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Yellow | Who's in favor of a 401k?

401k definitely

With our current defined benefit, the union administrators are sacrificing our future retirements to fund current retirements. They promised a monthly benefit to retirees regardless of the state of the economy (which is why it is called a defined benefit plan). By the time i retire, I don't expect to get much from the hundreds of thousands of dollars yellow has handed over to the teamsters, theoretically for my retirement, which was really money i had worked for. if i had a 401k, i would have at least something left, and my situation would be clear. I could plan for it.

The teamsters want this type of plan exactly so that they can decide how to distribute the money for the greater good.

But in 20 years when the plan is bankrupt and social security is too... will things balance out and will my generation be on the receiving side of this "greater good" thing, with the younger guys sacrificing for my monthly check? I'm not going to count on it.
 
sirduckjr said:
And then, Central States Pension will be in default and the PBGC will step in and current retirees will get roughtly 40% of what they are currently getting. Then everyone who thought the pension was a good idea because it protected them from the risk of the market will learn no one is ever totally eliminated from such a risk.
Click to expand...

So true. The risk is not eliminated in the traditional pension, it is simply hidden from view until the house of cards falls down.

Also true that if I die while I'm still working, the teamsters automatically assume that i would have wanted the default option to give my wife half of my full retired benefits upon my death. If i live long enough to retire (since you can only select the option at retirement, not before), I can accept a lower monthly benefit while i live, but she continues to get that lower payment which is not further reduced when i die. Since women outlive men by 10 or 20 years, that default option don't make noooo sense.

Now, if i had a 401k instead of this BS, there is no such issue. She would get the whole thing, and i wouldn't have to worry about the teamsters reallocating the money Yellow put in for me all these years, a benefit that we took instead of cold hard cash. Quite possibly, if the plan goes bankrupt, we'll end up with nothing anyway, and the something of a 401k would be vastly more than nothing, even if performance hovered at 4 percent.

Heck, if yellow only put an average of $2 an hour for 40 hours a week for 20 years, it would be more than $80,000 before interest. (And yellow puts in more $ than that.) That ain't much to retire on, but it would sound pretty good compared to nothing.
 
So what about us guys that just retired within the last 5 years. We worked 30 or more years so the guys before us could enjoy their retirement. Thats the whole idea of a MEPF. Nobody anticipated all the closings, but there are plans in the works to address this. Don't flush us down the toilet, just because you don't think things will work out. If you want a 401k, start one with the Teamsters like I did, or if you don't want a pension, well, you know where to go.
 
personally, i think the retiree benefits should be looked at from a high level perspective and perhaps reduced by, say, 10 percent for current retirees, but i doubt it is that easy. maybe it can't even be done. And i'm sure that position isn't popular. But if you had a 401k, you would have to match your finances to your current circumstances, so it is the same thing, only with a softened blow of less than the actual market fluctuation.

look, we're killing the goose that lays the golden egg. you and i both have legitimate concerns that we should get value off of what we invested, but your needs are immediate and my needs are down the road. We shouldn't just take care of today and not worry about tomorrow, which is what happened 20 years ago as you said. your money went to the guys before you; "my" money goes to you; ... but as the union shrinks, nobody will be paying for mine. It's a mess.

But don't worry. :) i'm sure your benefits won't be cut. i'll just keep working for benefits i'll never see, and we'll just keep killing that beautiful goose. it seems all of the generations of irresponsibility may end right smack in my generation, with no retirement and no social security, thank you socialism. Oh, did i say that? Yes i did. LOL. I'll be waiting for the flame. but don't take me too seriously. i have no say in anything. i'm just a truck driver.
 
Why can't you have both..??? Food for thought...

Anyway, I came here to tell my friends at YRC to have the best possible safe new year that you can during trying times..may your family and friends be healthy and happy as we all start over yet again......
 
TheBigR said:
So what about us guys that just retired within the last 5 years. We worked 30 or more years so the guys before us could enjoy their retirement. Thats the whole idea of a MEPF. Nobody anticipated all the closings, but there are plans in the works to address this. Don't flush us down the toilet, just because you don't think things will work out. If you want a 401k, start one with the Teamsters like I did, or if you don't want a pension, well, you know where to go.
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I have extreme sympathy for your situation and the many fellow Teamsters who paid into the MEPF and just assumed you would be taken care of. The problem is the MEPF has jeopardized the entire NMFA. The LTL pie has shrunk to less than 40%. Funding your retirement is what is bankrupting YRC. Once this concession goes through, we will be back to the same wages we had in 2003, almost six years ago. Yet the pension contribution in our name has almost doubled in the same amount of time. And the kicker is the pensions are still failing. Central States was funded under 50% before the market fell off the cliff in October. Which is why the pensions are doomed no matter what happens to YRC.

Watch the link of Brad Raymond, General Council for the Teamster explain what happens to the Central States Pension if YRC goes down. Watch from about the two-minute mark to about the threeminute 15 second mark. This pretty much says it all. Speaker: Brad Raymond, Teamsters General Counsel (Reviews Tentative Agreement.) | International Brotherhood of Teamsters (IBT)
 
Windfall Tax on Retirement Income
Adding a tax to your retirement is simply
another way of saying to the American people, you're so darn stupid that
we're going to keep doing this until we drain every cent from you.
That's what the Speaker of the House is saying. Read below...............

Nancy Pelosi wants a Windfall Tax on Retirement
Income. In other words tax what you have made by investing toward your
retirement. This woman is a nut case! You aren't going to believe this.

Madam speaker Nancy Pelosi wants put a Windfall
Tax on all stock market profits (including Retirement fund, 401K and
Mutual Funds! Alas , it is true - all to help the 12 Million Illegal
Immigrants and other unemployed Minorities!

This woman is frightening.
She quotes ...' We need to work toward the goal
of equalizing income, (didn't Marx say something like this), in our
country and at the same time limiting the amount the rich can invest.'
( I am not rich, are you)

When asked how these new tax dollars would be
spent, she replied:
'We need to raise the standard of living of our
poor, unemployed and minorities. For example, we have an estimated 12
million illegal immigrants in our country who need our help along with
millions of unemployed minorities. Stock market windfall profits taxes
could go a long way to guarantee these people the standard of living
they would like to have as 'Americans'.' (Read that quote again and
again and let it sink in. 'Lower your retirement, give it to others who
have not worked as you have for it'.
 
You will need both the 401k and a pension in order to retire comfortably. Both is the only way to go. Also on top of these two, other retirement investments is a good Idea also.
 
rockford files said:
Windfall Tax on Retirement Income
Adding a tax to your retirement is simply
another way of saying to the American people, you're so darn stupid that
we're going to keep doing this until we drain every cent from you.
That's what the Speaker of the House is saying. Read below...............

Nancy Pelosi wants a Windfall Tax on Retirement
Income. In other words tax what you have made by investing toward your
retirement. This woman is a nut case! You aren't going to believe this.

Madam speaker Nancy Pelosi wants put a Windfall
Tax on all stock market profits (including Retirement fund, 401K and
Mutual Funds! Alas , it is true - all to help the 12 Million Illegal
Immigrants and other unemployed Minorities!

This woman is frightening.
She quotes ...' We need to work toward the goal
of equalizing income, (didn't Marx say something like this), in our
country and at the same time limiting the amount the rich can invest.'
( I am not rich, are you)

When asked how these new tax dollars would be
spent, she replied:
'We need to raise the standard of living of our
poor, unemployed and minorities. For example, we have an estimated 12
million illegal immigrants in our country who need our help along with
millions of unemployed minorities. Stock market windfall profits taxes
could go a long way to guarantee these people the standard of living
they would like to have as 'Americans'.' (Read that quote again and
again and let it sink in. 'Lower your retirement, give it to others who
have not worked as you have for it'.
Click to expand...
And she is a Democrat. Oh yea, isn't that who the teamsters always endorse. Vote None of the above in all future elections!
 
401K...????
If it's really what you want....go buy it!
Why wait or ask the company to contribute....have you looked at other companies that are cutting 401 matches?
You have 401 options right now at allot of barns through your union or credit union also.
A personal choice for me but I will stick with my pension thank you....any 401K will be secondary to that.
 
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