Yellow | YRCW Terminated From Central States Pension Fund

[newpenn107]

I don't know about Holland not being in the red. I believe Holland had about 400 million of debt when yellow bought them. And don't forget that Yellow paid 49% over the roadway stock price to buy them. And roadway only paid about 5% over newpenn stock price to buy them. Newpenn owned everything and were debt free.
Either way..Yellow had only 35 million in cash the year previous to them making over 2 billion in purchases. And they did hardly a thing to integrate companies or cut cost until AFTER the economy caught their asses

 

[imported_fr8man]

Guess they sent out the ACT DUMB memo!

I guess they did. This letter wasn't mentioned at our union meeting yesterday either. We were told that if this vote doesn't pass YRC would cease to exist within seven days of the vote count, we were also told that Central States could stop the 18 month withdraw or deferral what ever you want to call it. (As long as they could prove that YRC could afford to make the payments) Then YRC would have to start paying back into the plan. We were told that our medical plan had enough funding to last the duration if need be. Weather you voted Hoffa in or not weather you like Hoffa or not. these are the people in place to look at the books and represent us, if they say this is our best chance to make it I have to trust in what they are telling me. I don't like this anymore than anyone else but we all have bills and my paycheck and health insurance along with vacation and sick days are better than unemployment and no medical insurance. Can you really look your wife and kids in the face and tell them your pride and your no vote is more important than they are? Well I can't and I'm voting YES !

 

[wolf]

I guess they did. This letter wasn't mentioned at our union meeting yesterday either. We were told that if this vote doesn't pass YRC would cease to exist within seven days of the vote count, we were also told that Central States could stop the 18 month withdraw or deferral what ever you want to call it. (As long as they could prove that YRC could afford to make the payments) Then YRC would have to start paying back into the plan. We were told that our medical plan had enough funding to last the duration if need be. Weather you voted Hoffa in or not weather you like Hoffa or not. these are the people in place to look at the books and represent us, if they say this is our best chance to make it I have to trust in what they are telling me. I don't like this anymore than anyone else but we all have bills and my paycheck and health insurance along with vacation and sick days are better than unemployment and no medical insurance. Can you really look your wife and kids in the face and tell them your pride and your no vote is more important than they are? Well I can't and I'm voting YES !

I have to ask, if this goes down and YRC closes, what you gonna tell the family? I doubt "at least I did everything I could" is gonna make them feel any better. This just sucks. :Off-Topic:

 

[cage fighter]

I guess giving their little golfer money is more important then giving it to the people that work for YRC.

 

[rockford files]

I guess they did. This letter wasn't mentioned at our union meeting yesterday either. We were told that if this vote doesn't pass YRC would cease to exist within seven days of the vote count, we were also told that Central States could stop the 18 month withdraw or deferral what ever you want to call it. (As long as they could prove that YRC could afford to make the payments) Then YRC would have to start paying back into the plan. We were told that our medical plan had enough funding to last the duration if need be. Weather you voted Hoffa in or not weather you like Hoffa or not. these are the people in place to look at the books and represent us, if they say this is our best chance to make it I have to trust in what they are telling me. I don't like this anymore than anyone else but we all have bills and my paycheck and health insurance along with vacation and sick days are better than unemployment and no medical insurance. Can you really look your wife and kids in the face and tell them your pride and your no vote is more important than they are? Well I can't and I'm voting YES !

Yep. it's the same old song and dance. "It's for the children".
Sorry Tiny Tim my kids are gone so I don't have to look them in the eye and the old lady, I don't look at period anymore anyways.

CSPF is going down the schlitter whether this passes or not. It's just a matter of time. I've accepted the fact that I'll never see a penny of the money.

Denial is such a dirty word, isn't it?

 

[imported_fr8man]

Your right Wolf, It does suck it sucks worse than anything I can think of

 

[wild deuce]

This will be on the ballot

This issue about contributions will be on the ballot, but let's not kid ourselves. YRCW has said they will not be able to make the contributions for some time if they expect to remain in operation. If it is voted against, YRCW will come up with the money from somewhere, right? I don't think so. If YRCW becomes profitable again, the snap back provisions will come in to effect. As I said before....read the info that will be included in the mailing. DO NOT make your decisions from the talk on TB. Geesh.

 

[wolf]

This issue about contributions will be on the ballot, but let's not kid ourselves. YRCW has said they will not be able to make the contributions for some time if they expect to remain in operation. If it is voted against, YRCW will come up with the money from somewhere, right? I don't think so. If YRCW becomes profitable again, the snap back provisions will come in to effect. As I said before....read the info that will be included in the mailing. DO NOT make your decisions from the talk on TB. Geesh.

Deuce your right but trust me on this, there will be many holes in the info we get.

 

[longblade]

i think they thaught they could keep this all hush hush until after the ballets had been sent in and counted

 

[wild deuce]

I agree

Deuce your right but trust me on this, there will be many holes in the info we get.

You are right wolf. I admit I have found discrepencies in the info that was with the mailings and the wording on the actual contracts that have been published. I guess I am not telling anyone anything they do not know. I have an opinion about the H&W but I posted it on the rumor thread.

 

[Freightmaster1]

1984 Technology?!

This was not faxed to the Locals until SATURDAY...@ 19:45 PM!!!!
It was dated Friday....why did CSPF not get to us that day?...KK

Their mimeograph machine broke down, then they had to call in a teletype operator on overtime on Saturday to get out the news on the "titan machine"! How fast do you think these "dinosaurs" can move KK?!:Flame-On:

 

[Freightmaster1]

Funny Taste?!

bullshit!....kk

So that's what's on the sandwich that YRCW/TFINC wants us to eat?!

 

[Triplex]

That is big money, 100 mill but in relation to 17 billion (I think that was the last figure) I don't think that in itself would break the bank, but my head spins when trying to understand financing.

That was you and not Linda Blair in the Exorcist?? I'll be darned!!

 

[wolf]

That was you and not Linda Blair in the Exorcist?? I'll be darned!!

Nope was'nt me, but trust me, if it was I would be standing on a board room table in Kansas right now. :Flame-On:

 

[pntweety]

Does anyone have a link to this letter?

 

[Baldy17]

The magic date is April 2008. I don't have the exact date I think it was the 1st. ( I am retired so I don't have the exact date with me.) If you retired berfore that date you are ok. The only way you would lose your pension, under current law, is if the pension fund deteriorated to the point that it could not pay the pension for a full year. After April 2008 different story. You are basically hung out to dry. The only guaranteed pension you have is the Contribution base pension at 65. If you take it sooner, be prepared for a 6% a year penalty. I know Central States still has a Contributory Pension. But, by law, they can reduce it to Contribution Pension payable at 65 with the 6% penalty per year if you take it sooner.

Im in the process of filling for retirement, I have 8 yrs. with centralstates, I have over thirty years and it would be a recriprical with 4 other plans, does the 6% go against my 8 years? If it does Ill be pissed, Im getting a three years from my local (301) and there giving me 409.16 for three years and 1700.00 from 705.

 

[imported_fr8holler]

Is this really a surprise to some of you ??? What the hell did you think was going to happen ? You would keep accruing pension time ??? This is merely a formal confirmation of what we already knew. Wake up dummys !

 

[mustache]

Does anyone have a link to this letter?

Is this the one you want?

http://www.teamster.org/sites/teamsters.prometheuslabor.com/files/07 17 09 YRCW Job Security.pdf

 

[Animo916]

It appears as if the fund has taken it upon themselves, (with or without a final vote) to enact this suspension based on past dialogue, and will only reinstate after payments have resumed and are caught up......good luck to everyone......maybe it's not a bad idea to get out now if you can.....

Where you gonna go?
Who you gonna call?

 

[NewAge]

Is this really a surprise to some of you ??? What the hell did you think was going to happen ? You would keep accruing pension time ??? This is merely a formal confirmation of what we already knew. Wake up dummys !

dummys is spelled dummies haha