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Yellow | YRC's unionized workers saved massive pension chop by Treasury's rejection of Central States plan

wongway said:
Rejected ?? But it didn't solve the problem ??? Point is that the fund is going broke and by continue to pay out full amounts will just make it go broke faster !!:6788:
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It's a first step.
What's in the future and what can be done? Who knows.
It's gonna go broke either way.
Slowly... Or quickly. Doesn't matter.
But this gives us... them time to do something... Anything... Investigate? Look into it. See what went where? Who knows.
Would it have been better to just slash them now?
I personally don't think so.
I do not see myself getting anything anyways.
All we can do now is see what we can do... and what will happen.
Makes them go back and figure this crap out. Because it's common sense someone did something wrong and it's common sense it wrong what they did to us.
Illegal?
 
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Union hall.
 
mysticobra said:
It's a first step.
What's in the future and what can be done? Who knows.
It's gonna go broke either way.
Slowly... Or quickly. Doesn't matter.
But this gives us... them time to do something... Anything... Investigate? Look into it. See what went where? Who knows.
Would it have been better to just slash them now?
I personally don't think so.
I do not see myself getting anything anyways.
All we can do now is see what we can do... and what will happen.
Makes them go back and figure this crap out. Because it's common sense someone did something wrong and it's common sense it wrong what they did to us.
Illegal?
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No have to disagree with that we shouldn't make cuts now , because WHY should these guys keep getting 100% $2500 to $3500. a month ,while we end up with maybe $200- $300 bucks a month , by waiting to make cuts ???
 
I can't answer that question.
I know what you mean. No one... No one should get cuts.
It's a bad situation that people put us in. We... And the retirees did not do it.
We have worked all our lives and the pension is something we payed for one way or another. Someone has to be held responsible for it. Not that they will be. But someone did something wrong.... Illegal.... To put us here. Maybe not on paper but in a roundabout way and those people should be held responsible.
I just don't know what to say. There is no answer.
It's a wait and see now. We have no control and really no one cares. Except us.
 
Does anybody know one hundred percent for sure an answer to the following question: Am I correct that if the fund went totally broke in ten years or so that there is a government guarantee that you would get about eleven hundred dollars? Am I also correct that at anytime congress could change that to a different amount or even eliminate it?
 
Am I wrong to think that this just screws all the guys that are still working while the guys who are already retired get full pension? What am I missing? I feel bad for those guys, but I think they probably made more money and had it better back then compared to what is going on today. What about equal pain for everyone? These people that say it gives us more time, what is going to happen with more time other than the pie will be smaller to try and figure out how to give everyone a small pension instead of the retired guys getting their big piece and the guys who are out here busting their asses now getting the crumbs. If I am wrong please explain what I am missing. thanks!
 
Some have had big cuts.
I don't know if they have been restored.
I am venturing into an area where my ignorance of it will show.
I would have to research it and I am too lazy.
But you have a point tolls.
 
the5tolls said:
Am I wrong to think that this just screws all the guys that are still working while the guys who are already retired get full pension? What am I missing? I feel bad for those guys, but I think they probably made more money and had it better back then compared to what is going on today. What about equal pain for everyone? These people that say it gives us more time, what is going to happen with more time other than the pie will be smaller to try and figure out how to give everyone a small pension instead of the retired guys getting their big piece and the guys who are out here busting their asses now getting the crumbs. If I am wrong please explain what I am missing. thanks!
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I see a lot of merit to what you say. One difference is that the guys who are retired probably can't go back to work while those in the work force are forced to stay longer. What will probably happen is that the CSPF will be taken over by the PBGC and all pensions will be cut according to their formulas all across the board, 80 year old, disabled retires et al. It is going to put everyone in that fund in a bad predicament and if that isn't a recipe for civil unrest I don't know what is. Shove a man into a corner when he's nearing the end of his life and take what's left of his life away and he will get pretty mad and act irrationally. I don't see how it can't happen.
 
ABFer said:
I see a lot of merit to what you say. One difference is that the guys who are retired probably can't go back to work while those in the work force are forced to stay longer. What will probably happen is that the CSPF will be taken over by the PBGC and all pensions will be cut according to their formulas all across the board, 80 year old, disabled retires et al. It is going to put everyone in that fund in a bad predicament and if that isn't a recipe for civil unrest I don't know what is. Shove a man into a corner when he's nearing the end of his life and take what's left of his life away and he will get pretty mad and act irrationally. I don't see how it can't happen.
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Don't you agree that if you factor in the current MOU and inflation and all the other factors that the guys who are retired made much more money than current workers if you factor in cost of living and everything? So they made more money the have had a full pension for as long as they have been retired and now they don't want to share the pain? I guess I don't get it. The fact that I have to work several years or more older than I was planning on should somehow be offset by the fact that the retired guy can't go back to work....huh?
 
the5tolls said:
Does anybody know one hundred percent for sure an answer to the following question: Am I correct that if the fund went totally broke in ten years or so that there is a government guarantee that you would get about eleven hundred dollars? Am I also correct that at anytime congress could change that to a different amount or even eliminate it?
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It would be about $1100 for those with 30 years in. The rest requires a Crystal Ball, could be a higher amount, could be lower or not at all. Sad if one wants to throw others under the bus on what might happen, as is I got mine so who cares.
 
wolf said:
It would be about $1100 for those with 30 years in. The rest requires a Crystal Ball, could be a higher amount, could be lower or not at all. Sad if one wants to throw others under the bus on what might happen, as is I got mine so who cares.
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Union Brotherhood.
 
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I guess it was a Ponzi I put in 25 yrs haven't retired yet, so I haven't collected a dollar yet and Iam 67. So I agree not fair those guys been collecting full benfits from 53 yrs old what do I get so far zero. What this does it well uncover some illegal things that was done.
 
Trkphil said:
I guess it was a Ponzi I put in 25 yrs haven't retired yet, so I haven't collected a dollar yet and Iam 67. So I agree not fair those guys been collecting full benfits from 53 yrs old what do I get so far zero. What this does it well uncover some illegal things that was done.
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I don't actually believe anything illegal was done. What happened is that way more was promised (and everyone loved hearing that) than could realistically be sustained. Who among us really questioned if those great retirement payouts were financially feasible and actuarilly sustainable? No one, but we're not CPA's either. We all loved hearing about the big numbers we were promised and accepted that on good faith. Unfortunately the chickens have come home to roost.
 
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