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Keep your eyes and ears open, I'd expect a leak of some sort right away but I'd also expect it to be vague.Isn't the big Central States meeting today? Think we will here anything about it right away?
Keep your eyes and ears open, I'd expect a leak of some sort right away but I'd also expect it to be vague.Isn't the big Central States meeting today? Think we will here anything about it right away?
Got email to day average cut 22.6 orphanes get it first with the biggest cuts letters mailed to dayKeep your eyes and ears open, I'd expect a leak of some sort right away but I'd also expect it to be vague.
Can you explain this part? I find this one hard to comprehend.Accrual rate for active Teamsters will be reduced for 1% of annual employer contribution to .75%.
Can you explain this part? I find this one hard to comprehend.
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.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?
OK, I'm thinking that this should read...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?
"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.Accrual rate for active Teamsters will be reduced for 1% of annual employer contribution to .75%.
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 fundIf 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?
I don't care who you are, that's hilarious!Just for the equipment, you know to compliment their already fine fleet!
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!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.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.
why would that be?I'm public enemy #1 over there already.
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?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.
My calculations show that at a multiplier of .75 YRC pensions will accrue at $26/year. Five years will get you $130/month.If you work another five years your pension might go up a hundred bucks at that rate?
26 WOW I thought it would only be 20....I have to go call my broker!My calculations show that at a multiplier of .75 YRC pensions will accrue at $26/year. Five years will get you $130/month.
Credit Suisse is done. They're going down. There are bank runs bring reported.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 ???????????????????
I will repeat myself.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.
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?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.