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Yellow | Great Day For Teamster Retirees, Present & Future!

Congratulations, great day for Teamster retirees. Nothing towards the $16.8 trillion Social Security deficit. Meh, it's only $50,000 for every man woman and child in the US. I'm sure it will work out. Hopefully it does, for the sake of all the Americans that have NO pension.
 
Jaloc said:
So how does this help younger teamsters? Law should have made them pay full contributions.
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Well if I had the answers I’d be on my yacht in the Caribbean! How the hell is the law going to make them do anything they’re broke or soon will be and don’t have a clue how to run an ltl or any other company!!! Since you ask though I see a bunch of new guys getting 401k’s and the company can’t match because one again we’ll you know..............
 
MrPotatoHead said:
Congratulations, great day for Teamster retirees. Nothing towards the $16.8 trillion Social Security deficit. Meh, it's only $50,000 for every man woman and child in the US. I'm sure it will work out. Hopefully it does, for the sake of all the Americans that have NO pension.
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Hopefully we will be able to send another 25 million to Pakistan for gender studies.
explorer.usaid.gov

FA.gov

explorer.usaid.gov explorer.usaid.gov
 
Bart said:
This will bankrupt Yellow can’t find drivers and now over half of the workers will be leaving ASAP me included!
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With pensions better funded, the employers cost of withdrawing from the fund will now be lowered, and more of a possibility of that now happening, next few years should be interesting.
 
chiefs2020 said:
With pensions better funded, the employers cost of withdrawing from the fund will now be lowered, and more of a possibility of that now happening, next few years should be interesting.
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I hope everything turns out good for everyone involved but lowered to what zero the idiots running this company don’t have a clue! Last night I read some of the pension rescue details and 65 is still the age to retire of course it’s not going broke and all the people that retired before the poop show can live happily ever after! The devil is in the details!
 
Bart said:
I hope everything turns out good for everyone involved but lowered to what zero the idiots running this company don’t have a clue! Last night I read some of the pension rescue details and 65 is still the age to retire of course it’s not going broke and all the people that retired before the poop show can live happily ever after! The devil is in the details!
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Where did you find the details? This whole thing is above my pay grade. I really don't understand how it works!
 
the5tolls said:
Where did you find the details? This whole thing is above my pay grade. I really don't understand how it works!
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www.congress.gov

Text - H.R.1319 - 117th Congress (2021-2022): American Rescue Plan Act of 2021

Text for H.R.1319 - 117th Congress (2021-2022): American Rescue Plan Act of 2021
www.congress.gov
“(1) IN GENERAL.—The amount of financial assistance provided to a multiemployer plan eligible for financial assistance under this section shall be such amount required for the plan to pay all benefits due during the period beginning on the date of payment of the special financial assistance payment under this section and ending on the last day of the plan year ending in 2051, with no reduction in a participant’s or beneficiary’s accrued benefit as of the date of enactment of this section, except to the extent of a reduction in accordance with section 305(e)(8) adopted prior to the plan’s application for special financial assistance under this section, and taking into account the reinstatement of benefits required under subsection (k).

(ii) Plans in critical statusIf it is certified under subparagraph (A) that a multiemployer plan is or will be in critical status, the plan sponsor shall include in the notice under clause (i) an explanation of the possibility that—
(I) adjustable benefits (as defined in subsection (e)(8)) may be reduced, and
(II) such reductions may apply to participants and beneficiaries whose benefit commencement date is on or after the date such notice is provided for the first plan year in which the plan is in critical status.

Section 305(e)(8) is the elimination of adjustable rate benefits anything less than age 65

This stuff is a hard read and I’m no lawyer your research may yield different results!
 
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Bart said:
www.congress.gov

Text - H.R.1319 - 117th Congress (2021-2022): American Rescue Plan Act of 2021

Text for H.R.1319 - 117th Congress (2021-2022): American Rescue Plan Act of 2021
www.congress.gov
“(1) IN GENERAL.—The amount of financial assistance provided to a multiemployer plan eligible for financial assistance under this section shall be such amount required for the plan to pay all benefits due during the period beginning on the date of payment of the special financial assistance payment under this section and ending on the last day of the plan year ending in 2051, with no reduction in a participant’s or beneficiary’s accrued benefit as of the date of enactment of this section, except to the extent of a reduction in accordance with section 305(e)(8) adopted prior to the plan’s application for special financial assistance under this section, and taking into account the reinstatement of benefits required under subsection (k).
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Sounds like the 30% reduction Western Pa took is permanent.
 
Razorblade said:
Sounds like the 30% reduction Western Pa took is permanent.
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I’m sorry I know even less about the Western. Here in CSPF full pension was changed and is based on age and not years of service. If you retire before full age there is a penalty for each year you are under 65. This was due to the plan being put on a rehabilitation plan.
 
Bart said:
This will bankrupt Yellow can’t find drivers and now over half of the workers will be leaving ASAP me included!
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Don’t have a cow Man,They will find drivers ,Even if they can’t speak English.Illeagals hired,No questions asked.
 
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