Will we know January 19?

Discussion in 'YRC Freight' started by mysticobra, Jan 3, 2018.

  1. mysticobra

    mysticobra Just here.

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    Schumer, King, Teamsters push for bill to cover pensions
    Updated January 2, 2018 6:28 PMBy John Asbury

    Sen. Chuck Schumer and Rep. Peter King joined Long Island Teamsters Tuesday in calling for union pension shortfalls to be funded through Treasury bonds tied to the federal budget.

    Schumer (D-N.Y.) and King (R-Seaford) are pushing Congress to pass the Butch Lewis Act, which would create a new office within the Treasury Department to allow pension plans to borrow for any shortfall using Treasury bonds issued by the government to sell to financial institutions.

    Schumer, the Senate minority leader, and King met with Teamsters Local 707 in Hempstead to push for the bill, which could help fund pensions for 4,500 Long Island families, including more than 3,700 retirees, Schumer said.
    “These pensions are on the hook for billions and could collapse,” Schumer said. “We have an obligation to these folks. These people worked hard and never asked for much and should not be abandoned.”

    Teamsters and elected officials say the 2008 recession led multi-employer pension plans to become insolvent and the Pension Benefit Guaranty Corp. to be underfunded.

    Suffolk Legis. Kevin McCaffrey (R-Lindenhurst), who also is president of Local 707, said the pension payments have been reduced because fewer younger members are paying into the pension plan after the deregulation of the trucking industry.

    “All the men and women went to work with quiet dignity and had expectations to retire with that same dignity,” McCaffrey said.

    King said the pension plan should have bipartisan support and that he would work to pass the bill with other Republicans, as part of the federal budget negotiations ending Jan. 19.

    “The working men and women are the backbone of our country,” King said. “The rich have their advocates, there are advocates for the lower income, but the middle people seem to get forgotten.”

    Schumer and King said the bill should be tied to the federal budget to fund the government as a must-pass bill in exchange for other expenditures such as military spending, Veterans Affairs and opioid abuse.
    “We can’t blame it on the Democrats because we control the House and have a Republican president,” King said.


    Copyright 2018 newsday. All rights reserved. newsday.com
     
  2. Vwaggs

    Vwaggs Active Member

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    The gubberment should not be providing Teamster welfare. I am currently screwed out of 2 disability pensions and I am not complaining. It is the unions fault the funds were not managed properly and the terms were not modified to cover the after effects of Reaganomics. The only satirical thing I can think of is that they jumped on this bandwagon just as our country is preparing to start "Reaganomics II, Trickled Down On Again." At least YRCW will have a harder time justifying restoration of wages to YRC Freight employees since they are getting a tax break. More than likely they will just manipulate the overhead numbers to YRC Freight to offset the increase as they apparently did with the decrease in fuel prices lowering their cost per mile.
     
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  3. crewdawg

    crewdawg Member

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    What were the after effects of Reaganomics?
     
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  4. Try'n Hard

    Try'n Hard SITUATION CRITICAL..... but not serious

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    People were finally able to find a job unlike when Carter held the office. Of course it doesn't compare to the Obama administration. A lot of people had 2 or 3 jobs after his term. How's that for progress?
     
  5. crewdawg

    crewdawg Member

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    Thank you, surprised to hear from someone who understands instead of listening to rhetoric! The deregulation of the trucking industry began with the Motor Carrier Act of 1980, which was signed into law by President Carter on July 1, 1980. I lived it! I was layed off from my union job within months! Ronald Reagan had not even been elected.
     
  6. nassau otb

    nassau otb New Member

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  7. nassau otb

    nassau otb New Member

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    kevin mccaffrey's proposed contract for local 707 employees at nassau otb was just voted down and the election for 707 is ongoing.
    vote for indepent candidate for trustee jackson leeds, nassau otb cashier

    you may reach mccaffrey at 516-560-8509
     
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  8. Green$dawg

    Green$dawg Active Member

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    Probably need to learn the facts before spouting off about teamster welfare. Since the eighties the government has been in control of central states Not the Teamsters
     
  9. choppernut

    choppernut Active Member

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    Please???
     
  10. jimmy g

    jimmy g Kook AD-FREE USER

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    Not really. The Government had oversight, but ultimately, it was up to the Trustees to control the Fund. The Agreement was that Government was there to ensure legality, the Trustees to manage.
     
  11. nassau otb

    nassau otb New Member

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    kevin mccaffee trusteelocal 707
    show members all just like the nfl players' association would have been a start?
     
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  12. jimmy g

    jimmy g Kook AD-FREE USER

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    I need you to translate your posts into English, please....

    Plus I was talking about the CSPF agreement, not 707.
     
  13. Green$dawg

    Green$dawg Active Member

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    The people in charge of central states are appointed by the goverment They have union trustees there also but the IRS appointees have major control
     
  14. jimmy g

    jimmy g Kook AD-FREE USER

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    The takeover agreement said ultimately investment decisions could be overridden by Trustees.
     
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  15. jimmy g

    jimmy g Kook AD-FREE USER

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    Green$dawg. I agree that the IRS caused much of this in 1974 by greedily disallowing over funding of pensions. Ultimately, today, the reasons we are broke matter not a wit. The Fund is on it's way to bankruptcy, and there is no sentiment (from either side), to bail us out- since all Repub Senators but one say no bailout- and 27 out of 49 Dem Senators ALSO say no...
     
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  16. Puff Driver

    Puff Driver Active Member

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    A great economy

    The sole reason is declining membership in these funds
    The union failed to keep contributing carriers alive and failed to bring in new members.
    This is a colossal failure by the union . They need to be on my he hook for the pensions not the taxpayer...
    You guys are getting lip service from these elected officials.
    This has zero chance of passing...
     
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  17. Jaloc

    Jaloc Active Member

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  18. jacks

    jacks Member

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    President Trump said that he is willing to strike a deal with the Democrats. Give him the money to build the wall in return for the passing of the butch Lewis act to save our pensions.It has already been confirmed by the CBO,congressional budget office that it would be twice as cheap to rescue all the distressed pensions than it would to fix the government guarantee program.
     
  19. BIG R GUY

    BIG R GUY Hot girly thread photographer

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    Just throwing this out here,Kook.I know this article is over 2 years old, but I believe the downward trend of this fund started in the mid 80’s, and not 2008 like the first post of this thread says....
     
  20. Jaloc

    Jaloc Active Member

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    How about a National Pension Plan for all citizens merge every pension fund into a national plan for everyone!
     

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