What's new

Yellow | NewYORK State Teamsters benefit fund (pension updates)

I think the main beef here for the "younger" guys working towards their pensions are the Draconian cuts that were dropped on our heads. The trustees did'nt go at these benefits with a scalpel, they went at them with a chain saw and a bucket of dynamite. I have been working under the 30 and out provision for the last 20 years. I "had " 5 1/2 years to go before I could retire with a full pension. Now, with these new rules that number jumped to 20 1/2. I am supposed to pound freight for 46 years before I can receive a full pension. How is this fair? Why discriminate against the guys that started when they were 18 or 19? You old timers put your time in , and I respect that. Many of you have seen your costs rise, as previous posters have pointed out . But there has to be a better way of sharing the pain amongst everyone that would not force guys to work 40+ years in order to cash in. I do not know what the answer is. Who knows if the POS company will even kick in any money at the end of the year. The rules with this POS NYS fund were very loose a few years back and many ,many people cashed in. It did'nt matter what your previous company put in to the fund.....you could come work for Yellow or Roadway for just 5 years and collect a FULL FREIGHT PENSION! Now the bottom drops out and the "young" guys get handed the ::shit:: end of the stick. I'm starting to ramble......sorry. 46 years at this job is pretty much unrealistic to ask someone to do without his body breaking down. :rant:
 
Before you start bashing your Pension Fund Trustees....have you read the Pension Protection Act?

Have you read what they are now required by law to do when the Pension hits the "Red Zone".?

Have you read the by-laws of your pension fund to know what the Trustees' fiduciary duties are to protect ALL participants in the fund?


The economy sucks....the banks have ruined this country...corporate greed has caused many to be laid off...and the workers gets screwed....it aint easy making decssions to save everybody!......KK
 
the pension funds are required by law to make prudent investments. The Teamster funds took a beating in the market like everything else that went down. Those investments were supposed to pay for a decent retirement down the road. Things didn't go as planned and the system imploded. The government policy for the past 25 years of requiring banks to give mortgages to people who could not afford a home or people who had bad credit or no credit or no job finally blew up. The banks took on all these tax payer responsible mortgages and choked on it. Blame government policy as usual for the blow up. It is all about the housing market. Everyone should not own a home. Period!! Let them squat and this will never happen again :nono:
 
To Kennesaw kid we are well aware of the pension fund situation but the way they chose to fix the problem is to pay all the money to themselves as if their noy already over paid PURE GREEEEEEEEED'''
 
[quote author=rkc custom link=topic=80980.msg837086#msg837086 date=1276436925]
To Kennesaw kid we are well aware of the pension fund situation but the way they chose to fix the problem is to pay all the money to themselves as if their noy already over paid PURE GREEEEEEEEED'''
[/quote]

OK what's your answer to the problem ?
 
And you thought things would be different how...you voted for the deferrals and now some of you want to cry that the younger membership will suffer because of it. These pension issues are nothing new and other unions have long ago implemented changes in the payouts to the younger members. Early 2000's pension funds were losing thousands a month in their investments because of the ups and downs of the market and never recouping the losses. With all unions losing membership numbers, only adding to the problems. In order for the pension funds to be able to continue to gaurentee the retired their monthly checks, they had no choice but to force those changes by taking from the working membership. For some of you who really failed to see what was gonna happen with all the concessions and Deferrals ...NOW YOU KNOW!!!

This is not the end of the road for the Pension there will be sacrifices given and these are not subject to votes. Those in control of the pensions will ultimately make those decisions accordingly whether you or I like it or not.

Active membership will in the end pay the price in a huge way when it is time to retire Even if YRCW re-enters the pension they will not do so at the required rate but at a reduced rate such as what is being discussed now. If this does ocurr even at a reduced entry rate the active membership will take huge reductions in the retirement amount they will receive.

Some of you may claim that your vested and your set. Keep in mind that even though you may be vested you are protected to some degree by legislation governing pension plans and what not.
What we all need to realize is that there is a gauranteed minimum amount that must be met according to the rules.
Instead of bull whipping the dead horse look at making some kind of retirement investment now.
 
To R-14 MY ANSWER is to keep 30 and out for everyone and lower amount paid to everyone . If people can not survive on that amount it will be their choice to work longer. We could also take the 401 route and divide money up equally by amount paid in on each members behalf I am ok with either.
 
I have a paper from Central States stating my retirement about to date with the years i have with YRC and the bottom of the page says the monies was put into the account under my name not yours or anyone else! So once again just give me my money and let me be!
 
R-14 here is my answer401K let me invest my own money.I am a big boy and when I die I can will it to my children. The older I get the more I see this pension is nothing but a scam.
 
Something I FORGOT to mention the new plan will soon have younger members paying a portion of the contributions out of pocket. These board members should be jailed for robbery,
 
Bulgaro---YOU SUCK!!! Losavio------YOU SUCK!!!!!! Watch out 294, if I have my way, all of Sysco will vote for a company pension come next year's contract. you guys should be ashamed of yourselves!!!!!
 
[quote author=Northern Flash link=topic=80980.msg836760#msg836760 date=1276345029]
I feel that everyone should get the amount of retirement money that they qualified for while they were working. We can't expect them to start rationing the pension money just to secure the younger folks guaranteed money in the future. The elders have earned their fixed amount that they are receiving, so they should get it. If the funds run out of money, so be it. Although the financial bleeding needs to be stopped......cutting earned retirement money is not the answer. In fact, it would be criminal. Social Security has been in trouble for years and the deadline for the funds existence keeps getting pushed ahead. But, people are still getting it. This pension mess sounds just like Social Security. (but they do need to make some changes to both)
[/quote]

Right on..that's the way it's going. Social Sec is similar to the pension in that you need to be older and older to get it. That new breed of teamster out there who is worried to death about the pension and the fairness of it should realize they are funding their own pension by working not those already retired. But you don't make the rules. You just abide by them..
 
[quote author=Kennesaw Kid link=topic=80980.msg837019#msg837019 date=1276400240]
Before you start bashing your Pension Fund Trustees....have you read the Pension Protection Act?

Have you read what they are now required by law to do when the Pension hits the "Red Zone".?

Have you read the by-laws of your pension fund to know what the Trustees' fiduciary duties are to protect ALL participants in the fund?


The economy sucks....the banks have ruined this country...corporate greed has caused many to be laid off...and the workers gets screwed....it aint easy making decssions to save everybody!......KK
[/quote] I'm calling bull ::shit:: on the pension fund. When I was in there last year I asked about the investments and was told that the fund was in fairly decent shape. That was then and the stock market is way to hell above where it was and they're in worst shape! Maybe Andrew Cuamo should have a look see. I said it before, our fund was almost 100% funded and these morons would not let it go and started handing out pensions of outrageous amounts to those who did not contribute the funds for such. The law is the law but if this is the case, the fund managers that handle the investments need to be looked at by the authorities. I remember our pos local dictator bragging about his 120 grand a year pension(well over $1,000,000 collected so far and counting) and I sat right there while he told the borg that when they retire that all that money was put into a seperate account for them. Of course I called him on it and you would not believe how many of these dumba$$es still believe that theres a bank account out there with their name on it. Why would a majority of the fund board members vote not to allow the fund to become 100%? That stinks all by itself. We're screwed every which way from Sunday because the pos union didn't take a stand against their lover, Teddy Chappaquiddick Kennedy over deregulation but blew a God send second chance to stop this with the 1983 con-job. Unbelieveable! Like SS, wheres the money?
 
[quote author=rkc custom link=topic=80980.msg837252#msg837252 date=1276470630]
To r-14 These changes are supposed to take effect after the 1st of the year. HOPeful they will be stopped ''
[/quote]

Thank you for the update !!! :thumbsup: I hope it doesn't come to this for everyone's sake !!!!
 
To stonecold get your buddies to send those complaints out right now before they ram this up our A--. 401K LOOKS GREAT''''''
 
The Goverment set the rules on Define benefits and the New York state fund has been put in critical status and the trustee's have to set new guide lines to save the fund.( All these define benefits are under attack).One for the way they gave the early outs without accounting for people living longer and lower number of members. Now they are reducing the benefit's to those that get out early or raising the age to retire. I heard it was 6% for each year before the age of 62 in the central states pension(i.e at 55 it would be 6%x7years early=42% reduced). Most of these funds have rules when you have gotten to 25 years in the fund your locked to the old peer plan. I don't know if that still applies if it is critical status.
 
To double barrel the nys plan is critical the changes they chose were members with 30 years no penalty 25 years small penalty less than 25 large penalty or work till 65 should be called peer plan because they took care of themselves and their buds
 
You must log in or register to reply here.
Top