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Yellow | Pension payback

816cliff said:
I think You need to verify that statement. Because if CSPF becomes insolvent UPS has to make up the difference.
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By law, UPS will be required to make a one-time $6.1 billion payment to the Central States Pension Fund to cover its withdrawal liability. (Just think of the contract improvements that could have been funded by that $6 billion plus instead!)

Central States Pension Deal a Financial Win for UPS​


makeupsdeliver.org/central-states-pension-deal-a-financial-win-for-ups/
 
Razorblade said:
By law, UPS will be required to make a one-time $6.1 billion payment to the Central States Pension Fund to cover its withdrawal liability. (Just think of the contract improvements that could have been funded by that $6 billion plus instead!)

Central States Pension Deal a Financial Win for UPS​


makeupsdeliver.org/central-states-pension-deal-a-financial-win-for-ups/
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This post doesn't answer 816cliffs question. Big Belly Bobs post 42 explains it all.
 
ROADY said:
This post doesn't answer 816cliffs question. Big Belly Bobs post 42 explains it all.
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Post 42 wasn't completely accurate. I apologize. I left something out. UPS is NOT contractually obligated to pay the pension of guys that retired prior to the buyout and formation of the UPS IBT pension fund. That's the rest of the story, sorry for not proofreading better.
 
ROADY said:
I agree with what you are saying. The only thing I would dispute is Central States could have told YRC they have to contribute the full amount or nothing. I believe the Western States Pension Fund did that and put the contributions into a 401k for the members.
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Yes because if they accepted a reduced amount they where still on the hook for the full amount !!!
 
almost13ranch said:
They want the full rate that they voted to give back, and the lower contribution rate is provided for in the current contract. Makes no sense to me.
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When will people learn that when they vote to give something up or back they wil NEVER EVER get it back !!!!! YRC/Yellow Corp will make pension contributions at the 25% rate until the day they go out of business
 
This is my opinion on pension fund.Been in CSFPF Since May 1979,Have never had missed a pension contribution until yrc stopped for the year and a half.When I retire I will have 43 yrs in pension fund and the print out I got from union projects my monthly benefit to be just under 3.000 a month.Asked local union pres,he said your an orphan from Preston,left Preston 6 yrs before they closed,were they 6 yrs behind on pension payments?Did not pay liability to the fund when they closed.If that is the case why didn't Preston,Spector.Mclean and so on get their full pension' those company's did not pay there liability to the fund.Sorry about there situation but they should have taken cuts when those company's folded. I have never drawn a penny from that fund and I get penalized,Never missed pension contribution on my be half,except when Roadway,Yellow merged.As far as the 25% contribution rate yrc alway's said they believed that rate would cover all past, present employees I don't necessarily agree with that,but I do not think they should not be paying for people that never worked for them either. I know i'll get alot of flack for my opinion but I know other's in same situation.
 
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dokman said:
Pension is to much like a Ponzi scheme, those paying in cover the ones retired. Why else do they say “ we now have 4 retired for every active worker”
Should have been 401 k all along, you own it, what goes in your name is yours.
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Agree 115% , a matching 401-K with only your name on it so when you die your family gets whats left !!
 
back in the day "vested" supposedly meant your money was safe-benefit contibutions made for you plus investment gains would carry you and cover you. not so anymore. bad investing, regulations, de-regulation, horrible decisions, some spiteful, have all screwed us when we are too old to regroup and recoup.
the contract ratified because of the 2/3 rule. ibt thought we would get the 66 and 2/3 needed to overturn it. we did not
 
People, I’m gonna beat a dead horse again, but since it’s on topic… If you want your FULL pension, apply elsewhere at a contributing fund employer, resign from your employment issue, and start new. It’s the only choice you have to acquire the full ride. There oughta be a new thread started about people who left company, to chase their full pension.. I know it’s frustrating, but damn people, quit bitching about the situation, and do something for yourselves, and your loved ones. Regardless, once again, good to all of y’all
 
muddog said:
People, I’m gonna beat a dead horse again, but since it’s on topic… If you want your FULL pension, apply elsewhere at a contributing fund employer, resign from your employment issue, and start new. It’s the only choice you have to acquire the full ride. There oughta be a new thread started about people who left company, to chase their full pension.. I know it’s frustrating, but damn people, quit bitching about the situation, and do something for yourselves, and your loved ones. Regardless, once again, good to all of y’all
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Your not going to get back what you have already lost!
 
almost13ranch said:
I agree with everything except the last part of your post. Everyone affected had a chance to vote on this. While I also agree that the CEO at the time made a huge error, the fact still remains that you chose to have a third party represent you, and one of the tenants of that choice was that everything was subject to a 50% + 1 person vote to agree or decline. Furthermore, while it may not have been practical or desirable for the menmber, you also had a choice of resigning if you did not agree with the outcome of the vote.

The ones I feel sorry for the most were YRCW’s non union workers. They had no vote, or voice in this decision, and were subjected to the unions “equal sacrifice”. I’m also aware that they had a choice to either organize or resign as well, but the fact still remains that they were forced to have these cuts because of a third party that did not represent them, forced this on them.

You can also see why they may be reluctant now to pursue representation, IMO.
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It was agreed to by both parties. They can always join the Teamsters.
 
Quote from the article : A 401(k) and IRA are like an un-attachable offshore bank account for the middle class. There is really no reason to underfund it. In fact, it should be the first place you stash your money. :greedy dollars:
 
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