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Yellow | Biden awards billions for LTL trucker pensions

LarWoo said:
The government mandated oversight of the pension fund by Goldman Sachs, ( I believe) about 30 or 40 years ago. Their fees for overseeing the fund are exzorbant
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My thoughts exactly. The fund lost 8 billion in 2008 under government oversight. Is there any legislation in place to prevent the same thieves from doing it again.
 
DrKnipe said:
So whose pension is full now? No one at Yellow? Certain ages? How long do you have to be employed at Yellow to be vested?
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If you are asking that question , "vested " 5 yrs I believe . RUN AND DON'T LOOK BACK ! Go to trade school ,anything ! Save yourself !
 
DCM_Doc said:
My thoughts exactly. The fund lost 8 billion in 2008 under government oversight. Is there any legislation in place to prevent the same thieves from doing it again.
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The 2007-2009 financial crisis is referred to in the history books as “ The Great Recession” What does that have to do with oversight?
 
ABF381 said:
Then why did he give Yellow all that money?

https://www.businessinsider.com/tru...demic-loan-trucking-company-objections-2022-4
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I agree with you Trump was dead wrong giving welfare to Yellow.
I was fishing in the Bahamas with a huge shipper two weeks ago. he explained to me that Yellow is giving discounts 30% larger than competitors. All because of the welfare from taxpayers. The $$$ is being used to purchase business not create jobs or infrastructure.
He claims the service is miserable but the cost is so low he feels compelled to use them????
That is why Trump was dead wrong!
 
DCM_Doc said:
My thoughts exactly. The fund lost 8 billion in 2008 under government oversight. Is there any legislation in place to prevent the same thieves from doing it again.
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My issue with this is everyone lost 20% or so in 2008
Also, everyone made that back plus 34% in the first 2 Trump years and had it when he left office.
EXCEPT the teamster pensions??????
The teamster problem is they are a dying industry that is losing member carriers and have not organized a new carrier in at least 45 years???
That is unsustainable.... and not the taxpayers problem..
 
Puff Driver said:
My issue with this is everyone lost 20% or so in 2008
Also, everyone made that back plus 34% in the first 2 Trump years and had it when he left office.
EXCEPT the teamster pensions??????
The teamster problem is they are a dying industry that is losing member carriers and have not organized a new carrier in at least 45 years???
That is unsustainable.... and not the taxpayers problem..
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Do you work for New Penn in Eastern Pennsylvannia? (asking for myself)
 
Yellow will be the only trucking company to lose money in the 4th quarter and it will be a lot.
If employees would pick it up the pace like me and do 4 dock moves a hour or 3 hooks a day or 1 bill a hour Yellow would prosper.
 
Puff Driver said:
My issue with this is everyone lost 20% or so in 2008
Also, everyone made that back plus 34% in the first 2 Trump years and had it when he left office.
EXCEPT the teamster pensions??????
The teamster problem is they are a dying industry that is losing member carriers and have not organized a new carrier in at least 45 years???
That is unsustainable.... and not the taxpayers problem..
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The problem was created by the government with deregulation. After deregulation, Teamster freight companies closed by the hundreds because they could not compete with the lower cost, start up freight companies. Some of which were owned by the larger freight companies that slowly diverted freight from the Teamster company to the the lower cost non-union company. Also, before deregulation, these freight companies had to buy territorial rights to operate in a certain area that these upstart, non-union companies never had to pay for giving them an unfair advantage. So, your example with the 2008 “Great Recession“ is a poor one because the Teamster Pension Funds (like Central States) were already in dire straits due to the loss of all of these companies that the government put out of business with deregulation that had paid in to the pension funds on the employees behalf. At one point, there were four people drawing a pension for every one person paying in. But you already know all of this, you just choose to bitch about it because you feel like you were somehow slighted by the Teamsters in the past.
 
Steward of the Rock said:
The problem was created by the government with deregulation. After deregulation, Teamster freight companies closed by the hundreds because they could not compete with the lower cost, start up freight companies. Some of which were owned by the larger freight companies that slowly diverted freight from the Teamster company to the the lower cost non-union company. Also, before deregulation, these freight companies had to buy territorial rights to operate in a certain area that these upstart, non-union companies never had to pay for giving them an unfair advantage. So, your example with the 2008 “Great Recession“ is a poor one because the Teamster Pension Funds (like Central States) were already in dire straits due to the loss of all of these companies that the government put out of business with deregulation that had paid in to the pension funds on the employees behalf. At one point, there were four people drawing a pension for every one person paying in. But you already know all of this, you just choose to bitch about it because you feel like you were somehow slighted by the Teamsters in the past.
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Maybe I was wrong, perhaps we do have a disgruntled Teamster!
 
Puff Driver said:
My issue with this is everyone lost 20% or so in 2008
Also, everyone made that back plus 34% in the first 2 Trump years and had it when he left office.
EXCEPT the teamster pensions??????
The teamster problem is they are a dying industry that is losing member carriers and have not organized a new carrier in at least 45 years???
That is unsustainable.... and not the taxpayers problem..
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I don't know if your numbers are right or not, but I agree if you left your money in there you made it back and then some....but...you are forgetting the fund just doesn't leave the money there, it also has to pay out to current retirees, so you lose that 20%, plus you draw out more....makes it hard to get it back...
 
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