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Jay C
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Northern Flash
Today's Democrats are similar to Commies.
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For a company struggling with hundreds of millions in losses, soft less-than-truckload (LTL) volumes, a cut-throat pricing environment, and being littered with **** poor management that have **** poor attitudes, coming up with $500 million or so to meet its 2011 pension commitments seems a tall order. YRC declined to comment other than issuing a statement through a spokeswoman that it is "contractually obligated to make the payments."
These writers seem to leave out one of our biggest problems. So I helped them with a little editing.
R-14Driver
TB Legend
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I can see them starting to pay into the pension funds again BUT the big question will be at what rate will they pay ?
The only way that this mess will get straitened out is by the government stepping in and no,not by giving money to YRC ,but by putting regulations back into the trucking industry as a whole...With regulations,companies will be forced to stop the big discounts and therefore the bottom line of all union and non-union should increase..This way YRC would be able to make their contributions without help from the government,therefore saving billions of taxpayer dollars..in the event of a YRC failure..
wishy-washy
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You'll never see YRC paying into the existing pension funds that they were used to contributing to.
They will start there own just like UPS did. The only difference is that it cost UPS a sh#t load of money,
and YRC took advantage of a failing economy and are going to start their own fund,
same route as UPS.
They will start there own just like UPS did. The only difference is that it cost UPS a sh#t load of money,
and YRC took advantage of a failing economy and are going to start their own fund,
same route as UPS.
WOW.... $1200/month pension for each teamster!!! That's outrageous... it's not a knock on Teamsters... its' a knock on the terrible management and design of the pension fund!!! Think about it... for a non-union employee... a company contributes on average maybe 5 to 7% of an employees pay, divided among pension and 401k! For a rank-and-file employee, that's probably $300 or $400 TOTAL per month and chances are, the average guy with a pension/401k combo will end up with MORE money in retirement than the teamster pension funds will provide (if they provide anything, given their sad state)...
No wonder management is trying to get legislation to control this! Mind you, I understand the reason the figure is so high is partially because of the design of the funds with all the dead companies, etc... a bill like that, though, would make even the most healthy company cringe!!
No wonder management is trying to get legislation to control this! Mind you, I understand the reason the figure is so high is partially because of the design of the funds with all the dead companies, etc... a bill like that, though, would make even the most healthy company cringe!!
imported_troublemaker1
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I think yrc making it would be great.However goverment never did a darn thing for me you or anybody else. So please don't want expect or hope this **** poor excuse of a goverment gets involved at all. Remember them getting involved is what got the party started.
Irishman107
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A look into the future: jAN. 2011- Hoffa makes another deal with Zollar to extend pension deferral indefinitly. Hoffa then get tyson johnson to send out letter saying after examing YRCW books they are unable to currently fund pension. We are asking members to vote on another deferral. If you don't approve you will all be out of work by the end of month. And you will be forced to live in a fridge box in a vacant lot and sell your kids into slavery, your wife will become a prostitute and crack head. So the Teamster after having our meeting with all the locals in Honalulu(hey we have 1 Teamster member in Hawaii) recomend you vote yes to save your family. And to help are members recoup some of their losses on the pension YRCW is going to give us 10 billion shares of stock at a strike price of 27.00 a share. Members will vote yes saying at least I have a job and I really don't need a pension because my dream has been to work for a YRCW company till I die. And Hoffa and Zollar pat each other on back and say how great they are: THE END.........Till2013 when we go back to full rate.. LMAO
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Jay C
Guest
So what would your solution to the $1200 problem be?
I know you didn't direct the question to me,but I think they should lower the amount of the hourly contribution(currently $6. ?) to something more reasonable,that way those that have been paying in for years can get their retirement and don't get shafted.
If they lower it to blow where it is now then those that are already retired and those who hope to retire will not get their pension because the fund won't have enough to pay them.
Italian Style
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The people who are retired are already locked in.
wishy-washy
TB Lurker
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Locked in to what? Once that money is gone, it's gone. It's into the Pension Guarantee Fund, That's what Congress is addressing this week. Look at CSPF, the only major contributor right now is ABF. How long do you think that money will last.
Italian Style
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Didn't UPS just spend 6.1 billion dollars to get out of the Central States Contract/NMFA? I would think that would be plenty of support for all retired Teamsters.
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Jay C
Guest
That is correct, all the funds have billions on hand ..need a year in to lock
I think all the funds are in 'critical status', 'less than 65% funded'. The trustees by law have to adopt a 'rehabilitation plan' that will effect future retires according to a letter I got..less money contributed by carriers mean less a payout..none of the funds have defaulted yet as far as I know..need a fund lawyer to know all the facts
Send a BIG THANK YOU TO THE THE HERO OF REPUBLICANS........RONALD REGAN!!!!!!!!!!!
He is the soul cause for de-regulation! Remember those days. EVERY company made money!
There actually were factory jobs that paid a wage that you could raise a family on!
I have no idea! I understand why it's so high, but I don't think anyone ever foresaw the current conditions when they designed these multi-employer funds.
As to my understanding of it, one of the big reasons the funds are underfunded, apart from the fact that most of the original contributers are gone, but all their employees are still withdrawing, is that the market crash wiped out about 50% of the value of the funds. As the market has recovered, I'm sure they're looking a bit better, but definitely not where they should be. Being "locked" into a pension fund doesn't guarantee it'll have the money to pay you when the time comes, it just means, if it does... you are entitled to your share. Even at paying $1200/month per teamster, the fund wouldn't last forever because the few remaining companies could never afford to pay what it would take to support everyone drawing from the fund. I think MORE than enough experts have stated that the funds won't last under the current situation and all increasing the contributions will do, aside from making companies pay an unfair amount based on employees they never employed) is hasten the demise of the few companies left. What happens then? The fund still dies! UPS knew this (they all do)... it was cheaper for them to pay 6 BILLION dollars then to pay the inflated calculated contribution amounts indefinitely into a dying fund. ABF knows this... YRC knows this... given the recent state of YRC, it makes sense that ABF was trying to buy out of the fund last year, but not a peep from YRC? It's not that they don't think the funds are doomed... they just can't even come close to affording roughly 4 or 5 times whatever ABF comes up with to buy out (I think the # 700million was what I heard being thrown around by ABF)...
So I don't have a solution, but I think ABF and YRC want the government to step in and limit the affect of dead companies on the living ones by limiting what the contributions can be. That $1200/month will be a bit more if/when YRC ever starts contributing again, to make up for lost time. Same for ABF... neither will ever fund it completely, but they are paying more than they should because the fund managers know there's no other way to keep it going as long as possible.
Just my interpretation of things.