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Yellow | Pension cuts anyone?

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xxclutcher

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Curious to hear how many of you know about the plans to change pension law allowing cuts to retirees in troubled plans.
If you're near retirement, is this more important to you than YRC's current problem?
Or you doing any outreach to others?
 
One could only assume, by your previous post, that we are basically dead men walking. We will never organize anyone in freight, so why worry about the pension?When its gone it's gone, right? But thanks for "reaching out" to us. Any hopes i ever had of speaking to others at Con-Way or Old Dominion about organizing will be a waste of time....why bother?

My friend....I will never give up on the hope of organizing another trucking company....and i reach out in every opportunity i get my hands on to speak to others. People bash unions all the time. It is our duty to correct the mis-information that floats out there.

So, what ARE YOU doing to reach out to others?
xxclutcher said:
Curious to hear how many of you know about the plans to change pension law allowing cuts to retirees in troubled plans.
If you're near retirement, is this more important to you than YRC's current problem?
Or you doing any outreach to others?
Click to expand...
 
xxclutcher said:
Curious to hear how many of you know about the plans to change pension law allowing cuts to retirees in troubled plans.
If you're near retirement, is this more important to you than YRC's current problem?
Or you doing any outreach to others?
Click to expand...
Old news Bud ,Stop complaining and do something.All the votes pull the wagon.
 
I was told recently by a teamster brother in a drivers room that he had heard the projection for our pension to run out of money Is during 2026. I was just wondering if anyone else had heard anything on this matter? I am sure it is just a guesstimate, but sometimes those can be pretty close. I am planning on retiring around 2025 so this would be bad timing!
 
the5tolls said:
I was told recently by a teamster brother in a drivers room that he had heard the projection for our pension to run out of money Is during 2026. I was just wondering if anyone else had heard anything on this matter? I am sure it is just a guesstimate, but sometimes those can be pretty close. I am planning on retiring around 2025 so this would be bad timing!
Click to expand...

Had a meeting at the hall with central states he said "my crystal ball does not go beyond 2026, that's when we run out of money without some typeof changes" he also said do NOT count on the pgbc. It is broke and contrary to what is believed it is NOT backed by the government
 
my pension fund froze me with 4 months need for 25 and out, about 18 months later offered to let me buy out at around 30k, that i would pay to collect my 25 year 2500. now i approach 30 years, of course the 30 and out is gone, and i am missing the 2years yrc did not pay. my pension at 30 years involves penalties now and i would get 2122 out of 2960 dollars, because i am not 57.
my new multiplier is 9.75-nine dollars seventy five cents. this multiplier will be heavily penalized unless i go to at least 62.
WHEN I STARTED I WAS PROMISED A 30 AND OUT, AND SHORTLY THEREAFTER A 25 AND OUT. I WOULD NOT HAVE BEEN LONG ENOUGH TO BE VESTED IF I KNEW WHAT I KNEW NOW.
PAY AND VACATION CUTS JUST RUB SALT IN THE WOUND.
 
yrc-atm said:
Had a meeting at the hall with central states he said "my crystal ball does not go beyond 2026, that's when we run out of money without some typeof changes" he also said do NOT count on the pgbc. It is broke and contrary to what is believed it is NOT backed by the government
Click to expand...

funny that they now can predict the end game but before the vote to let them out of paying all we could get was a {WE DONT KNOW WHAT WILL HAPPEN }
 
yrc-atm said:
Had a meeting at the hall with central states he said "my crystal ball does not go beyond 2026, that's when we run out of money without some typeof changes" he also said do NOT count on the pgbc. It is broke and contrary to what is believed it is NOT backed by the government
Click to expand...

I was at the same meeting and will back up what yrc-atm said. That 2026 time frame was put out there on the assumption that the stock market
averages +7.5% annually between now and then.

I will add that the fund was 98% funded in 1999. And they also knew in 1998 that the fund would be in trouble in the future as they raised the 30 year
monthly payout from $2500 to $3000. Due to government pension laws, and since the fund was so well funded at that time, the fund had two choices:
Give money back to the employers or raise the monthly benefit. He said they weren't giving money back to the employers.
 
We've all been duped my friends. The pension is a ponzi scheme, social security is a ponzi scheme. If we all had the money that was invested on our behalf from the pension and the government in an IRA we would enjoy a nice retirement. Now its just empty promises. Its not the end of the world though. My grandfathers generation simply worked until you couldnt. If we have our health we have something that some would trade all they have for. I no one will like this but I say divide up the fund money now among the contributors, if its bankrupt I want out now.
 
WOW On a roll boys and girls Remember What the DR Says!!
I love my job!

Love My Job!

The Lost Dr Seuss Poem

I love my job, I love the pay!
I love it more and more each day.
I love my boss, she is the best!
I love her boss and all the rest.

I love my office and its location,
I hate to have to go on vacation.
I love my furniture, drab and gray,
And piles of paper that grow each day!

I think my job is really swell,
There's nothing else I love so well.
I love to work among my peers,
I love their leers, and jeers, and sneers.

I love my computer and its software;
I hug it often though it won't care.
I love each program and every file.
I'd love them more if they worked a while.

I'm happy to be here. I am. I am.
I'm the happiest slave of the Firm, I am.
I love this work, I love these chores.
I love the meetings with deadly bores.

I love my job - I'll say it again -
I even love those friendly men.
Those friendly men who've come today,
In clean white coats to take me away!
 
Last edited by a moderator:
Southern Man said:
We've all been duped my friends. The pension is a ponzi scheme, social security is a ponzi scheme. If we all had the money that was invested on our behalf from the pension and the government in an IRA we would enjoy a nice retirement. Now its just empty promises. Its not the end of the world though. My grandfathers generation simply worked until you couldnt. If we have our health we have something that some would trade all they have for. I no one will like this but I say divide up the fund money now among the contributors, if its bankrupt I want out now.
Click to expand...
If I get what was promised and I live to 90 (my family history says I will)- i'll have collected over 900k. I'd offer to settle today for 150k lumpsum (CSPF doesn't do lump sums). If we split it equally, we'd all get more like 50k. Basically, a one year proposition. That includes the guys in their 80s already retired. I'd survive; not sure they would.....

But you're correct- it's coming.... simple math!
 
jimmy g said:
If I get what was promised and I live to 90 (my family history says I will)- i'll have collected over 900k. I'd offer to settle today for 150k lumpsum (CSPF doesn't do lump sums). If we split it equally, we'd all get more like 50k. Basically, a one year proposition. That includes the guys in their 80s already retired. I'd survive; not sure they would.....

But you're correct- it's coming.... simple math!
Click to expand...

Well so far iv colleceted over $300,000 since July 31 2006!
 
Mustache, you played by the rules, Ltl trucking was going good and paying into the pension, and you have to be happy that your retired. Then there are those that I feel sad for as they where unable to get out before Yellow falling out of Pension fund. This could be another way of keeping the worker staying around longer as they will have to save a larger amount in their 401k..
 
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