J
Jay C
Guest
CEX wasn't getting the full pay scale so they went out on strike. The great CF shut em down
Yellow | YRC Worldwide will talk with Teamsters union about pension payments
- Thread starter R-14Driver
- Start date
CEX wasn't getting the full pay scale so they went out on strike. The great CF shut em down
[quote author=R-14Driver link=topic=80438.msg832521#msg832521 date=1274711345]
YRC Worldwide Inc. plans to talk with its union about its pension payments, which are supposed to restart early next year but may need to be delayed.The Overland Park-based trucking giant (Nasdaq: YRCW) and the International Brotherhood of Teamsters union, which has worked with YRC on roughly $2 billion worth of concessions to help keep the company in business and thousands of its members employed, have formed joint committees to “address the company’s competitiveness and re-entry into union pension plans,” according to a Monday release.........
http://www.bizjournals.com/kansascity/stories/2010/05/24/daily1.html
[/quote]
TWO BILLION in consessions? Wow. Now they want to extend not paying into the pension fund. With 20 years in at 48, I'll be greeting people at Walmart when I retire. Here's your cart, now buy something.
YRC Worldwide Inc. plans to talk with its union about its pension payments, which are supposed to restart early next year but may need to be delayed.The Overland Park-based trucking giant (Nasdaq: YRCW) and the International Brotherhood of Teamsters union, which has worked with YRC on roughly $2 billion worth of concessions to help keep the company in business and thousands of its members employed, have formed joint committees to “address the company’s competitiveness and re-entry into union pension plans,” according to a Monday release.........
http://www.bizjournals.com/kansascity/stories/2010/05/24/daily1.html
[/quote]
TWO BILLION in consessions? Wow. Now they want to extend not paying into the pension fund. With 20 years in at 48, I'll be greeting people at Walmart when I retire. Here's your cart, now buy something.
Northern Flash
Today's Democrats are similar to Commies.
- Credits
- 409
[quote author=ddftoc link=topic=80438.msg832946#msg832946 date=1274830681]
hey guys don't you think its possible that the company just might offer a alternative to the pension? like a 401k with some promise of a large match or something simular to the white paper agrement they have with reddaway? the question is how do our leaders get us 2 want 2 switch from the pension to anything else....oh never mind they will just tell us they are closing the doors again...
[/quote] I predict that this is their next move also. {Company match 401K}
hey guys don't you think its possible that the company just might offer a alternative to the pension? like a 401k with some promise of a large match or something simular to the white paper agrement they have with reddaway? the question is how do our leaders get us 2 want 2 switch from the pension to anything else....oh never mind they will just tell us they are closing the doors again...
[/quote] I predict that this is their next move also. {Company match 401K}
Irishman107
TB Lurker
- Credits
- 0
I figure Hoffa will get YRC to throw us a bone like 5% of wage cut back, but another year of no Pension... Or try what they did with ABF wage cut offer and put the Pension contributions will depend on our O/R being below a 90 or some ridiculous number that we will never reach..Kinda like our worthless stock. Then the IBT tells us what a great deal it is, and the sheep vote Yes.
[quote author=thejoe link=topic=80438.msg832951#msg832951 date=1274831096]
Hoffa can forget about organizing a large non-union co if there is no pension to offer. The pension is the- - -
[/quote]
Like that's going to happen! We all know Jr Hoffa will never organize a large company...
Hoffa can forget about organizing a large non-union co if there is no pension to offer. The pension is the- - -
[/quote]
Like that's going to happen! We all know Jr Hoffa will never organize a large company...
carolinajohn
TB Lurker
- Credits
- 0
You can bet that most of management reads this forum.and they most likely get the majority of their ideas from the posts on this forum. To make posts like" we`ll be willing to accept this cut.but not that cut,or we`ll vote for this concession,but not that one" can`t be helpful to any future negiotations. I guess we`ve all done that at one time or another,but all it does is help management with ideas on how far teamsters are willing to bend over.
[quote author=carolinajohn link=topic=80438.msg833378#msg833378 date=1274967824]
You can bet that most of management reads this forum.and they most likely get the majority of their ideas from the posts on this forum. To make posts like" we`ll be willing to accept this cut.but not that cut,or we`ll vote for this concession,but not that one" can`t be helpful to any future negiotations. I guess we`ve all done that at one time or another,but all it does is help management with ideas on how far teamsters are willing to bend over.
[/quote]Very good point! I can't but help think they get a better idea from the guy under the desk?
You can bet that most of management reads this forum.and they most likely get the majority of their ideas from the posts on this forum. To make posts like" we`ll be willing to accept this cut.but not that cut,or we`ll vote for this concession,but not that one" can`t be helpful to any future negiotations. I guess we`ve all done that at one time or another,but all it does is help management with ideas on how far teamsters are willing to bend over.
[/quote]Very good point! I can't but help think they get a better idea from the guy under the desk?
[quote author=carolinajohn link=topic=80438.msg833378#msg833378 date=1274967824]
You can bet that most of management reads this forum.and they most likely get the majority of their ideas from the posts on this forum. To make posts like" we`ll be willing to accept this cut.but not that cut,or we`ll vote for this concession,but not that one" can`t be helpful to any future negiotations. I guess we`ve all done that at one time or another,but all it does is help management with ideas on how far teamsters are willing to bend over.
[/quote]
As long as teamsters think some is better then none and a job is better than unemployment since there is no jobs out there to go to YRCW nor management need to read these boards to get any ideas about how to set up the next grab.
When we (not I ) voted yes to all the concessions we already told YRCW we would settle for anything.
You can bet that most of management reads this forum.and they most likely get the majority of their ideas from the posts on this forum. To make posts like" we`ll be willing to accept this cut.but not that cut,or we`ll vote for this concession,but not that one" can`t be helpful to any future negiotations. I guess we`ve all done that at one time or another,but all it does is help management with ideas on how far teamsters are willing to bend over.
[/quote]
As long as teamsters think some is better then none and a job is better than unemployment since there is no jobs out there to go to YRCW nor management need to read these boards to get any ideas about how to set up the next grab.
When we (not I ) voted yes to all the concessions we already told YRCW we would settle for anything.
electraglideatl
TB Veteran
- Credits
- 0
None of this is going to matter anyway.............Our great Leader "OBAMA" has now stopped all offshore drilling and now we will become dependent on foreign oil thus making them richer and richer and therefore funding all Muslim terrorist groups making them bigger and bigger and Obama's wishes will come true to destroy all Americans.............Nuff said.......... 
Italian Style
TB Veteran
- Credits
- 0
I'm sure if everyone contributes a little more $ to YRC. Everyone will get to choose their new YRC Flight or Wool Winter Jacket by the end of the year, also.
[quote author=Barney link=topic=80438.msg833343#msg833343 date=1274952451]
Someone I'll call Stupid, told me he heard future retiring freight Teamsters will have their pension benefits cut in half.
[/quoteWith little being paid into a fund that is already critical,what do you think will happen??
Someone I'll call Stupid, told me he heard future retiring freight Teamsters will have their pension benefits cut in half.
[/quoteWith little being paid into a fund that is already critical,what do you think will happen??
[quote author=Northern Flash link=topic=80438.msg833089#msg833089 date=1274875179]
[quote author=ddftoc link=topic=80438.msg832946#msg832946 date=1274830681]
hey guys don't you think its possible that the company just might offer a alternative to the pension? like a 401k with some promise of a large match or something simular to the white paper agrement they have with reddaway? the question is how do our leaders get us 2 want 2 switch from the pension to anything else....oh never mind they will just tell us they are closing the doors again...
[/quote] I predict that this is their next move also. {Company match 401K}
[/quote]
I don't know how a new 401k would work, but usually you are not vested for 7 years(max allowed by federal law) so they could continue to not pay into the 401k for the next 7 years until you became fully vested.
[quote author=ddftoc link=topic=80438.msg832946#msg832946 date=1274830681]
hey guys don't you think its possible that the company just might offer a alternative to the pension? like a 401k with some promise of a large match or something simular to the white paper agrement they have with reddaway? the question is how do our leaders get us 2 want 2 switch from the pension to anything else....oh never mind they will just tell us they are closing the doors again...
[/quote] I predict that this is their next move also. {Company match 401K}
[/quote]
I don't know how a new 401k would work, but usually you are not vested for 7 years(max allowed by federal law) so they could continue to not pay into the 401k for the next 7 years until you became fully vested.
[quote author=spiracer link=topic=80438.msg832863#msg832863 date=1274811021]
[quote author=cessnakat link=topic=80438.msg832859#msg832859 date=1274809545]
[quote author=Twice Pipes link=topic=80438.msg 832851#msg 832851 date=1274806146]
Just look at the numbers. YRC lost around 100M dollars the first quarter and there running out of things to sell. They are also running out of financial options. Your not the government, you can't just keep printing stock. Even if YRC gets relief from congress, and only have to pay into the pension plan for their own employees, your still talking about 15K per union employee per year. This is not counting the deferment payment due in Jan 2011. The union employees has agreed on the 15 percent wage concessions, and the union has went along with the pension plan deferment. Asking for another pension plan deferment is a forgone conclusion. YRC will keep on asking for a deferment as long as they can. When the union or the membership finally says no, YRC will file for bankruptcy protection and close the doors. They will either stay closed or reopen as a very large nonunion carrier with a different name. I hope I'm wrong, but I don't think so. TP
[/quote]
Twice Pipes,Its not an all or nothing deal getting back into the pension fund,I wish people would realize that no union company is ever going to pay $5.+ per hr. into the pension fund and we should be negotiating a much lower amount but still insisting YRC re-enters the plan.
As for closing and re-opening non-union,never has happened and never will.
[/quote] Central Freight did.
[/quote]
I would consider forgetting about any pension and would rather have the payments sent to my pocket, I can invest my $ myself. All that has really happened is YRC sent our $ to the IBT and the IBT turned our $ into Wall Street paper. Over the years the IBT used dividends for their 'holly-er than thow "we've" worked so hard for the Brotherhood we deserve to blow a few hundred million on ourselves', rendering current obligations not possible to meet. The lawyers will get paid, the Brotherhood will get crap.
Change my pension to one ounce 0.999 silver coin per day, delivered every day. Screw the fiat paper dream crap pension Wall Street BS we've been getting.
I want cold hard commoidity in my hand, no YRC no IBT retirement strings attached.
[quote author=cessnakat link=topic=80438.msg832859#msg832859 date=1274809545]
[quote author=Twice Pipes link=topic=80438.msg 832851#msg 832851 date=1274806146]
Just look at the numbers. YRC lost around 100M dollars the first quarter and there running out of things to sell. They are also running out of financial options. Your not the government, you can't just keep printing stock. Even if YRC gets relief from congress, and only have to pay into the pension plan for their own employees, your still talking about 15K per union employee per year. This is not counting the deferment payment due in Jan 2011. The union employees has agreed on the 15 percent wage concessions, and the union has went along with the pension plan deferment. Asking for another pension plan deferment is a forgone conclusion. YRC will keep on asking for a deferment as long as they can. When the union or the membership finally says no, YRC will file for bankruptcy protection and close the doors. They will either stay closed or reopen as a very large nonunion carrier with a different name. I hope I'm wrong, but I don't think so. TP
[/quote]
Twice Pipes,Its not an all or nothing deal getting back into the pension fund,I wish people would realize that no union company is ever going to pay $5.+ per hr. into the pension fund and we should be negotiating a much lower amount but still insisting YRC re-enters the plan.
As for closing and re-opening non-union,never has happened and never will.
[/quote] Central Freight did.
[/quote]
I would consider forgetting about any pension and would rather have the payments sent to my pocket, I can invest my $ myself. All that has really happened is YRC sent our $ to the IBT and the IBT turned our $ into Wall Street paper. Over the years the IBT used dividends for their 'holly-er than thow "we've" worked so hard for the Brotherhood we deserve to blow a few hundred million on ourselves', rendering current obligations not possible to meet. The lawyers will get paid, the Brotherhood will get crap.
Change my pension to one ounce 0.999 silver coin per day, delivered every day. Screw the fiat paper dream crap pension Wall Street BS we've been getting.
I want cold hard commoidity in my hand, no YRC no IBT retirement strings attached.
[quote author=mydogREX link=topic=80438.msg834486#msg834486 date=1275426865]
[quote author=spiracer link=topic=80438.msg832863#msg832863 date=1274811021]
[quote author=cessnakat link=topic=80438.msg832859#msg832859 date=1274809545]
[quote author=Twice Pipes link=topic=80438.msg 832851#msg 832851 date=1274806146]
Just look at the numbers. YRC lost around 100M dollars the first quarter and there running out of things to sell. They are also running out of financial options. Your not the government, you can't just keep printing stock. Even if YRC gets relief from congress, and only have to pay into the pension plan for their own employees, your still talking about 15K per union employee per year. This is not counting the deferment payment due in Jan 2011. The union employees has agreed on the 15 percent wage concessions, and the union has went along with the pension plan deferment. Asking for another pension plan deferment is a forgone conclusion. YRC will keep on asking for a deferment as long as they can. When the union or the membership finally says no, YRC will file for bankruptcy protection and close the doors. They will either stay closed or reopen as a very large nonunion carrier with a different name. I hope I'm wrong, but I don't think so. TP
[/quote]
Twice Pipes,Its not an all or nothing deal getting back into the pension fund,I wish people would realize that no union company is ever going to pay $5.+ per hr. into the pension fund and we should be negotiating a much lower amount but still insisting YRC re-enters the plan.
As for closing and re-opening non-union,never has happened and never will.
[/quote] Central Freight did.
[/quote]
I would consider forgetting about any pension and would rather have the payments sent to my pocket, I can invest my $ myself. All that has really happened is YRC sent our $ to the IBT and the IBT turned our $ into Wall Street paper. Over the years the IBT used dividends for their 'holly-er than thow "we've" worked so hard for the Brotherhood we deserve to blow a few hundred million on ourselves', rendering current obligations not possible to meet. The lawyers will get paid, the Brotherhood will get crap.
Change my pension to one ounce 0.999 silver coin per day, delivered every day. Screw the fiat paper dream crap pension Wall Street BS we've been getting.
I want cold hard commoidity in my hand, no YRC no IBT retirement strings attached.
[/quote]
That's the mentality a lot of people have now,they only think about today and not what happens down the road when they are 60 years old and have to keep working because they have no retirement(401k won't do it and most don't participate or put enough in to matter)so they are stuck working when their bodies are beat-up.This is a tough way to make a living and gets tougher as you get older,so if you want to work until you're 65 have at it.
[quote author=spiracer link=topic=80438.msg832863#msg832863 date=1274811021]
[quote author=cessnakat link=topic=80438.msg832859#msg832859 date=1274809545]
[quote author=Twice Pipes link=topic=80438.msg 832851#msg 832851 date=1274806146]
Just look at the numbers. YRC lost around 100M dollars the first quarter and there running out of things to sell. They are also running out of financial options. Your not the government, you can't just keep printing stock. Even if YRC gets relief from congress, and only have to pay into the pension plan for their own employees, your still talking about 15K per union employee per year. This is not counting the deferment payment due in Jan 2011. The union employees has agreed on the 15 percent wage concessions, and the union has went along with the pension plan deferment. Asking for another pension plan deferment is a forgone conclusion. YRC will keep on asking for a deferment as long as they can. When the union or the membership finally says no, YRC will file for bankruptcy protection and close the doors. They will either stay closed or reopen as a very large nonunion carrier with a different name. I hope I'm wrong, but I don't think so. TP
[/quote]
Twice Pipes,Its not an all or nothing deal getting back into the pension fund,I wish people would realize that no union company is ever going to pay $5.+ per hr. into the pension fund and we should be negotiating a much lower amount but still insisting YRC re-enters the plan.
As for closing and re-opening non-union,never has happened and never will.
[/quote] Central Freight did.
[/quote]
I would consider forgetting about any pension and would rather have the payments sent to my pocket, I can invest my $ myself. All that has really happened is YRC sent our $ to the IBT and the IBT turned our $ into Wall Street paper. Over the years the IBT used dividends for their 'holly-er than thow "we've" worked so hard for the Brotherhood we deserve to blow a few hundred million on ourselves', rendering current obligations not possible to meet. The lawyers will get paid, the Brotherhood will get crap.
Change my pension to one ounce 0.999 silver coin per day, delivered every day. Screw the fiat paper dream crap pension Wall Street BS we've been getting.
I want cold hard commoidity in my hand, no YRC no IBT retirement strings attached.
[/quote]
That's the mentality a lot of people have now,they only think about today and not what happens down the road when they are 60 years old and have to keep working because they have no retirement(401k won't do it and most don't participate or put enough in to matter)so they are stuck working when their bodies are beat-up.This is a tough way to make a living and gets tougher as you get older,so if you want to work until you're 65 have at it.
J
Jay C
Guest
TDU said YRC and Teamsters are talking smaller pension payments. YRC don't want to pay $500,000,000 a year to the pension. That would be a
Italian Style
TB Veteran
- Credits
- 0
At this point I would wait and see what YRC has to offer.
[quote author=mydogREX link=topic=80438.msg834486#msg834486 date=1275426865]
I would consider forgetting about any pension and would rather have the payments sent to my pocket, I can invest my $ myself. All that has really happened is YRC sent our $ to the IBT and the IBT turned our $ into Wall Street paper. Over the years the IBT used dividends for their 'holly-er than thow "we've" worked so hard for the Brotherhood we deserve to blow a few hundred million on ourselves', rendering current obligations not possible to meet. The lawyers will get paid, the Brotherhood will get crap.
Change my pension to one ounce 0.999 silver coin per day, delivered every day. Screw the fiat paper dream crap pension Wall Street BS we've been getting.
I want cold hard commoidity in my hand, no YRC no IBT retirement strings attached.
[/quote]
My point was more to the fact that few of us (Americans) know the true workings of pension/Wall Street fraud. Like Social Security, pensions have been rendered ponzi schemes. Had we been smart our pension would have been stored in a safe.
Silver: 1995 $5.25 oz., 2005 $7.50 oz., 2010 $19.00 oz.
Loaf of bread: 2000 $0.903 lb., 2010 $1.363 lb.
In both of the above the 'dollar' buys less stuff, while the stuff gains value. You can buy more bread with silver than you can with a dollar.
We Teamsters need to think things out. Do we want more of the same or do we want to take responsibility for our own lives. Allowing the Union to restrict our retirement activities in order to collect our full pension has got to end. If anything happens to any of us before we reach 30 years we loose the contributions made in our names.
I'd rather control the contributions given to me than have some invisible country club (Bernie Madoff) shyster living it up then telling me there is nothing left.
I would consider forgetting about any pension and would rather have the payments sent to my pocket, I can invest my $ myself. All that has really happened is YRC sent our $ to the IBT and the IBT turned our $ into Wall Street paper. Over the years the IBT used dividends for their 'holly-er than thow "we've" worked so hard for the Brotherhood we deserve to blow a few hundred million on ourselves', rendering current obligations not possible to meet. The lawyers will get paid, the Brotherhood will get crap.
Change my pension to one ounce 0.999 silver coin per day, delivered every day. Screw the fiat paper dream crap pension Wall Street BS we've been getting.
I want cold hard commoidity in my hand, no YRC no IBT retirement strings attached.
[/quote]
My point was more to the fact that few of us (Americans) know the true workings of pension/Wall Street fraud. Like Social Security, pensions have been rendered ponzi schemes. Had we been smart our pension would have been stored in a safe.
Silver: 1995 $5.25 oz., 2005 $7.50 oz., 2010 $19.00 oz.
Loaf of bread: 2000 $0.903 lb., 2010 $1.363 lb.
In both of the above the 'dollar' buys less stuff, while the stuff gains value. You can buy more bread with silver than you can with a dollar.
We Teamsters need to think things out. Do we want more of the same or do we want to take responsibility for our own lives. Allowing the Union to restrict our retirement activities in order to collect our full pension has got to end. If anything happens to any of us before we reach 30 years we loose the contributions made in our names.
I'd rather control the contributions given to me than have some invisible country club (Bernie Madoff) shyster living it up then telling me there is nothing left.
roadstar120
TB Lurker
- Credits
- 0
[quote author=ddftoc link=topic=80438.msg832946#msg832946 date=1274830681]
hey guys don't you think its possible that the company just might offer a alternative to the pension? like a 401k with some promise of a large match or something simular to the white paper agrement they have with reddaway? the question is how do our leaders get us 2 want 2 switch from the pension to anything else....oh never mind they will just tell us they are closing the doors again...
[/quote]
I think you have the right idea here but it won't be any form of a 401 plan!
If you read through all the information on the teamsters new director ( teresa Ghilarducci)....you will find that she is absolurely against any and all 401K plans ......however.... She is pro union and her whole world is about defined benefit and rip type plans. NOW.....Just look at the time frame in wich the teamsters appointed her right before the big meetings between yrc and teamsters over pension differment and I think its a real safe bet that She was put in for her expertise and knowledge about pension structure and function. She could be a very good thing and I'm waiting patiently with my fingers crossed that She might find a solution that will work for everybody. I would suggest that everyone watch all her video cut on u-tube.....there is some very interesting material there,
hey guys don't you think its possible that the company just might offer a alternative to the pension? like a 401k with some promise of a large match or something simular to the white paper agrement they have with reddaway? the question is how do our leaders get us 2 want 2 switch from the pension to anything else....oh never mind they will just tell us they are closing the doors again...
[/quote]
I think you have the right idea here but it won't be any form of a 401 plan!
If you read through all the information on the teamsters new director ( teresa Ghilarducci)....you will find that she is absolurely against any and all 401K plans ......however.... She is pro union and her whole world is about defined benefit and rip type plans. NOW.....Just look at the time frame in wich the teamsters appointed her right before the big meetings between yrc and teamsters over pension differment and I think its a real safe bet that She was put in for her expertise and knowledge about pension structure and function. She could be a very good thing and I'm waiting patiently with my fingers crossed that She might find a solution that will work for everybody. I would suggest that everyone watch all her video cut on u-tube.....there is some very interesting material there,
Italian Style
TB Veteran
- Credits
- 0
[quote author=roadstar120 link=topic=80438.msg834803#msg834803 date=1275528288]
[quote author=ddftoc link=topic=80438.msg832946#msg832946 date=1274830681]
hey guys don't you think its possible that the company just might offer a alternative to the pension? like a 401k with some promise of a large match or something simular to the white paper agrement they have with reddaway? the question is how do our leaders get us 2 want 2 switch from the pension to anything else....oh never mind they will just tell us they are closing the doors again...
[/quote]
I think you have the right idea here but it won't be any form of a 401 plan!
If you read through all the information on the teamsters new director ( teresa Ghilarducci)....you will find that she is absolurely against any and all 401K plans ......however.... She is pro union and her whole world is about defined benefit and rip type plans. NOW.....Just look at the time frame in wich the teamsters appointed her right before the big meetings between yrc and teamsters over pension differment and I think its a real safe bet that She was put in for her expertise and knowledge about pension structure and function. She could be a very good thing and I'm waiting patiently with my fingers crossed that She might find a solution that will work for everybody. I would suggest that everyone watch all her video cut on u-tube.....there is some very interesting material there,
[/quote]I'll give her some props, at least she has an Italian last name.
[quote author=ddftoc link=topic=80438.msg832946#msg832946 date=1274830681]
hey guys don't you think its possible that the company just might offer a alternative to the pension? like a 401k with some promise of a large match or something simular to the white paper agrement they have with reddaway? the question is how do our leaders get us 2 want 2 switch from the pension to anything else....oh never mind they will just tell us they are closing the doors again...
[/quote]
I think you have the right idea here but it won't be any form of a 401 plan!
If you read through all the information on the teamsters new director ( teresa Ghilarducci)....you will find that she is absolurely against any and all 401K plans ......however.... She is pro union and her whole world is about defined benefit and rip type plans. NOW.....Just look at the time frame in wich the teamsters appointed her right before the big meetings between yrc and teamsters over pension differment and I think its a real safe bet that She was put in for her expertise and knowledge about pension structure and function. She could be a very good thing and I'm waiting patiently with my fingers crossed that She might find a solution that will work for everybody. I would suggest that everyone watch all her video cut on u-tube.....there is some very interesting material there,
[/quote]I'll give her some props, at least she has an Italian last name.