[quote author=ScifiFri link=topic=79432.msg823480#msg823480 date=1271864093]
I dunno, I think it's pointless to worry about what the execs make... suffice it to say they make significantly less than their counterparts at other companies, and I think I can respect that. Look at the salaries of execs at YRCW or pretty much any other billion dollar company in the world.
I was reading the details of "The Plan"... if you can get over the conspiracy theories that say that ABF will do whatever it can to avoid a sub-100 OR, it's not a bad plan. Any profits would be given back to the employees as part of the "Earnings Plus Plan" portion of the "The Plan"... other snap-backs related to a sub-98.5 OR... I just think it's not intelligent to think that they'd manipulate the OR to avoid these things as executive bonuses are by-and-large determined by the OR (as or pretty much every employee bonus given to the Go employees). 98.5 is NOT within the paying bonus range. The companies purpose is to profit, it's the only way people make more than their base salary (again, other than top execs, of which there are few, I'm thinking about the masses in general).
Like the guy above, I'm not trying to pick a fight... but I have to say ABF didn't get us in this boat. The boat was created by all the other carriers who lowered wages (union and non-union) to get an advantage. It's not realistic to expect a trucking company with significantly higher salary expense (it was already higher, not it's WAY higher) to compete IN THIS MARKET. Big losses in 09 would maybe be smaller losses in 10... but it'll still be losses, they just have to discount too much to keep business. The market basically just lowered the base-pay level for the trucking industry. Any company that refuses to try to conform will die out.
Hopefully the government will do something about the pension issue and if so, we'd quickly swing to a good profit and the "Earnings Plus Plan" would start paying out , or the snap-back would hit if it's enough to get below 98.5 OR.
No, I'm not management, and YES, I'm affected by all of this just like you are (up to this point, more so). There could be worse plans and yes it sucks to give anything up that you've earned, but I'd rather do it now and get it back later than wait till we're on the brink of failing to "negotiate" about it then.
People never cease to amaze me. I guess that's why there are so many scam artists out there that make a good living.
Let's see you try to make this out to be a great thing for us:
In the event the Employer’s publicly disclosed operating ratio is below 97.00 for any calendar year during the life of this Plan, or, alternatively, in the event the Employer’s EBITDA exceeds $99.5 million for any calendar year during the life of this Plan, the wage reduction in effect on April 1 of the following year will be reduced by 5% on that date.
By the way...you sure sound like management!