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Yellow | Pension payback

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69 dodge

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We are being told if you're out of Joint Council 83 out of Richmond Virginia that we will not be getting the pension payback from the government they are telling us that the pension is well-funded and does not need any assistance so if you're in local Council 83 out of Virginia we are fixing to take another screwing
 
69 dodge said:
We are being told if you're out of Joint Council 83 out of Richmond Virginia that we will not be getting the pension payback from the government they are telling us that the pension is well-funded and does not need any assistance so if you're in local Council 83 out of Virginia we are fixing to take another screwing
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Financial Assistance for Underfunded Multiemployer PlansUnder the Act, the Pension Benefit Guaranty Corporation (“PBGC”) would provide special financial assistance to highly distressed multiemployer pension plans that meet certain criteria. Specifically, in order to be eligible for this assistance a multiemployer plan must satisfy one or more of the following criteria:Is in critical and declining status for any plan year from 2020 through 2022, generally indicating that the plan is expected to exhaust its assets in 20 years or less.Has previously reduced benefits under the provisions of the Multiemployer Pension Reform Act of 2014 (“MPRA”).Is in critical status for any plan year from 2020 through 2022, with a ratio of assets to liabilities (determined on a very conservative basis) of 40% or less, and a ratio of active to inactive participants of less than 2 to 3.[1]Became insolvent after December 14, 2014 but is not terminated (i.e., fully frozen).



I Understand Marlon Brando GIF by The Godfather

CAPICHE?!
 
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69 dodge said:
We are being told if you're out of Joint Council 83 out of Richmond Virginia that we will not be getting the pension payback from the government they are telling us that the pension is well-funded and does not need any assistance so if you're in local Council 83 out of Virginia we are fixing to take another screwing
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Your fund is well funded and well managed. That is not something to complain about.
 
Any yrc yellow who expects any bump in their pension is going to be disappointed, even though i believe they could legally _they wont put them out of biz any sooner from retirements the greedy teamsters only care about collecting dues to pay themselves !!!!
 
nightowl said:
Can someone please explain to me what the YRC guys are asking for when they want the bailout to reinstate their pension? I’m obviously missing something here….
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I was thinking it was something like the central states fund has a rule that states a distressed company's employees get a lower payout if they haven't yet retired...even though the company had paid full rate for the previous years... that is what I have read on here anyway... I am not in CS so I don't know if its correct or not..
 
ABF381 said:
I was thinking it was something like the central states fund has a rule that states a distressed company's employees get a lower payout if they haven't yet retired...even though the company had paid full rate for the previous years... that is what I have read on here anyway... I am not in CS so I don't know if its correct or not..
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Freightmaster1 said:
Financial Assistance for Underfunded Multiemployer PlansUnder the Act, the Pension Benefit Guaranty Corporation (“PBGC”) would provide special financial assistance to highly distressed multiemployer pension plans that meet certain criteria. Specifically, in order to be eligible for this assistance a multiemployer plan must satisfy one or more of the following criteria:Is in critical and declining status for any plan year from 2020 through 2022, generally indicating that the plan is expected to exhaust its assets in 20 years or less.Has previously reduced benefits under the provisions of the Multiemployer Pension Reform Act of 2014 (“MPRA”).Is in critical status for any plan year from 2020 through 2022, with a ratio of assets to liabilities (determined on a very conservative basis) of 40% or less, and a ratio of active to inactive participants of less than 2 to 3.[1]Became insolvent after December 14, 2014 but is not terminated (i.e., fully frozen).



I Understand Marlon Brando GIF by The Godfather

CAPICHE?!
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Why bother Freightmaster1, they obviously still have no clue as to what was accomplished for them since 2014....SMH
 
I have never seen a company HATE their employees as much as yrc,all management cares about is lining their own pockets. I ask our tm to show me his w2s oh no I can't do that. I would guess 115,000 4 setting on their ass while we go out and fight the elements, covid, winey ass customer's that want us to do everything 4 them, I believe this could b a great company if they would quit screwing us over.
 
69 dodge said:
I have never seen a company HATE their employees as much as yrc,all management cares about is lining their own pockets. I ask our tm to show me his w2s oh no I can't do that. I would guess 115,000 4 setting on their ass while we go out and fight the elements, covid, winey ass customer's that want us to do everything 4 them, I believe this could b a great company if they would quit screwing us over.
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Hopefully you're receiving over 115,000 total comprehension, it's not hard to do.
 
nightowl said:
Can someone please explain to me what the YRC guys are asking for when they want the bailout to reinstate their pension? I’m obviously missing something here….
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To my understanding, they are asking for full pension credit for all of the years that their contract locked them in for the 25% pension contribution (1-year of credit for every four years worked). Because this was contractual from 2013 to current date, and it was agreed to by majority vote, all those years are considered paid in full as that is what the YRCW (companies) contract called for. Therefore, the Butch Lewis Act bail-out will not restore those years to full credit because contractually, those years were already paid in full by contract at the 25% rate. So, an employee that started at a YRCW company in say 2004 will have full pension contribution credit up to 2013 (I think), and only 25% pension contribution credit from 2013 to current date. Because it was contractually agreed to, the bail-out views this as the full contribution rate contractually paid in full. Which means there will not be any funds restored to full rate from 2013 to current date because of the contract agreement. This is my understanding of it. I disagree and think that the YRCW companies should get full credit for all of those years as their problems were created by their idiot leader at the time (Zollars), but none the less, that is my understanding of it.
 
69 dodge said:
I have never seen a company HATE their employees as much as yrc,all management cares about is lining their own pockets. I ask our tm to show me his w2s oh no I can't do that. I would guess 115,000 4 setting on their ass while we go out and fight the elements, covid, winey ass customer's that want us to do everything 4 them, I believe this could b a great company if they would quit screwing us over.
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They certainly do act like we are the enemy!
 
Steward of the Rock said:
To my understanding, they are asking for full pension credit for all of the years that their contract locked them in for the 25% pension contribution (1-year of credit for every four years worked). Because this was contractual from 2013 to current date, and it was agreed to by majority vote, all those years are considered paid in full as that is what the YRCW (companies) contract called for. Therefore, the Butch Lewis Act bail-out will not restore those years to full credit because contractually, those years were already paid in full by contract at the 25% rate. So, an employee that started at a YRCW company in say 2004 will have full pension contribution credit up to 2013 (I think), and only 25% pension contribution credit from 2013 to current date. Because it was contractually agreed to, the bail-out views this as the full contribution rate contractually paid in full. Which means there will not be any funds restored to full rate from 2013 to current date because of the contract agreement. This is my understanding of it. I disagree and think that the YRCW companies should get full credit for all of those years as their problems were created by their idiot leader at the time (Zollars), but none the less, that is my understanding of it.
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What does anyone know about the Buster Brown guys that retired through Central States? I have always heard rumors that if Central States ever goes defunct or critical or something that UPS has to fund those guys pension. You guys know anything about that?
 
the5tolls said:
What does anyone know about the Buster Brown guys that retired through Central States? I have always heard rumors that if Central States ever goes defunct or critical or something that UPS has to fund those guys pension. You guys know anything about that?
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When UPS exited the CSPF, they negotiated and paid their unfunded liabilities. UPS will owe nothing.
 
Steward of the Rock said:
To my understanding, they are asking for full pension credit for all of the years that their contract locked them in for the 25% pension contribution (1-year of credit for every four years worked). Because this was contractual from 2013 to current date, and it was agreed to by majority vote, all those years are considered paid in full as that is what the YRCW (companies) contract called for. Therefore, the Butch Lewis Act bail-out will not restore those years to full credit because contractually, those years were already paid in full by contract at the 25% rate. So, an employee that started at a YRCW company in say 2004 will have full pension contribution credit up to 2013 (I think), and only 25% pension contribution credit from 2013 to current date. Because it was contractually agreed to, the bail-out views this as the full contribution rate contractually paid in full. Which means there will not be any funds restored to full rate from 2013 to current date because of the contract agreement. This is my understanding of it. I disagree and think that the YRCW companies should get full credit for all of those years as their problems were created by their idiot leader at the time (Zollars), but none the less, that is my understanding of it.
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Can you post a copy of the M.O.U stating, 1 year pension credit for every 4 years per the 25% contributions. Thanks.
 
ROLLBACK said:
Can you post a copy of the M.O.U stating, 1 year pension credit for every 4 years per the 25% contributions. Thanks.
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The “one year for four years” is just another way of saying 25% per year from 2013. That’s all that was paid by YRC in your behalf. If you went to work for them after 2013, that was the contract you’re working under. If before, you had a chance to vote on the reduced amount contained in the MOU. This should really not come as a surprise.
 
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