Yellow | Zollars on cnbc

It sounded to me like he was going to get help from the govt on the "orphan" pensions so he could pay the bills on his own pension obligations. Maybe PBGB, might not be a bad idea if they make the "orphans" whole. JMHO
 
Listen towards the last of this interview when zollars say "we were forced to take some from the wage side over to benifits side" seems to me the teamsters kept their overpriced H+W contributions off the table because thats their money so we are maling up the difference in our ten percent
IBT has been getting way to much for Insurance from union companies for 30 years if they gave the company back the money and let them buy group insurance for us WE would have better insurance and they would have money left over AND I AM TALKING ABOUT H+W NOT PENSION
 
I'm not sure when all the orphan rules came in. I'm sure some were from a few years ago. I can say that if the rules weren't in place when the pensions were accrued, lowering them a bit isn't unreasonable, since they've been appreciated for many years. I realize I'll take alot of flack from retirees, however equalizing the pension pain isn't unreasonable if done correctly.
 
Please go to google and check multi employer pension funds. This will give you the history of the funds and how "orphans" are created.
 
I'm not sure when all the orphan rules came in.
I never heard of any "orphan rules". Orphans, isn't that the term UPS started using when they were trying to get out of the MEPF's?

Everyone, except those of us in the union, is trying to blame the Teamsters for whatever problems there may be with the pension funds. There are plenty of different groups to share the blame. How about placing some blame on the companies since they appoint an equal number of trustees that sit on every pension fund board. How about the U.S. Congress since they wrote Taft Hartley, ERISA & the new PPA laws that mandate how a fund is to be run.
How about the bankruptcy courts that allow a company to renege on its pension obligations.

Orphans they call them. All of a sudden a man who worked for Maislin & Red Star for 40 years and retired in 1998 is now an orphan. He earned every dollar of that pension check.

I don't get it.
 
It sounded to me like he was going to get help from the govt on the "orphan" pensions so he could pay the bills on his own pension obligations. Maybe PBGB, might not be a bad idea if they make the "orphans" whole. JMHO

I never heard him say that the upper management should take blame for this mess!!!!Its always something or somebody else`s fault.:1036316054:
 
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