Holland | The Big Announcement?

the5tolls

Wait till 2024....we'll show em!
The Cuts
It will take more time to sort out the details of the Proposed “Rescue Plan” which was submitted on September 25 to the Treasury Department, but not yet released for Teamsters to see.
According to a press release from Central States:
  • So-called “orphans” who worked for companies such as CF, Preston, etc will have their pensions slashed to 110% of the PBGC maximum. For a Teamster collecting $3000 presently, this could mean a cut down to about $1200. This is unconscionable.
  • If you have pension credits from an “orphan” company and also credits from a surviving company, the cut will be proportionally between the two levels.
  • UPS transfer group: UPS Teamsters who retired in 2008 or later will be protected by the “make whole” clause in the UPS contract (UPS will have to make up for pension cuts as long as that clause stays in the contract). But those who retired before 2008 will suffer cuts.
  • Reemployment Rule. No restrictions for those already retired. For those who retire after October 1, 2015, there will be relaxed restrictions.
  • Accrual rate for active Teamsters will be reduced for 1% of annual employer contribution to .75%.
  • Phase-out early retirement. Between 2021 and 2025 the age for retirement without reduction of benefits will rise from 62 to 65.
 

the5tolls

Wait till 2024....we'll show em!
I may be wrong, but I thought it meant if you were basing your retirement on 100 dollars per year worked, now you would base it on 75.00 per year? I am not sure if that is correct?
 

Hoodock

Well-Known Member
Can you explain this part? I find this one hard to comprehend.
I may be wrong, but I thought it meant if you were basing your retirement on 100 dollars per year worked, now you would base it on 75.00 per year? I am not sure if that is correct?
Then what would it mean for YRCW employees? Would they be cut an additional 25% of the 25% that is now paid ? Curious to see how this plays out.
 

ABFer

I live Here
I may be wrong, but I thought it meant if you were basing your retirement on 100 dollars per year worked, now you would base it on 75.00 per year?
OK, I'm thinking that this should read...
Accrual rate for active Teamsters will be reduced for 1% of annual employer contribution to .75%.
"Accrual rate for active Teamsters will be reduced from 1% of annual employer contribution to .75%." That would mean that they are lowering the multiplier from 1% to .75%. That would make sense.
 

the5tolls

Wait till 2024....we'll show em!
If you are already at .25 I don't think they would reduce that anymore, but I could be underestimating how deep these crooks can stick that knife in our backs?
 

SAC75

Well-Known Member
If you are already at .25 I don't think they would reduce that anymore, but I could sbe underestimating how deep these crooks can stick that knife in our backs?
The way it looks all earned credit you keep as is. Anything after the implementation of the cuts will be slashed 25% per year. So YRCW guys looks like 18.75 per year worked. I'd sooner have a 401k if thats the case. Like not having a retirement fund
 

ABFer

I live Here
Here's how I see it. Numbers are rounded and hypothetical for ease of understanding.
Company pays $10,000/year into the fund ($5.00/hr). Multiplier is 1(%)/month of that $10,000 yielding $100/month for that year of service. 20 years at that rate would yield a $2000/month pension. There have been years in the '90's when my multiplier was 2.25(%). Now, if they lowered that to .75% it would lower that to $75/month for that year of service or $1500/month for 20 years of that same amount. Now what's YRC at these days? 25% of the 2010 rate? It could be $2.50/hr or $5000/year. In this example a YRC member would receive half of the amounts ciphered above.

I do believe that YRC is stuck at $1.75/hr contribution for the length of the MOU.
 

the5tolls

Wait till 2024....we'll show em!
Here's how I see it. Numbers are rounded and hypothetical for ease of understanding.
Company pays $10,000/year into the fund ($5.00/hr). Multiplier is 1(%)/month of that $10,000 yielding $100/month for that year of service. 20 years at that rate would yield a $2000/month pension. There have been years in the '90's when my multiplier was 2.25(%). Now, if they lowered that to .75% it would lower that to $75/month for that year of service or $1500/month for 20 years of that same amount. Now what's YRC at these days? 25% of the 2010 rate? It could be $2.50/hr or $5000/year. In this example a YRC member would receive half of the amounts ciphered above.

I do believe that YRC is stuck at $1.75/hr contribution for the length of the MOU.
I did not think it was that confusing until I read this, now I have no idea what this means for me! I guess I'll watch the mail this week and hope they don't tell me that I am so poor I have to sell my house to retire!
 

Northern Flash

Big Boy Toys
AD FREE
Here's how I see it. Numbers are rounded and hypothetical for ease of understanding.
Company pays $10,000/year into the fund ($5.00/hr). Multiplier is 1(%)/month of that $10,000 yielding $100/month for that year of service. 20 years at that rate would yield a $2000/month pension. There have been years in the '90's when my multiplier was 2.25(%). Now, if they lowered that to .75% it would lower that to $75/month for that year of service or $1500/month for 20 years of that same amount. Now what's YRC at these days? 25% of the 2010 rate? It could be $2.50/hr or $5000/year. In this example a YRC member would receive half of the amounts ciphered above.

I do believe that YRC is stuck at $1.75/hr contribution for the length of the MOU.
I was going to take a stab at explaining this cut, but you did it better than I could. It makes sense.

But I will add that it's a calculation that is put into our retirement fund, and it's being reduced. And any reduction will be painful.
More of that great leadership on display at the International level.:17113:
 

the5tolls

Wait till 2024....we'll show em!
OK, I'm thinking that this should read...

"Accrual rate for active Teamsters will be reduced from 1% of annual employer contribution to .75%." That would mean that they are lowering the multiplier from 1% to .75%. That would make sense.
So they do take the multiplier of .75 times the current contribution rate of 25 and that is how the end up with 18.75, which would make your pension go up like twenty dollars a year or something like that? If you work another five years your pension might go up a hundred bucks at that rate?
 

slavenomore

US Gov Hears Foreign Corps More Than Nonunions
AD FREE
http://investors.yrcw.com/secfiling.cfm?filingid=1193125-15-329162&CIK=716006, maybe the house of cards are about to start falling down and maybe Credit Suisse is done playing the $$$ numbers game with the yellow pig ???????????????????:1904:
Credit Suisse is done. They're going down. There are bank runs bring reported.
They have lost all of their profits for the last 10 years......not up on this high finance.....but I just heard some kind of report on them.
Guess who's been giving them 15% for that whole 10 years.
 

Razorblade

Well-Known Member
I was going to take a stab at explaining this cut, but you did it better than I could. It makes sense.

But I will add that it's a calculation that is put into our retirement fund, and it's being reduced. And any reduction will be painful.
More of that great leadership on display at the International level.:17113:
I will repeat myself.
Teamster unions at every level are big business. They are in the representation business. No different than any other business, their goal is to maintain a revenue flow. The unions will do whatever is necessary to keep people employed at Yellow for the sole purpose of keeping dues money flowing into the union treasury. They do not need your approval because you have no choice but to pay. Your only leverage is to stop supporting a union that does not support you. That is what Right to Work laws allow union members to do. 28 states have RTW laws, use them to tell your union that you demand respect.
 

ABF381

Well-Known Member
Staff member
Super Moderator
AD FREE
I will repeat myself.
Teamster unions at every level are big business. They are in the representation business. No different than any other business, their goal is to maintain a revenue flow. The unions will do whatever is necessary to keep people employed at Yellow for the sole purpose of keeping dues money flowing into the union treasury. They do not need your approval because you have no choice but to pay. Your only leverage is to stop supporting a union that does not support you. That is what Right to Work laws allow union members to do. 28 states have RTW laws, use them to tell your union that you demand respect.
Wow Blade you are all over that 7+ year old post! Also I thought that your point about funds is they aren't run by the Teamsters.... So what do right to work laws have to do with funds?
 
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