Wall Street Webcasting - YRC Worldwide, Inc.
start at about 30 min mark to hear Central States comments
start at about 30 min mark to hear Central States comments
Yellow | Zollars says no intention of pulling out of Central States
- Thread starter Teamcujo
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nightshadow
TB Lurker
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What he says is not really what I would call good news. He says that the UPS buyout, as announced gives the funds sufficient margin that YRCW can ignore the problem for a number of years. Make no mistake, the UPS buyout does not completely "fix" Central States, it merely gives it 10 health points over the "oh crap" level. Dropping back down to 70% starts a new 10 year clock. The demographics are not there. The number of contributors has been dropping for decades. The five year vesting rule was great for members, but terrible for the overall health of the funds. If the status quo continues this just pushes the problem off for a few years, nothing more. We will eventually take additional benefit cuts to make the funds "whole".
hmmm, just a thought with no real thought put into it. But if it is as you say it gives them 10yrs to stay afloat, by then, most people who are in the so called defunted companies, which isn't really that many companies in the near past. Then my thought is, and by no means mean any disrespect, most in the older funds are probably dead. Cause our industry doesn't have a high mortality rate after we retire. Just a thought.
work till you die
yes,I've heard that 18 month average also, but never found any solid confirmation. maybe this explains some of the senior hands with their time in not retiring? Grizz, you are right this is morbid, I'll stop too.