I worked there so yes it does affect me and a couple of my relatives that retired from their. Yrc not paying in might just cut their pension because of yrc paying 25%. So yes it does effect even people who already retired. This is not personal against yrc but more against our union for letting it happenThe monies paid for our pensions have already been paid in to the fund. If you have worked for thirty years contributions were made on your behalf during your career. The fund was supposed to prudently invest this money and pay you a monthly pension. CSPF failed to uphold their end of the deal.The fact that their are less people and union companies today has no effect on how a pension fund is supposed to work. You are beleiving the BS that the people working pay the pensions of the retiredAnything that happened at YRC should have no effect on a pension that has already been paid for
Repeat this as many times as needed to dispel the myth:
ACTIVE WORKERS DO NOT PAY THE PENSIONS OF THE RETIRED
Yellow | What if ?
- Thread starter George David
- Start date
A pension is based on what has already been paid in not on what IS being paid in
Tell that to central states then. On their own site "central states pension site" they are calling for cuts for all. Like i said though. Its not all yrc. Ibt letting ups out was a bigger contributor by far than any of this. Not trying to fight with you. Just my opinion like it or not.A pension is based on what has already been paid in not on what IS being paid in
We are all being cut because CSPF failed to live up to their fiduciary duty. The strange part to me is the people responsible are still employed. They also received immunity from lawsuits under the new laws.
I completely agree
A pension is based on what has already been paid in not on what IS being paid in
It should work that way but it DOES NOT.
Earlier this month YRC–the conglomerate of Roadway and Yellow trucking companies–requested TARP funds to pay off a portion of its Teamsters pension debt. The problem, YRC’s CEO explained, is that only half of YRC pension liability is going towards former YRC employees. The remaining $1 billion is subsidizing their now-banktupt competitors’ retirees.
A few years ago, UPS saw the writing on the wall and left the failing fund in exchange for a one-time $6.1 billon payoff. More than $3 billion of that went to pay for non-UPS employees pensions.
The Teamsters Central States fund is one of the most notorious multi-employer pensions in the country. Before the economic meltdown it was less than 70% funded, which put it in the “red zone.” Now, after losing 9 billion in the economic meltdown, it has $17 billion in project assets and an estimated $33 billion in liabilities. To make matters worse, it has more than 200,000 retirees, but only 93,000 active contributers.
THE ARTICLE WAS FROM 2009. There are several out there.Now App 2/3 rds of the money Yellow Roadway,ABF ,and Holland contribute is for people who never worked for them.
In the mid nineties the IRS forced higher payouts on 'what had been paid in.'. That threw all accounting off. Then companies closed without paying withdrawals because they were broke. Then the UPS deal, followed by 911 followed by TARP, then YRCW not paying. I'd say we're lucky cspf isn't already bankrupt...
Jimmy I understand what you are saying very well. The way this whole thing is playing out is a Ponzi scheme and not a pension fund
Because it's having a effect on all of our pension plans! Not to mention the market share you are gaining with your big discounts because of your lower labor costs.
ABF gives some of the big discounts just like YRC .Our pension funds were in trouble long ago if you did not see this coming you are drinking Bob byyouless kool aid.The hand writing was on the wall a long time ago.No contributions no pension.
Just for the sake of conversation, my most recent notification from the Western Teamsters pension fund showed it to be 101% funded. I draw a pension from Western Teamsters and the CSPF so I will be affected by a cut. Imo, the CSPF is just nothing but corruption.
On the surface, seems like CSPF and Enron have some similarities in their accounting divisions as far as operational procedures are concerned.
You should read the report on CSPF done by B,W,B, and F-er LLC!!!
B.S.
IF YRCW companies have been paying twice the 2009 pension rate it would not have fixed the CSPF not when there are 4 retired people drawing verus one being paid in to the fund this math will not work. Remember there are a ton of orhans out there still drawing full pension and their company has not made a contribution to the fund in years (C.F. comes to mind) who went out of business in 2002 and these former employees are still drawing thier pension. Maybe the CSPF would of been better off if RDWY and YELLOW had just shut the doors in 2009 i guess that would of fixed the CSPF .....i think not...
Im not saying it would fix anything but 15000 employees paying full pensions is better than 15000 at 1/4. And as i stated before if UPS wouldn't have been let out there would be a heck of alot more paying and keeping the boat from sinking. Letting everyone out doesn't save our fund it crushes it.
We were all wronged by the banks and i feel cspf. Your rite bankruptcy wouldn't help any of us. What bothers me is how did it get upside down in the first place. All the companys that did go belly up should have at least been up to date on there last quarterly or biannual payment. Feel we all got robbed on this one i guess.
If you remember Bob B used to be a trustee on pension fund,Were ok nothing to worry about.That coming from a guy with a 10 th grade education.No B S