central States Fund is too shaky, and probably will not exist in 10 yrs., in anything like it's current form. ABF can't afford it, and YRCW just flat won't pay their fair share. Ya'll be safe!
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First off ABF is not the only one paying into the CSPF it has many many companies paying into it. As a matter of fact ABF is not even the biggest contributor to the fund. We need to get all the facts before we spout off about the funds.
Is it in critical status? YES! The last I heard it could go twenty years at the current rate. Now for all you Brothers that came from yrc. Again be careful what you wish for.
Lets say ABF gets relief between now and the next contract. Where does that leave you? I will tell you where you would fall under the yrc rules because you never made it to the one year snap back. That's right you would be right where you started from.
Let's say ABF does get out of the fund and the government takes over the fund then you are going to get less than from the yrc penalties.

So if you are willing to flush what you have earned down the toilet because you think you can do better yourself then I hope YOU GET WHAT YOU WANT FOR OTHERS!
Have you not noticed you for the most part are the one pushing our withdraw for a defined pension fund. If that is the case why did you come to ABF to skirt the penalties because if you get your wish you will get the same thing over here.
Read the rules governing multi employer pension funds.
And for your information ABF offered to buy out of the fund over a twenty year plan. in case you weren't watching while you were working at yrc.
That would come with some penalties for us.
But for you guys that are market experts GOOD LUCK! For we the Truck Drivers that knows that is what we are I wish all of us luck in our defined pension funds. YOUR GASSING AND SHIFTING BROTHER ALWAYS!
 
Muler said:
First off ABF is not the only one paying into the CSPF it has many many companies paying into it. As a matter of fact ABF is not even the biggest contributor to the fund. We need to get all the facts before we spout off about the funds.
Is it in critical status? YES! The last I heard it could go twenty years at the current rate. Now for all you Brothers that came from yrc. Again be careful what you wish for.
Lets say ABF gets relief between now and the next contract. Where does that leave you? I will tell you where you would fall under the yrc rules because you never made it to the one year snap back. That's right you would be right where you started from.
Let's say ABF does get out of the fund and the government takes over the fund then you are going to get less than from the yrc penalties.

So if you are willing to flush what you have earned down the toilet because you think you can do better yourself then I hope YOU GET WHAT YOU WANT FOR OTHERS!
Have you not noticed you for the most part are the one pushing our withdraw for a defined pension fund. If that is the case why did you come to ABF to skirt the penalties because if you get your wish you will get the same thing over here.
Read the rules governing multi employer pension funds.
And for your information ABF offered to buy out of the fund over a twenty year plan. in case you weren't watching while you were working at yrc.
That would come with some penalties for us.
But for you guys that are market experts GOOD LUCK! For we the Truck Drivers that knows that is what we are I wish all of us luck in our defined pension funds. YOUR GASSING AND SHIFTING BROTHER ALWAYS!
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What i want is for the pension to be fixed and for me to draw a liveable amount at a retirement that comes before I am completely used up. Just like I was promised And i want my friends to continue to draw their retirement just like they were promised. But promises get broken all the time. Not even always on purpose.
 
Hey IBT...It's OK to inform us ABF Teamsters that the COO was approved last week...the secret is out!!!!!!!!!!
 
you let that u.e stuff really get going here at abf and you will regret it the the rest of your teamster days, you don't believe me ask any Holland road driver, they call it volcity freight over there and it can't suck enough.
 
Muler said:
Let's say ABF does get out of the fund and the government takes over the fund then you are going to get less than from the yrc penalties.
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This is 100% unavoidable. The question is time. 2 years or maybe 20 years, the PBGC will take over the plan. The marketplace will dictate this through price. Living in a world of non-union competition sucks. We do not compete in a vacuum. I could complain about the hows and why we have reached this point, but it won't change the future.

PBGC administers multiemployer pensions differently than singleemployer pensions. As it has been explained to me, no government monies or pool for a m.e. pension. It becomes a straght division problem. Pension Balance divided number of teamsters currently retired at full benefit minus expenses. Essentially, if you are not in the lunchroom when they are serving lunch and the food runs out, sorry you go hungry. Not a penny while others were able to draw a full pension until it runs out of money. Now this was expained to me by someone very high in freight at teamsters currently after I asked time and again for a written protocol in such a scenario. Even went as far as speaking with an attorney PBGC. My information may well be bunk considering I have never found a written outline for this, but if you know otherwise, please explain how benefits are determined once the pension is taken over by PBGC.


If we manage to hold this off for a while, it will be because we took less money in wages while the pension contributions continue to escalate. Please review our last 3 NMFA contracts to illustrate my point. I am no longer interested in kicking the can down the road, I want to solve the problem today, or at least by the next contract.
 
ziper said:
you let that u.e stuff really get going here at abf and you will regret it the the rest of your teamster days, you don't believe me ask any Holland road driver, they call it volcity freight over there and it can't suck enough.
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Why do you think Holland was started. It started as a regional company. It was given the rules it has by Hoffa Sr. It was an agreement between Sr. and the owner of Holland when he started. it was a vision to say back then. Who could have figured. Why do you think Holland has fared so well in a promptly non union market? YOUR BROTHER ALWAYS!
 
nothumbleenough said:
This is 100% unavoidable. The question is time. 2 years or maybe 20 years, the PBGC will take over the plan. The marketplace will dictate this through price. Living in a world of non-union competition sucks. We do not compete in a vacuum. I could complain about the hows and why we have reached this point, but it won't change the future.

PBGC administers multiemployer pensions differently than singleemployer pensions. As it has been explained to me, no government monies or pool for a m.e. pension. It becomes a straght division problem. Pension Balance divided number of teamsters currently retired at full benefit minus expenses. Essentially, if you are not in the lunchroom when they are serving lunch and the food runs out, sorry you go hungry. Not a penny while others were able to draw a full pension until it runs out of money. Now this was expained to me by someone very high in freight at teamsters currently after I asked time and again for a written protocol in such a scenario. Even went as far as speaking with an attorney PBGC. My information may well be bunk considering I have never found a written outline for this, but if you know otherwise, please explain how benefits are determined once the pension is taken over by PBGC.


If we manage to hold this off for a while, it will be because we took less money in wages while the pension contributions continue to escalate. Please review our last 3 NMFA contracts to illustrate my point. I am no longer interested in kicking the can down the road, I want to solve the problem today, or at least by the next contract.
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The information is out here.

PBGC Maximum Monthly Guarantees for 2012*
Age 2012 Straight-Life Annuity 2012 Joint and 50% Survivor Annuity**
65 $4,653.41 $4,188.07
64 $4,327.67 $3,894.90
63 $4,001.93 $3,601.74
62 $3,676.19 $3,308.57
61 $3,350.46 $3,015.41
60 $3,024.72 $2,722.25
59 $2,838.58 $2,554.72
58 $2,652.44 $2,387.20
57 $2,466.31 $2,219.68
56 $2,280.17 $2,052.15
55 $2,094.03 $1,884.63
54 $2,000.97 $1,800.87
53 $1,907.90 $1,717.11
52 $1,814.83 $1,633.35
51 $1,721.76 $1,549.58
50 $1,628.69 $1,465.82
49 $1,535.63 $1,382.07
48 $1,442.56 $1,298.30
47 $1,349.49 $1,214.54
46 $1,256.42 $1,130.78
45 $1,163.35 $1,047.02
* Amounts shown ignore IRC Section 415 limits, which may reduce payable amounts
** Assumes participant and spouse are same age

http://www.pbgc.gov/wr/benefits/guaranteed-benefits/maximum-guarantee.html#2012
 
This may also assist you in finding out more details.


-800-400-7242

Hours: 8 a.m. to 7 p.m. EST, Monday - Friday

TTY/TDD: call 1-800-877-8339 and ask to be connected to 1-800-400-7242

E-mail: [email protected]
 
Here is another question for the people that wish to leave our defined pension plans. Does the government have a safety net if you don't do well in your 401k investments? No at least under our defined plan you do have a safety net in the PBCG. Everyone needs to put all the facts on the table not just their own agendas. And also on the matter of a 401k. I have worked many years and the last thing I want to do when I retire is have to sit around all day and our over investment strategies. YOUR HEAD SCRATCHING BROTHER ALWAYS!
 
Muler said:
The information is out here.

PBGC Maximum Monthly Guarantees for 2012*
Age 2012 Straight-Life Annuity 2012 Joint and 50% Survivor Annuity**
65 $4,653.41 $4,188.07
64 $4,327.67 $3,894.90
63 $4,001.93 $3,601.74
62 $3,676.19 $3,308.57
61 $3,350.46 $3,015.41
60 $3,024.72 $2,722.25
59 $2,838.58 $2,554.72
58 $2,652.44 $2,387.20
57 $2,466.31 $2,219.68
56 $2,280.17 $2,052.15
55 $2,094.03 $1,884.63
54 $2,000.97 $1,800.87
53 $1,907.90 $1,717.11
52 $1,814.83 $1,633.35
51 $1,721.76 $1,549.58
50 $1,628.69 $1,465.82
49 $1,535.63 $1,382.07
48 $1,442.56 $1,298.30
47 $1,349.49 $1,214.54
46 $1,256.42 $1,130.78
45 $1,163.35 $1,047.02
* Amounts shown ignore IRC Section 415 limits, which may reduce payable amounts
** Assumes participant and spouse are same age

Maximum Monthly Guarantee Tables
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I believe that is for the single employer plans. We went over this when we were sure yrc was going under and taking us (holland) with them.
Here is a link to the Multi employer page with some examples. I dont know what our Monthly benifit is (eg.50 dollars a month for every year of service)
But someone figured it out back then and it was in the low end of 1000 per month for 30 years of service, certainly better than nothing but roughly one quarter of what the single employer funds get.

Maximum guarantee

(ERISA Sec. 4022A(c))

The current multiemployer maximum benefit is:

100% of the first $11 of the monthly benefit rate, plus
75% of the next $33 of the monthly benefit rate, times
participant's years of service.

There is no dollar limit on the monthly benefit payable under the multiemployer program, only a limit on the benefit rate used to calculate the monthly benefit. The maximum guaranteed benefit is not indexed

Example 1

Plan's benefit rate is $9 per year of service.

This is fully guaranteed, since $9 is below the $11 that is 100% guaranteed.



Example 2

Plan's benefit rate is $16 per year of service.

The guaranteed benefit is limited to $14.75 per year of service, as follows:

$11.00 = 100% of the first $11.00

$ 3.75 = 75% of the next $ 5.00

$14.75



Example 3

Plan's benefit rate is $56 per year of service.

The guaranteed benefit is limited to $35.75 per year of credited service. This comes from the following:

$11.00 = 100% of the first $11.00

$24.75 = 75% of the next $33.00 ($56 - $11 = $45, partial guarantee of up to $33)

$35.75


Multiemployer Benefit Guarantees
 
Boilerpeddle said:
I believe that is for the single employer plans. We went over this when we were sure yrc was going under and taking us (holland) with them.
Here is a link to the Multi employer page with some examples. I dont know what our Monthly benifit is (eg.50 dollars a month for every year of service)
But someone figured it out back then and it was in the low end of 1000 per month for 30 years of service, certainly better than nothing but roughly one quarter of what the single employer funds get.

Maximum guarantee

(ERISA Sec. 4022A(c))

The current multiemployer maximum benefit is:

100% of the first $11 of the monthly benefit rate, plus
75% of the next $33 of the monthly benefit rate, times
participant's years of service.

There is no dollar limit on the monthly benefit payable under the multiemployer program, only a limit on the benefit rate used to calculate the monthly benefit. The maximum guaranteed benefit is not indexed

Example 1

Plan's benefit rate is $9 per year of service.

This is fully guaranteed, since $9 is below the $11 that is 100% guaranteed.



Example 2

Plan's benefit rate is $16 per year of service.

The guaranteed benefit is limited to $14.75 per year of service, as follows:

$11.00 = 100% of the first $11.00

$ 3.75 = 75% of the next $ 5.00

$14.75



Example 3

Plan's benefit rate is $56 per year of service.

The guaranteed benefit is limited to $35.75 per year of credited service. This comes from the following:

$11.00 = 100% of the first $11.00

$24.75 = 75% of the next $33.00 ($56 - $11 = $45, partial guarantee of up to $33)

$35.75


Multiemployer Benefit Guarantees
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My post was correct. If you read it is the maximum amounts and what the survivor rate would be. Your post shows what we would get at our rate. Same thing I just showed the maxes and the survivor rate. YOUR BROTHER ALWAYS!
 
I dont know.... It says there is no maximum and it is not indexed. That to me seems different than the table you posted.
I will have to do more research later. Right now I gotta go make some money for me and the frog.
Thanks
 
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