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ABF | Pension Is A Joke

I don't think the pension is a joke. I retired from YRC at 58 years old. Luckily I had 15 good years in before the next 15 were screwed up by YRC, so I still have a decent pension . But as long as the the company you drive for is able to pay into the fund, you have a nice retirement to look forward to.
I'm sure enjoying mine.
Thanks Teamsters!!!!!!!
 
Bubba Gump said:
NUCPP's actuarial expert testified the reason CSPF is going bankrupt is. Large retroactive pension increases and employers going bankrupt before they were paid for. You didn't pay in enough, NUCPP expert witness said it, it's got to be true. Can't get any simpler than that. My non Canadian side of the family comes from western PA. We are kin, kanary.
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You must be the red headed step child!!!!!
 
I have 17 years vested & get 2040.00 each month. I am lucky. All @ ABF. The fund will fail or benefits reduced to keep it a float. It is private fund. State of Illinois is public & underfunded. A # years back the state wanted to cut benefits to retirees. The 7 member Illinois Supreme Court voted 7 to 0. They told the state 'you promised them the money, now pay it'. Then the State Governor went to the Illinois Senate & House & tried to amend the Illinois constitution. The people who voted them in to office melted the phone lines to Springfield telling them not to change the constitution or they would go shopping for a new legislator. So, the state started to raise takes to cover the bill. The Illinois State Pension fund is 162 Billion underfunded. The Chicago Teachers Pension Fund is 21 Billion underfunded. And they are separate from the State Fund. Private or public, most & I mean most pension funds are on the verge of going under. Just a matter of time.. Now, democrat or republic why does the US Goverment give away billions of dollars to foreign countries while we wither on the vine? Better yet, ask yourself this, of all the countries we give money to, which countries return the favor & send their taxpayers money to us. Are we really that stupid? von.
 
vongrimmenstein said:
I have 17 years vested & get 2040.00 each month. I am lucky. All @ ABF. The fund will fail or benefits reduced to keep it a float. It is private fund. State of Illinois is public & underfunded. A # years back the state wanted to cut benefits to retirees. The 7 member Illinois Supreme Court voted 7 to 0. They told the state 'you promised them the money, now pay it'. Then the State Governor went to the Illinois Senate & House & tried to amend the Illinois constitution. The people who voted them in to office melted the phone lines to Springfield telling them not to change the constitution or they would go shopping for a new legislator. So, the state started to raise takes to cover the bill. The Illinois State Pension fund is 162 Billion underfunded. The Chicago Teachers Pension Fund is 21 Billion underfunded. And they are separate from the State Fund. Private or public, most & I mean most pension funds are on the verge of going under. Just a matter of time.. Now, democrat or republic why does the US Goverment give away billions of dollars to foreign countries while we wither on the vine? Better yet, ask yourself this, of all the countries we give money to, which countries return the favor & send their taxpayers money to us. Are we really that stupid? von.
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Apparently we are because these same politicians that make these decisions keep getting voted back in. :apologetic:
 
Nyabf said:
I there a way for a terminal to get out of teamster pension.i know all teamsters probily would not go along with this but i want money when i retire not pennys on the dollar like yrc
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When are you going to take a little personal responsibility? I retired with $3500 a month from Western Pa. It never increased and in 2019, it was cut by 30%. Not a problem because my income from Preston Trucking, with a 9% giveback, allowed me to invest in an IRA. When I retired in 2004 with 30 and out, I had paid off my mortgage and was debt free. My IRA was worth $168,000. In 2021, the IRA has grown and I am now a millionaire former truck driver. The pension funds are going broke. There will be no money to pay you. PBGC has a separate payout rate for multi employer funds. You will get 25-30% of your promised Teamster pension. The taxpayer owes you nothing and tax dollars should not be spent to pay you. If you never planned for retirement that is your problem.
 
I posted this back in January. I wonder if Illinois will go to the FEDS asking for pension relief. CS is a private fund. Illinois a public fund. Only time will tell what if the FEDS do anything to help out the retirees in the Land of Lincoln. von.

I have 17 years vested & get 2040.00 each month. I am lucky. All @ ABF. The fund will fail or benefits reduced to keep it a float. It is private fund. State of Illinois is public & underfunded. A # years back the state wanted to cut benefits to retirees. The 7 member Illinois Supreme Court voted 7 to 0. They told the state 'you promised them the money, now pay it'. Then the State Governor went to the Illinois Senate & House & tried to amend the Illinois constitution. The people who voted them in to office melted the phone lines to Springfield telling them not to change the constitution or they would go shopping for a new legislator. So, the state started to raise takes to cover the bill. The Illinois State Pension fund is 162 Billion underfunded. The Chicago Teachers Pension Fund is 21 Billion underfunded. And they are separate from the State Fund. Private or public, most & I mean most pension funds are on the verge of going under. Just a matter of time.. Now, democrat or republic why does the US Goverment give away billions of dollars to foreign countries while we wither on the vine? Better yet, ask yourself this, of all the countries we give money to, which countries return the favor & send their taxpayers money to us. Are we really that stupid? von.
 
realityofitall said:
2 plus years ago upstate ny pension was lowered
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According to one of our reps this new deal should get reinstated. Don’t hold me to it. One of our outspoken champions for this deal claims all previously lowered pensions is supposed to be restored. I have not looked into this myself so this statement is just hearsay.
 
SAC75 said:
According to one of our reps this new deal should get reinstated. Don’t hold me to it. One of our outspoken champions for this deal claims all previously lowered pensions is supposed to be restored. I have not looked into this myself so this statement is just hearsay.
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Actually talked to the fund on Friday, The government & PBGC have four months to get this up and running before any can apply. It looks like the eighteen funds that have taken the reduction are up first, then the other 180 are next. Full benefits
 
SAC75 said:
According to one of our reps this new deal should get reinstated. Don’t hold me to it. One of our outspoken champions for this deal claims all previously lowered pensions is supposed to be restored. I have not looked into this myself so this statement is just hearsay.
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Go to TDU they have a whole explaination up now of how this is going to help your pension.
 
If ABF pays 100% in the pension your good, if not you will receive a reduced benefit and will have to work longer. ( penalized )
It’s called survivors remorse.:6817:
 
The law doesn't work that way. If ABF is contractually obligated to pay into the pension, you will get credit for it even if ABF pays nothing. ERISA requires the fund to collect, it does not require the company to voluntarily pay.
 
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