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buffalobill said:
Your teamster pension was put on the chopping block by peanut farmer, and it really only saves the pensions for guys with time in. The current guys paying in at the reduced benefit levels will not get a pension worth bragging about.
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Absolutely true. No one working at yrc since 2008 will be getting much from the cspf.
 
No port said:
Absolutely true. No one working at yrc since 2008 will be getting much from the cspf.
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However, the YRC employees will not lose what was paid in during that time frame mentioned. And, if they get to the point they are able to make full contribution rates into the MEPF, they will then get full credit for these years of full contribution rate. It ain't perfect, but it is still much better than the MEPF losing everything and having no pension at all. And, the so-called "orphan" companies will still get to keep their current pensions with no cuts or termination for the next 30 years. By that time, there will be very, very few, if any of these employees of "orphan" companies still collecting a pension from the MEPF's.
 
buffalobill said:
Your teamster pension was put on the chopping block by peanut farmer, and it really only saves the pensions for guys with time in. The current guys paying in at the reduced benefit levels will not get a pension worth bragging about.
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The first part of your post is spot on....both parties suck as far as the working man goes....the second part is right also except they did in fact vote their pension to be reduced 75% for all new contributions, to hear some speak its as though they did it in secret!!!.....
 
Steward of the Rock said:
However, the YRC employees will not lose what was paid in during that time frame mentioned. And, if they get to the point they are able to make full contribution rates into the MEPF, they will then get full credit for these years of full contribution rate. It ain't perfect, but it is still much better than the MEPF losing everything and having no pension at all. And, the so-called "orphan" companies will still get to keep their current pensions with no cuts or termination for the next 30 years. By that time, there will be very, very few, if any of these employees of "orphan" companies still collecting a pension from the MEPF's.
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I resemble that, I told you I was going to live to the ripe old age of 126,
and probably killed by a jealous husband.
Also, I want Bubba's tax dollars to help pay my pension.
 
ABF381 said:
The first part of your post is spot on....both parties suck as far as the working man goes....the second part is right also except they did in fact vote their pension to be reduced 75% for all new contributions, to hear some speak its as though they did it in secret!!!.....
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I should be more clear, i meant the guys at barns paying into pensions that have had adjustable benefits cut, and multipliers reduced, because of rehabilitation plans.

The pension fund is saved, but the difference between the benefits, the low multiplier percentage on the service credit, and the fact that the union have been losing contributing employers, even some voluntarily, all make the fund unattractive to join....
 
buffalobill said:
I should be more clear, i meant the guys at barns paying into pensions that have had adjustable benefits cut, and multipliers reduced, because of rehabilitation plans.

The pension fund is saved, but the difference between the benefits, the low multiplier percentage on the service credit, and the fact that the union have been losing contributing employers, even some voluntarily, all make the fund unattractive to join....
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I understand what you're saying but I wouldn't call it unattractive. Is it less? Sure it is. Is it still a better deal than most? Absolutely! I'm not envious of my brothers that got a better deal, I'm happy for them. The laws concerning how pensions are funded are the problem, and not having enough smart fund managers like Western States. By that I mean they were more conservative with accruals and if the fund made too much in a certain year retirees got a thirteenth check. In bad years they got twelve and the fund wasn't hurt too badly by an off year. That is one of the smartest moves ever with these funds. I guess we will all find out in the coming months what all this means.
 
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