ABF | Trucking/transportation Prices As Of Friday 10/23

[canaryinthemine]

I don't think it will be a unilateral withdrawal but a contractual payment withdrawal. Think YRC,; did YRC not contractually withhold pension payments for over 5 years? Then return to pay only 25% of the original contractual payment? This is just my educated guess.

Yes, .......that could work.....if it hadn’t been tried already with disastrous results.....
And if the rank-and-file vote and approve it.

You could possibly sell it to the employees,......if there were no prior examples(YRC...).

But I think approval of pension payment cuts would go over like the proverbial lead balloon. I think the rank-and-file would approve another pay cut first, before a pension cut that only favors corporate bottom line.

The company would have to make the case they were destitute,.......on their last legs.......ready for bankruptcy.........shedding corporate jobs like deer ticks........selling property and equipment.......

And I still don’t think guys would vote on a pension reduction plan.....especially after the YRC example....where upper management barely contained their amused disdain after they bullied their employees to vote for a pension cut.

Several contracts ago,...I had this conversation with an upper management guy, who was crying volimuous crocodile tears over the “terrible cost” of the pension,.....and how much better off I’d be with a defined-contribution 401(k)........and that the company “might have to close....”

I said: “ Close it......I’ve got a CDL,.....If I can’t find another MEPF contributor,.......I’ll be working long before he will be, as truck drivers are in much higher demand than company flacks......”

Strangely,.......he acted offended.........

 

[vongrimmenstein]

Yes, .......that could work.....if it hadn’t been tried already with disastrous results.....
And if the rank-and-file vote and approve it.

You could possibly sell it to the employees,......if there were no prior examples(YRC...).

But I think approval of pension payment cuts would go over like the proverbial lead balloon. I think the rank-and-file would approve another pay cut first, before a pension cut that only favors corporate bottom line.

The company would have to make the case they were destitute,.......on their last legs.......ready for bankruptcy.........shedding corporate jobs like deer ticks........selling property and equipment.......

And I still don’t think guys would vote on a pension reduction plan.....especially after the YRC example....where upper management barely contained their amused disdain after they bullied their employees to vote for a pension cut.

Several contracts ago,...I had this conversation with an upper management guy, who was crying volimuous crocodile tears over the “terrible cost” of the pension,.....and how much better off I’d be with a defined-contribution 401(k)........and that the company “might have to close....”

I said: “ Close it......I’ve got a CDL,.....If I can’t find another MEPF contributor,.......I’ll be working long before he will be, as truck drivers are in much higher demand than company flacks......”

Strangely,.......he acted offended.........

I was under the impression that any pension fund in a bankruptcy was an automatic discharge. If the company filing the bankruptcy has a current pension obligation, it is always discharged by the court. Is this correct? von.

 

[Homesick]

Yes, .......that could work.....if it hadn’t been tried already with disastrous results.....
And if the rank-and-file vote and approve it.

You could possibly sell it to the employees,......if there were no prior examples(YRC...).

But I think approval of pension payment cuts would go over like the proverbial lead balloon. I think the rank-and-file would approve another pay cut first, before a pension cut that only favors corporate bottom line.

The company would have to make the case they were destitute,.......on their last legs.......ready for bankruptcy.........shedding corporate jobs like deer ticks........selling property and equipment.......

And I still don’t think guys would vote on a pension reduction plan.....especially after the YRC example....where upper management barely contained their amused disdain after they bullied their employees to vote for a pension cut.

Several contracts ago,...I had this conversation with an upper management guy, who was crying volimuous crocodile tears over the “terrible cost” of the pension,.....and how much better off I’d be with a defined-contribution 401(k)........and that the company “might have to close....”

I said: “ Close it......I’ve got a CDL,.....If I can’t find another MEPF contributor,.......I’ll be working long before he will be, as truck drivers are in much higher demand than company flacks......”

Strangely,.......he acted offended.........

I'm just curious, what do you see happening to the CSPF if it goes bankrupt and all the contributing companies continue to pay into it for the following 20 years?

 

[Puff Driver]

Bubba, still having lunch with Judy and Tim in the executive break room? I know that you work @ The Fort...I guess you are in the accounting department? Sounds like it...

Childish comments aside, he is 100% correct.
ABF is paying pension $$$ for their employees who will never receive any of the funds.
Yet no one seems to care.

 

[vongrimmenstein]

Childish comments aside, he is 100% correct.
ABF is paying pension $$$ for their employees who will never receive any of the funds.
Yet no one seems to care.

Care has nothing to do with it. Federal Law & CBC's control, to pay or not to pay. von.