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Yellow | Pension payback

imonlayoff said:

TEAMSTER FREIGHT MEMBERS RATIFY YRCW JOB SECURITY PLAN​


January 8, 2009
Agreement Will Protect Union Workers’ Jobs, Benefits
(Washington, D.C.) – Teamster members who work at the freight companies of YRC Worldwide Inc. (YRCW)—Yellow, Roadway, Holland and New Penn—have approved a plan that will protect the jobs and retirement security of tens of thousands of Teamsters. The modifications were ratified by a 77 percent to 23 percent margin, with more than 75 percent of members casting ballots.
Union members voted over the past month and ballots were counted today. The plan calls for a reduction in gross wages and mileage rates of 10 percent—that took effect when all the ballots were counted today—through March 31, 2013, plus suspension of a cost-of-living adjustment. The wage reductions apply to all bargaining unit and non-bargaining unit workers, including management. There is no change to any health, welfare and pension contributions.
“While we never want to see wage reductions, this vote shows that our members understand that we are facing the worst economy since the 1930s and that the company needs some help to get through this difficult period,” said Tyson Johnson, Director of the Teamsters National Freight Division. “We are hopeful that this agreement will protect the livelihoods of our members and their families by protecting the jobs and health, welfare and pension benefits of our freight members.”
The plan has a provision that will allow Teamster members to recover lost wages if YRCW’s stock price goes up in the future. This would be done through warrants, which are similar to stock options. In addition, union members have protections, including language on monitoring and enforcement rights.
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Yes...this was 2009....now, show the CSPF memo from 2010/2011.
 
The money does come with some conditions. Pension plans that get the assistance won’t be allowed to retroactively increase previously earned pension benefits, and they can only increase future benefits if those are funded with new contributions.

11 years gone but who’s counting
 
Kennesaw Kid said:
Yes...this was 2009....now, show the CSPF memo from 2010/2011.
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I can’t show it , I shared this because I trusted my union to handle our future. I have since found out that was a critical mistake on my part. I simply want to make known that I was following the advice given at our terminal during the 2009 give back . I also thought at that time that we were helping preserve jobs and pensions. It is painfully obvious that we only helped executive’s over yrc . Employees thought at some point we would receive our 15% and other concessions back .
 
imonlayoff said:
I can’t show it , I shared this because I trusted my union to handle our future. I have since found out that was a critical mistake on my part. I simply want to make known that I was following the advice given at our terminal during the 2009 give back . I also thought at that time that we were helping preserve jobs and pensions. It is painfully obvious that we only helped executive’s over yrc . Employees thought at some point we would receive our 15% and other concessions back .
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In truth, I'm certain it would've folded without the concession. But most of the young with talent saw there was not long-term future for them and left.
 
jimmy g said:
In truth, I'm certain it would've folded without the concession. But most of the young with talent saw there was not long-term future for them and left.
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I agree. I would have liked to have received full pension benefits for the years leading up to the scrupulous give away of our retirement. I never would have voted for a reduction in pension at the rate we receive. And honestly I can’t find a single employee at our terminal who admitted that they voted yes. All I know is we were ask to give to save our jobs. It seems like with yellow getting stimulus money, on top of the the money they collected from employees concessions and now stimulus money paying for yellow freights obligations to cspf hell yellow should certainly be sitting high at the feeding trough. They definitely should at least pay a substantial penalty to cspf to help the employees that fricking helped them !
 
mud said:
In late 2008 a few of us were sitting in the Roadway ABQ. break room talking about the pending Yellow Roadway merger. We all agreed it was time to retire. I put in for my retirement the last week of 2008.
It became final 06/01/ 2009. Another spur of the moment decision for me.
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mud, you made the right decision for yourself and probably don't regret it, I know I don't. I left 1 year after you.
 
imonlayoff said:
I agree. I would have liked to have received full pension benefits for the years leading up to the scrupulous give away of our retirement. I never would have voted for a reduction in pension at the rate we receive. And honestly I can’t find a single employee at our terminal who admitted that they voted yes. All I know is we were ask to give to save our jobs. It seems like with yellow getting stimulus money, on top of the the money they collected from employees concessions and now stimulus money paying for yellow freights obligations to cspf hell yellow should certainly be sitting high at the feeding trough. They definitely should at least pay a substantial penalty to cspf to help the employees that fricking helped them !
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Problem is they did not collect any money from us, it's money they didn't have and if they had to pay the full amount we probably would not be here today.
You either believe they did not have the money or you don't there is no changing it now
 
Wrench97 said:
Problem is they did not collect any money from us, it's money they didn't have and if they had to pay the full amount we probably would not be here today.
You either believe they did not have the money or you don't there is no changing it now
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I find it hard to believe people still don't get it. Yellow/YRC incurred heavy debt when they purchased Roadway and the USF companies using borrowed money. Since those purchases that debt has been an albatross around their neck. The same people that think the 1969 moon landing was fake probably also believe Yellow has tons of money stashed away somewhere. :duh:
 
Triplex said:
I find it hard to believe people still don't get it. Yellow/YRC incurred heavy debt when they purchased Roadway and the USF companies using borrowed money. Since those purchases that debt has been an albatross around their neck. The same people that think the 1969 moon landing was fake probably also believe Yellow has tons of money stashed away somewhere. :duh:
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Well said...but.....I heard from a guy at the truck stop that his sister's friends cousin, knows a guy who knew Bill Zollars nephew..... that Yellow has billions in the Cayman Islands.....lol
 
Triplex said:
I find it hard to believe people still don't get it. Yellow/YRC incurred heavy debt when they purchased Roadway and the USF companies using borrowed money. Since those purchases that debt has been an albatross around their neck. The same people that think the 1969 moon landing was fake probably also believe Yellow has tons of money stashed away somewhere. :duh:
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I hear from a very reliable source, the money is in the Caymans.
 
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