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XPO | Pension info

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bigdaddymb116

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We were told in info meeting this morning that we would receive info in mail bout pension changes . You could start withdrawing at 59 1/2 and possibility of cashing out. Anyone else hear this .
 
Lots of guys taking early retirement. Problem is no one is sticking around to replace them. So why not toss them old salts a bone.
 
The last time they offered a buy out, it was a joke. Hardly 50% of the value in my opinion. They hate having this kind of liability that was included in the purchase of Con-way. The way I see it I take the max amount that I can draw, and multiply it times 12 and then base it on 25 years.
That's what my pension is worth.
 
trucknfool said:
The last time they offered a buy out, it was a joke. Hardly 50% of the value in my opinion. They hate having this kind of liability that was included in the purchase of Con-way. The way I see it I take the max amount that I can draw, and multiply it times 12 and then base it on 25 years.
That's what my pension is worth.
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It ain’t worth nothing if they moth ball the company and you never got paid.
 
trucknfool said:
The Pension is supposed to be separate from the Companies finances under Federal Law. That being said the Pension plan has been (over funded) supposedly.
XPO would love to get their paws in it for sure if they could figure out how.
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Furrrr sure. Yeah those failing pensions and their over funding
 
highspeeds said:
Everything they do is to make Jacobs money. Whatever accounting trick this is doesn’t really matter. Get whatever money you can out of these people before you can’t.
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Im 50 years old been there for 28 years.Drivers with less time will get their pension or buy out because they're older than me.I call BS.You are right there's something in it for ole BJ
 
coffee cup said:
The Government took over control of the TEAMSTERS PENSION in 1982,so its their responsibility to keep it solvent, which they rightfully did.All the ney-sayers who hoped it would go broke I'm sure are crying but,GET OVER IT.
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It's not the tax payers responsibility to pay for the Teamsters pension period! It's not fair for people that don't have a pension to pay for someone else's pension. Just because the Government had to start monitoring the Teamsters in 1982 doesn't mean that it's their responsibility to keep it solvent. Teamsters mismanaged it and they should fix it or let the Company go away.
 
Beetlejuice24 said:
Im 50 years old been there for 28 years.Drivers with less time will get their pension or buy out because they're older than me.I call BS.You are right there's something in it for ole BJ
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The more buy outs the less future obligations. People die off, no one else is getting in and they can buy people out . That all narrows the obligations with each passing day. More pure profit for Jacobs.
 
trucknfool said:
It's not the tax payers responsibility to pay for the Teamsters pension period! It's not fair for people that don't have a pension to pay for someone else's pension. Just because the Government had to start monitoring the Teamsters in 1982 doesn't mean that it's their responsibility to keep it solvent. Teamsters mismanaged it and they should fix it or let the Company go away.
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Speaking only of the people in LTL freight,if your one of the people with no pension, that was YOUR choice to work your whole career somewhere that didn't have one. Thats why I went to a Union company 44 years ago, and am glad I did. If Uncle Sam didn't want the responsibility,they should have kept their hands off.
 
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