ABF | Bonus

At YRC it took 3 or 4 months to post.

Btw, we fought for the option, causing the delay. It took a lot of pressure on our BA and effort to educate members to implement this idea.

To me, it’s a no brainer.
 
Choice but the guys that went the 401 route haven't see anything yet, the fort is giving the old run around, imagine that blaming it on the IBT


Interesting.........If they would've handed you the check,...and you immediately put it into the 401(k) they are offering,........you would've been making interest on that money for the same period as the guys who merely cashed that check.....

But, then.....you would've paid taxes on that money.....Your...negotiated option was to receive the bonus money,...tax-exempt, to be placed in a company-administered 401(k),.....or to receive the bonus with taxes taken out, to be spent as you wish.....

Looks to me like the company should owe you the loss of interest for how many weeks they drag their feet before applying that bonus to your 401(k)......If,...say,...that 401(k) has a 5% increase of value,...the bonus money should increase with a concurrent 5%,...for however long it takes them to finally apply it to your account.....

After all,.....the corporate account that they are paying the bonuses out of,....is drawing interest as we speak.....As long as they deny the funds to your account,....that is interest you are missing out on...and that they are making.......

And,.....If they've already disbursed bonus money to other employees........that's a preferentially discriminatory swipe against the employees who've chosen the 401(k) option......
 
Interesting.........If they would've handed you the check,...and you immediately put it into the 401(k) they are offering,........you would've been making interest on that money for the same period as the guys who merely cashed that check.....

But, then.....you would've paid taxes on that money.....Your...negotiated option was to receive the bonus money,...tax-exempt, to be placed in a company-administered 401(k),.....or to receive the bonus with taxes taken out, to be spent as you wish.....

Looks to me like the company should owe you the loss of interest for how many weeks they drag their feet before applying that bonus to your 401(k)......If,...say,...that 401(k) has a 5% increase of value,...the bonus money should increase with a concurrent 5%,...for however long it takes them to finally apply it to your account.....

After all,.....the corporate account that they are paying the bonuses out of,....is drawing interest as we speak.....As long as they deny the funds to your account,....that is interest you are missing out on...and that they are making.......

And,.....If they've already disbursed bonus money to other employees........that's a preferentially discriminatory swipe against the employees who've chosen the 401(k) option......
The 401k is not sponsored by or administered by the company. The Teamsters manage and set the rules for this fund. Prudential just oversees the money....
 
Interesting.........If they would've handed you the check,...and you immediately put it into the 401(k) they are offering,........you would've been making interest on that money for the same period as the guys who merely cashed that check.....

But, then.....you would've paid taxes on that money.....Your...negotiated option was to receive the bonus money,...tax-exempt, to be placed in a company-administered 401(k),.....or to receive the bonus with taxes taken out, to be spent as you wish.....

Looks to me like the company should owe you the loss of interest for how many weeks they drag their feet before applying that bonus to your 401(k)......If,...say,...that 401(k) has a 5% increase of value,...the bonus money should increase with a concurrent 5%,...for however long it takes them to finally apply it to your account.....

After all,.....the corporate account that they are paying the bonuses out of,....is drawing interest as we speak.....As long as they deny the funds to your account,....that is interest you are missing out on...and that they are making.......

And,.....If they've already disbursed bonus money to other employees........that's a preferentially discriminatory swipe against the employees who've chosen the 401(k) option......
Every time I read something like this, I’m amazed at the ‘new low’ the company has reached. Sounds like we need to clean up the bonus language in the NEXT contract.
 
The 401k is not sponsored by or administered by the company. The Teamsters manage and set the rules for this fund. Prudential just oversees the money....

That is true,.......but when they’re holding the money prior to disbursement,.......they are making interest on it,...and your account isn’t.....

The Teamsters Prudential fund has a responsibility to demand those funds in a timely manner.......i.e: when everyone else got their bonus.
That is,.....if the Teamster have true oversight of the fund,......or if Prudential is merely “renting” the Teamster name.....
 
And,......I was in the ABF Fidelity 401(k), when......without any input.........ABF just closed the Fidelity account, and transferred everyone to the Prudential account.

That’s just one of the problems I have with defined-contribution style “retirement” plans.......No accountability to the people holding the accounts.....
You get the.....illusion....of control when they send you a proxy vote,....and you choose either Fric or Frac......
And, they do what they want....supposedly in your “best interests”

At least with the Union defined-benefit funds, there are Federal rules to obey,....and at least half of the Trustees must be elected Local officials.......who can lose their Trusteeship,...if they lose their Local elections....
 
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And,......I was in the ABF Fidelity 401(k), when......without any input.........ABF just closed the Fidelity account, and transferred everyone to the Prudential account.

That’s just one of the problems I have with defined-contribution style “retirement” plans.......No accountability to the people holding the accounts.....
You get the.....illusion....of control when they send you a proxy vote,....and you choose either Fric or Frac......
And, they do what they want....supposedly in your “best interests”

At least with the Union defined-benefit funds, there are Federal rules to obey,....and at least half of the Trustees must be elected Local officials.......who can lose their Trusteeship,...if they lose their Local elections....
If I remember correctly, the last contract included transferring our ABF 401k to the Teamsters. Not necessarily in our best interest, but it was in the Teamsters best interest... I was not really happy about that.
 
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If I remember correctly, the last contract included transferring our ABF 401k to the Teamsters. Not necessarily in our best interest, but it was in the Teamsters best interest... I was not really happy about that.

Yes, you are correct......Forgot that it was contractually negotiated.
Just another one of those objectionable things packed into the 2003-2008 contract.......
 
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