UPS still pays into the 710 fund it's overfunded from the recent hundreds of UPS team drivers' contributions and completely controls the Local Members First is really Members Last!
Yellow | Yellow Non Union Pension Fund declares insolvent Stops payments May 2024
- Thread starter The Reel Deal
- Start date
Former CEO James Welch's pension more than $7,107.95
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The Premium paid to PBGC for a single employer Pension is higher that that for a MEP. The Single employer Pension will pretty much cover ALL of those that are in it. The MEP Premiums, if paid out would only pay 30% of the monthly check, so don't cry and be concerned for the non-union Yellow Pensions, they be doing just fine!
Because of the 75% reduction in the amount of the contribution rate that was in effect after 2009. And continued through 2018, when I retired. I had 21 years paid in BEFORE Yellow started their relentless quest to destroy the union, and our pension. Then 9 years of pension contributions at 25%, among many other benefits (wages, vacation and the formula for calculating vacation pay) that diminished the terms and conditions of the NMFA. At the time I went to work for Roadway, the expectation was that the contribution rate would yield a retirement benefit of $100 per month for every year paid in. $100 X 30 years = $3,000. However, the reduction of 75% resulted in my final 9 years NOT being calculated using that formula. I also want to address the fantasy that at the reduced rate, 4 years had to be worked to get 1 year of service. A year has always been a year, it was the accrual of the amount of the monthly benefit. Basically, $25 per month rather than $100.
I will also add that the primary reason that Local 710 has a surplus is because the UPS 710 Teamsters told UPS to go pound sand, EVERY time they proposed that they enter the UPS pension fund. UPS has continued to be contributing employer and remain so. Unlike most of the rest of the country, including CSPF. Whose participating locals voted to leave their MEPFs and go to the UPS retirement plan, the International did not unilaterally impose that. Just the same as Roadway/Yellow Teamsters voted to accept the concessions.
That reduction in contribution rate resulted in my monthly benefit being reduced. The 6 years I've been retired cost me, ($500 per month times 72 months) is $36,000. Never mind the concessions over my final 9 years in wages and vacation.
I have nothing but empathy for ANYONE whose life was destroyed by the behavior of Yellow senior management. 14 years (2009-2023) and never turned a profit, and in fact owed more money than when they WAY OVERPAID for Roadway Corporation. Enough was FINALLY enough.
I have nothing but empathy for ANYONE whose life was destroyed by the behavior of Yellow senior management. 14 years (2009-2023) and never turned a profit, and in fact owed more money than when they WAY OVERPAID for Roadway Corporation. Enough was FINALLY enough.
Real Teamster
TB Veteran
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AL, you pretty much said it all. I had 29 years in the Western when they defaulted in 2009, so I'm OK and collecting that pension today. What has transpired here is disgusting and should be criminal. We hope that when this all shakes out that the responsible people do indeed go to prison just like Joe Nacchio, the former CEO of our telephone company.
It is a single employer plan and is subject to different rules, the plan has over $300m in assets but is stating they cannot meet all the liabilities so they are terminating the plan under a "distress termination" rule, the same as CF did when they folded. Got my letter today.
Real Teamster
TB Veteran
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Since they've screwed you, I sure hope they kissed you first but my guess is that you didn't even get a Bronx cheer.
2008
Since I am under the PBGC max I should be good and the PBGC also honors survivor benefits for my wife according to the email I got yesterday.
Roadway pension was merged with the Yellow pension a few years back. The fund which covers both companies will cease distributions 5/1/24.
Are they really getting screwed?
Let's say they both started working for this employer at 25 years old and live to be 75 years old.
Young guy contributed for 25 years and collects for 25. Older guy contributed for 40 years and collects for 10.
The most recent information is that until the PBGC assumes control we will continue to get our checks as the the fund has over $300m in assets. The communication also stated that it would take several months for the PBGC to make the transition.
My check comes as Roadway LLC.
I talked to PBGC today. Yellow is going to send them all of our information so they can take over payments. We will receive a letter from PBGC to verify our contact and banking info and they will probably tell us when they will start payments. All we need to do is verify the info and send it in. There should be no interruption of service when the transfer is done. Don't know for sure if it will take place on 5/1/24 or sometime later. The amount paid should be the same as with Yellow but no more than $7107.25. He said mine should be the same amount as before. As for now, just wait for the PBGC letter to arrive.
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Same with a Union pension.
Puff Driver
TB Veteran
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Agree same with a union controlled pension.
I cannot trust anyone with my future.
If you had, you could be living a lavish style like myself.
My banker called and asked me to stop making deposits until they could build a larger vault.
