Is there any truth to the rumors that the details of this bill would destroy YRC because of the payback details? I don't know any of the details but I have heard (probably on the internet) that there are provisions built in that all of the dollars a company is in arears on pension payment have to be paid back and there are interest payments and such that YRC would have a very hard time paying these amounts and keeping the doors open, anybody know anything about this? Thanks
Is there any truth to the rumors that the details of this bill would destroy YRC because of the payback details? I don't know any of the details but I have heard (probably on the internet) that there are provisions built in that all of the dollars a company is in arears on pension payment have to be paid back and there are interest payments and such that YRC would have a very hard time paying these amounts and keeping the doors open, anybody know anything about this? Thanks
Is there any truth to the rumors that the details of this bill would destroy YRC because of the payback details? I don't know any of the details but I have heard (probably on the internet) that there are provisions built in that all of the dollars a company is in arears on pension payment have to be paid back and there are interest payments and such that YRC would have a very hard time paying these amounts and keeping the doors open, anybody know anything about this? Thanks
While I somewhat agree with you, it’s more than just a Teamsters retirement crisis, this goes through and you will see states like NJ, NY and California using it to save their funds that are in trouble as well. teachers, DPW workers, etc. all in major trouble.At least be honest here, it's a Teamsters retirement crisis, and while the Teamsters are a national organization, it has very little to do with the majority of us taxpayer's being asked to write a blank check.
The understanding I got from my BA was that YRC would be required to continue to pay into the funds but they wouldn’t be on the hook for the loans the pension plans would, Which nobody is to concerned about because they don’t have to start making payments until year 29 of the loan.Is there any truth to the rumors that the details of this bill would destroy YRC because of the payback details? I don't know any of the details but I have heard (probably on the internet) that there are provisions built in that all of the dollars a company is in arears on pension payment have to be paid back and there are interest payments and such that YRC would have a very hard time paying these amounts and keeping the doors open, anybody know anything about this? Thanks
29 Years,They have no clue about keeping two viable money making companies[Holland,New Penn] profitable from day one upon purchase.These clowns couldn't run a one man taxi company.The understanding I got from my BA was that YRC would be required to continue to pay into the funds but they wouldn’t be on the hook for the loans the pension plans would, Which nobody is to concerned about because they don’t have to start making payments until year 29 of the loan.
But they do need to show a plan that shows the 29 years puts them in a position to make the payments.
I know the republicans are an issue with getting this passed but they are right in asking for protections to be written into it to ensure this fund doesn’t get abused.29 Years,They have no clue about keeping two viable money making companies[Holland,New Penn] profitable from day one upon purchase.These clowns couldn't run a one man taxi company.
The Bill itself and the author of it expects those loans will never be repaid, and eventually have to be forgiven. That makes the whole thing a bailout, and not a loan. That may be my biggest hangups. People hide behind the Loan Label, as if they are OWED, /Entitled. Just admit, humbly, that we need bailed out, do it, and move on...The understanding I got from my BA was that YRC would be required to continue to pay into the funds but they wouldn’t be on the hook for the loans the pension plans would, Which nobody is to concerned about because they don’t have to start making payments until year 29 of the loan.
But they do need to show a plan that shows the 29 years puts them in a position to make the payments.
From the Bill
C)
as a condition of the loan, the plan sponsor stipulates that—
(i)
except as provided in clause (ii), the plan will not increase benefits, allow any employer participating in the plan to reduce its contributions, or accept any collective bargaining agreement which provides for reduced contribution rates, during the 30-year period described in subparagraphs (A) and (B);.
They tried to tie higher interest to it and got shot down. Interest is the only repayment the government will ever receive. Myself, I want all reemployment rules eliminated, since Pensions get bailed outI know the republicans are an issue with getting this passed but they are right in asking for protections to be written into it to ensure this fund doesn’t get abused.
I believe the reduced rate gets extended or no loan.That paragraph is interesting. Would that mean a company like YRC who is already at a reduced rate has to go back to the full rate or will the Teamsters allow the reduced rate to become the NEW full rate just to qualify for the loan ?
This is where Jaloc normally claims that YRC employees will have to pay the fund to qualify for the 100% rule. I can't imagine the new YRCW contract has language allowing a company to withhold payments to a pension from an employee. I'd have to see the language proving it....That paragraph is interesting. Would that mean a company like YRC who is already at a reduced rate has to go back to the full rate or will the Teamsters allow the reduced rate to become the NEW full rate just to qualify for the loan ?
The Bill itself and the author of it expects those loans will never be repaid, and eventually have to be forgiven. That makes the whole thing a bailout, and not a loan. That may be my biggest hangups. People hide behind the Loan Label, as if they are OWED, /Entitled. Just admit, humbly, that we need bailed out, do it, and move on...