Yellow | Teamsters dismissed.

Thanks , and kinda thinking of retiring in the Cayman Islands now , as I would get a free Banking as a retired YRCW employee !!

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Ya so if your making 25% payments it would take 120 years to get what an ABF driver gets on 30 correct? Pension guarantee fund is basicly paying 33.3% so yrc guys will get less per year rite? And thats assuming The pension guarantee fund doesn't go insolvent.
I also know that you guys haven't been paying 25% for the last 30 years. I'm just using it as an example.
If the pension fund doesn't go insolvent? I am sorry but I have never heard anybody say there was some way that the pension fund does not go insolvent. I know some guys like to dream of a miracle but I am way to much of a realist. If there are guys that really think the pension fund is not going to go insolvent I would love to hear how that is going to happen. I guess if you really think XPO or FedEx are going union you could make an argument for that, which will never happen, but otherwise it is just simple math. You can not continue to take out many times the amount you put into a fund and not run out of money. If someone knows of something that I have not heard I would love to hear it.....I would love to think in ten years when I retire I will get money out the Central States Pension....that would make my day!
 
If the pension fund doesn't go insolvent? I am sorry but I have never heard anybody say there was some way that the pension fund does not go insolvent. I know some guys like to dream of a miracle but I am way to much of a realist. If there are guys that really think the pension fund is not going to go insolvent I would love to hear how that is going to happen. I guess if you really think XPO or FedEx are going union you could make an argument for that, which will never happen, but otherwise it is just simple math. You can not continue to take out many times the amount you put into a fund and not run out of money. If someone knows of something that I have not heard I would love to hear it.....I would love to think in ten years when I retire I will get money out the Central States Pension....that would make my day!
I didn't say the pension fund. I said the pension guarantee fund. You know, PBGC. So you wrote that whole thing for nothing
 
I didn't say the pension fund. I said the pension guarantee fund. You know, PBGC. So you wrote that whole thing for nothing
Sorry I missed that, glad you clarified it for me! Then wouldn't your whole post about 120 years be a waste of time because the pension guarantee fund has a maximum of about eleven hundred and something so it doesn't matter if your pension you should receive from ABF is four thousand a month your only getting the eleven hundred just like the YRC guys?
Also that guaranteed fund also has major financial issues so I would not bank on the government eliminating or changing the maximum to a lower amount to balance the books: In fiscal year 2015, PBGC paid $5.6 billion in benefits to participants of failed single-employer pension plans. That year, 69 single-employer pension plans failed. PBGC paid $103 million in financial assistance to 57 multiemployer pension plans. The agency's deficit increased to $76 billion. It has a total of $164 billion in obligations and $88 billion in assets. (so they are paying out twice what they take in)

I still think the idea of reducing the monthly benefits from Central States in half and having it run out of money much slower was a good idea, but I guess I am in the minority on that topic!
 
Sorry I missed that, glad you clarified it for me! Then wouldn't your whole post about 120 years be a waste of time because the pension guarantee fund has a maximum of about eleven hundred and something so it doesn't matter if your pension you should receive from ABF is four thousand a month your only getting the eleven hundred just like the YRC guys?
Also that guaranteed fund also has major financial issues so I would not bank on the government eliminating or changing the maximum to a lower amount to balance the books: In fiscal year 2015, PBGC paid $5.6 billion in benefits to participants of failed single-employer pension plans. That year, 69 single-employer pension plans failed. PBGC paid $103 million in financial assistance to 57 multiemployer pension plans. The agency's deficit increased to $76 billion. It has a total of $164 billion in obligations and $88 billion in assets. (so they are paying out twice what they take in)

I still think the idea of reducing the monthly benefits from Central States in half and having it run out of money much slower was a good idea, but I guess I am in the minority on that topic!
Lets say you worked 10 years at full rate, then 8 years paying 1/4 of the amount before you could retire. Assuming you get $100 per year of service you would end up with $1200 at full cspf payment. If the pbgc comes in your payment would drop to $400, 1/3 of what you would recieve normally. If you worked for ABF for the same 18 years you would recieve $1800 at full cspf and $600 after a PBGC take over. I know its just $200 dollars but I'll take it. Thats what got explained to me anyway.

I don't dissagree with your bottom paragraph at all. I'll have to work another 25 years to retire at 65. There is going to be nothing for me by then.
 
Lets say you worked 10 years at full rate, then 8 years paying 1/4 of the amount before you could retire. Assuming you get $100 per year of service you would end up with $1200 at full cspf payment. If the pbgc comes in your payment would drop to $400, 1/3 of what you would recieve normally. If you worked for ABF for the same 18 years you would recieve $1800 at full cspf and $600 after a PBGC take over. I know its just $200 dollars but I'll take it. Thats what got explained to me anyway.
I will take your word for it, I really don't have any idea how those calculations are done. All I know is all the big dogs that thought they were going to get three or four grand are probably going to end up with eleven hundred or zero. That sucks no matter what company you work for!
 
the pension guarantee fund has a maximum of about eleven hundred and something so it doesn't matter if your pension you should receive from ABF is four thousand a month your only getting the eleven hundred just like the YRC guys?
I don't think so, YRC's accrual rate is lower than ABF's is now so I would expect the YRC retirees to have a maximum amount less than that $1100/month that a 30 year man who had full payments made on his behalf.
 
I don't think so, YRC's accrual rate is lower than ABF's is now so I would expect the YRC retirees to have a maximum amount less than that $1100/month that a 30 year man who had full payments made on his behalf.
My understanding was that the amount of eleven hundred was set up for all pensions not just Teamsters but any union that ran out of money? Have I been misinformed? It is not that easy to find definitive information on the topic.
 
My understanding was that the amount of eleven hundred was set up for all pensions not just Teamsters but any union that ran out of money? Have I been misinformed? It is not that easy to find definitive information on the topic.
It is hard to get accurate information that we can understand. I am not certain but I would expect that the $1100 max would apply to any multi-employer fund that fails. Some of those constructions workers would take bigger cuts that we will, some of them have very generous pensions.
 
It is hard to get accurate information that we can understand. I am not certain but I would expect that the $1100 max would apply to any multi-employer fund that fails. Some of those constructions workers would take bigger cuts that we will, some of them have very generous pensions.
I suppose someone smarter than me on these here computer boxes could probably get an exact explanation of how that works, but the way government is always changing, by the time we need it the requirements and rules would probably all change.
Well God willing I will live long enough to get screwed over in my retirement years by the Teamsters or the government or both!
 
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I suppose someone smarter than me on these here computer boxes could probably get an exact explanation of how that works, but the way government is always changing, by the time we need it the requirements and rules would probably all change.
Well God willing I will live long enough to get screwed over in my retirement years by the Teamsters or the government or both!
There is no special deal to exclude YRC but it does go by how much you would get at retirement with a cap at 12870 a year for 30 years as there example. If you have more years you get more it looks like to me because of the 2 tier system.
 
If the pension fund doesn't go insolvent? I am sorry but I have never heard anybody say there was some way that the pension fund does not go insolvent. I know some guys like to dream of a miracle but I am way to much of a realist. If there are guys that really think the pension fund is not going to go insolvent I would love to hear how that is going to happen. I guess if you really think XPO or FedEx are going union you could make an argument for that, which will never happen, but otherwise it is just simple math. You can not continue to take out many times the amount you put into a fund and not run out of money. If someone knows of something that I have not heard I would love to hear it.....I would love to think in ten years when I retire I will get money out the Central States Pension....that would make my day!

Projected insolvency is 2025, then Uncle Sam will pay $43.11 for each year vested.
 
Projected insolvency is 2025, then Uncle Sam will pay $43.11 for each year vested.
Do you think that would mean that you would get 43.11 for every year when you were at a hundred percent and then you would only get like ten dollars and seventy eight cents for the years when you were only at twenty five percent?
 
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There is no special deal to exclude YRC but it does go by how much you would get at retirement with a cap at 12870 a year for 30 years as there example. If you have more years you get more it looks like to me because of the 2 tier system.
12870 would only be like 1,072.50 a month as a maximum? I am not sure what you mean by 2 tier system?
 
Do you guys think that there is a very good chance that ten years from now the way things are calculated and the numbers could be quite different or do you think these numbers will probably be in the ballpark of what will actually happen in ten years?
 
12870 would only be like 1,072.50 a month as a maximum? I am not sure what you mean by 2 tier system?
It's in the photo of the explanation. Which is clear as mud. My grandpa had 45 years in an Enron pension and the PBGC gave him 1500. He also had a different payout as we do so I can't tell you how that happens either.
 
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