YRC House Committee Advances Butch Lewis

Discussion in 'YRC Freight' started by Keepingon, Jul 10, 2019.

  1. Keepingon

    Keepingon Well-Known Member

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    falconfan and aztec warrior like this.
  2. highheadblues

    highheadblues Well-Known Member

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    Too bad it will never get past Mitch McConnell’s desk. They don’t call him the grim reaper for nothing
     
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  3. realityofitall

    realityofitall Well-Known Member

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    Putting taxpayers on the hook for trillions in pension benefits is always the best idea. You can't make the full payments now how are you going to make 2 payments...
     
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  4. jimmy g

    jimmy g Kook

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    (From the Article)

    Notably, the Butch Lewis Act as passed through the committee includes a few technical modifications versus the originally proposed version. Among these, the bill now specifically provides for the creation of a Pension Rehabilitation Authority (PRA), which will coordinate the loan and grant program with the Pension Benefit Guaranty Corporation (PBGC). Further modifications include adding a third category to be used in ranking stressed plans. The expanded proposal also provides that stressed pensions can use their loan to acquire annuities or establish portfolios for terminated vested participants—not just those beneficiaries in payment status.

    I'm not a scholar, so I dont really know- but I Think this means that those called orphans (retirees from now closed companies) in a fund go to the PBGC and get paid only the Guaranteed Amount?????? I know that came up in the original Butch Lewis Act.....
     
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  5. Keepingon

    Keepingon Well-Known Member

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    Not sure I guess you can read the last line as to include those people as well ?
     
  6. jimmy g

    jimmy g Kook

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    Two years ago when it was introduced, spokesmen for the CSPF said the rescue plan would fund the retirees from existing companies, and the PBGC would cover the rest (orphans). I have no idea what the rate would be for the PBGC coverage would be, but typically its .30 on the dollar. Last year, before the last election, negotiations hovered around .70 on the dollar- but most of that Senate Committee retired.
     
  7. Freightmaster1

    Freightmaster1 Well-Known Member

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  8. daschits

    daschits Active Member

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    They’ll do the same damn thing as they did before. String it along to get the union vote in 2020, just like they did in 2018 then forget about it. Let’s see if they’ll vote on it before 2020. I don’t think so. Hope so but don’t think it will happen.
     
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  9. Crystal

    Crystal Well-Known Member

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    I don't think all retiree's from now closed companies are considered pension orphans. When USF shut down Red Star it paid our pension fund it's unfunded liability. We were told we were not orphans........... But it won't matter in my case since our fund is in such bad shape I doubt that it would qualify for any government loans.
     
  10. Keepingon

    Keepingon Well-Known Member

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    I’m not positive, but pretty sure that one of the conditions a fund has to meet to qualify is that it has to be in danger or critical status for a certain amount of time to qualify.
     
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  11. mook

    mook Active Member

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    Yrc will close if this passes. Part of that bill mandates that companies pay 100% of required amount to their funds. Yrc will never have the money to pay that amount.
     
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  12. jimmy g

    jimmy g Kook

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    I have mixed feelings about the bill. It's wrong, creating more Central/Marxist Government, controlling people's lives and creating Entitlements. But, it's also the only way half those in CSPF dont end up on Welfare. I dont like i . But I'll be 95 when the bill comes due and CSPF cant repay the principal. It's more kicking the can down the road...

    Those guys from YRCW would just retire and end up on the broke CSPF earlier....
     
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  13. muddog

    muddog Active Member

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    I agree. The 75% deferral comes due in 2023, if I’m not mistaken. They ain’t got it now, and they damn sure won’t have it then. YRC, if actually are planning on staying in business, are begging and behind the scenes lobbying this bill gets killed..
     
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  14. Crystal

    Crystal Well-Known Member

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    It is my opinion that it's about time the can was kicked in our direction. Take NJ public employee's pension funds for example. For years those employees paid their required share into the funds. Gov. Christie Whitman borrowed millions to balance the budget without it ever being repaid. And ever since then the state legislature has deferred paying its share. They kicked the can down the road. When Chris Christie was governor he raised the employee contribution on the promise that the state would pay its required contributions to the funds. He reneged and the unions took him to court. Guess what, the court sided with Christie and the can is still being kicked down the road........................When is it the working stiff's turn? As you know it won't affect me either way.
     
  15. jimmy g

    jimmy g Kook

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    Can't compare Private Pension and Public Pension. Stick to the MEPRA.
     
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  16. Crystal

    Crystal Well-Known Member

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    I understand there is a big difference between public and private pension funds. You missed my point, NJ public employees just came to mind with the direction the can was being kicked. The court sided with Christie and government rather than the employees who made increased contributions..

    My congressman republican Tom Rice told me that congress isn't in the business of bailing out private pension funds. But 9 of his fellow republicans have co-sponsored HR 397. If you want to call it a bail out then I'm all for bailing out the little guy for a change instead of corporations.
     
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  17. jacks

    jacks Active Member

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    I heard they might vote on the bill before the August recess. If it passes, then it would go to the president's desk for the final vote.
     
  18. jimmy g

    jimmy g Kook

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    It has to pass the Senate after the House passes it. THEN it Goes to the Pres...
     
    Last edited: Jul 13, 2019
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  19. jimmy g

    jimmy g Kook

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    It's no different than TARP bailing out AIG and GM. So I can ASSUME you liked those bailouts Too??????
     
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  20. highheadblues

    highheadblues Well-Known Member

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    It has to go to the senate first where Mitch McConnell will swiftly dispatch it to the industrial shredder in his office. It will never come up for a vote in the senate.
     

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