What's new

Yellow | Why 401-K is better !

falconfan said:
So let's ban together and get the hell out of it.
I say keep the 25 percent contribution into the fund to keep it sustainable, keeping in mind we get almost nothing if Yrcw fails.
Any additional contributions would go into accounts with our name on it.
It's time to get the hell out of this ponzi scheme nightmare.
Click to expand...
Don't worry F. Am sure the teamsters are already thinking 401's, and will be more than happy to manage it for future members.
 
BIG R GUY said:
Don't worry F. Am sure the teamsters are already thinking 401's, and will be more than happy to manage it for future members.
Click to expand...

I detected your sarcasm BIG R, but I think if and when a new contract comes about it will be about saving the pension (which is b.s) by getting the company to pay more into it.
They don't care about the future generations, they don't want the egg on their face now.

Again, the money contributed on our behalf is used to keep the fund alive for those already retired.I am fed up with this Ponzi scheme , the government, and the union should have their asses kicked for allowing this to go on for so long.
 
GAQDVRG.jpg
 
falconfan said:
I detected your sarcasm BIG R, but I think if and when a new contract comes about it will be about saving the pension (which is b.s) by getting the company to pay more into it.
They don't care about the future generations, they don't want the egg on their face now.

Again, the money contributed on our behalf is used to keep the fund alive for those already retired.I am fed up with this Ponzi scheme , the government, and the union should have their asses kicked for allowing this to go on for so long.
Click to expand...
I respect your position F. But think something away from multi employer pension funds will have to happen, or future employees may see no need for the teamsters at all. Hoffa doesn't care about any of us over 50. I think we may see CSPF as it is, supplemented on a limited basis for people retiring in the next 1-15 years by PBGC. After that I think some other version of pension will take over. Yrc will never pay more into this fund, or any other by 2019. Just do not see them having the money to do it at the full rate.
 
YRC and ABF can both triple their contributions and it still won't solve the basic math issue here. The shift from a union dominated industry to a non-union dominated industry over the last 25 years is the reason the fund will run dry. We can blame whoever we want to make ourselves feel better, but it doesn't change the fundamental issue that brought us to this point. It chaps me to think about it.
 
BIG R GUY said:
I respect your position F. But think something away from multi employer pension funds will have to happen, or future employees may see no need for the teamsters at all. Hoffa doesn't care about any of us over 50. I think we may see CSPF as it is, supplemented on a limited basis for people retiring in the next 1-15 years by PBGC. After that I think some other version of pension will take over. Yrc will never pay more into this fund, or any other by 2019. Just do not see them having the money to do it at the full rate.
Click to expand...

I hope you are right , but many in the rank and file want a union leader to save the fund and therefore those running for president of the union tell them what they want to hear.
Anyone who thinks Yrcw can pay full pension contributions and stay in business is a fool.
Those of us who want to take future contributions in a different direction need to let our voices be heard loud and clear.The pension used to be the best part of our union benefits and has now become the most ignorant benefit we have.
 
wongway said:
http://money.cnn.com/retirement/guide/401k_basics.moneymag/index9.htm?iid=EL, Here is a link with answer's about 401-K plans and company matching plans , and I know some of you Drivers will think it's stupid & dumb ,but just think of what you would have if all the money foolishly put into CSPF would have been put into a matching 401-k in ONLY your name that is just yours , after 30 years ?? These union multi-employer pension funds just don't work period and was a poor plan by under educated union leaders years ago . The only future plan that will work for union & yrc is to switch to a company match 401-K plan . and if any of you Driver's have a better idea or plan PLEASE post it . Thank You
Click to expand...
I don't think the pension I've been receiving for the last 10 years or my Dad's pension he drew on for about 30 years were working just fine. Quit giving back and maybe it would be easier to get new members. By the way, I'm in the Western Conference and the fund is doing fine.
 
You must log in or register to reply here.
Top