Central PA Pension change?

[phinsfan]

Haven't been here for awhile. Not sure how long I'll stay. Who knows what's going on with the CenPA Pension letter of 1/19? Says they are seeking IRS clarification under Section 401 of the IRS code. Doesn't give any details other than we are encouraged to submit comments to IRS ourselves if we choose so. I'm taking it that they are trying to convert our pension to a 401k so we can go forward contributing to it ourselves, thereby allowing YRC to skate come the end of the year. Called Steward and haven't heard back from him. here is link to notice.. http://www.centralpateamsters.com/pd...iesRIP1987.pdf

[2631]

I received the same type of letter today from Teamsters Local 560 Benefit Funds. I'm not sure what it means. I would guess that it is some kind of yearly requirement.

I doubt that they are trying to convert our pension fund into a 401K. # 9 reads that the IRS has previously issued a determination letter with respect to the qualification of this plan.

[crazy]

I got one too from local 445 not a clue what it meant

[teamster429]

Originally Posted by 2631

I received the same type of letter today from Teamsters Local 560 Benefit Funds. I'm not sure what it means. I would guess that it is some kind of yearly requirement.

I doubt that they are trying to convert our pension fund into a 401K. # 9 reads that the IRS has previously issued a determination letter with respect to the qualification of this plan.

search irs code 401. it comes up as code 401 k. and talks about profit sharing and 401k.

[Teamster]

Originally Posted by phinsfan

Haven't been here for awhile. Not sure how long I'll stay.

Let the past be in the past, and lets move forward.

[Diggin]

Originally Posted by phinsfan

Haven't been here for awhile. Not sure how long I'll stay. Who knows what's going on with the CenPA Pension letter of 1/19? Says they are seeking IRS clarification under Section 401 of the IRS code. Doesn't give any details other than we are encouraged to submit comments to IRS ourselves if we choose so. I'm taking it that they are trying to convert our pension to a 401k so we can go forward contributing to it ourselves, thereby allowing YRC to skate come the end of the year. Called Steward and haven't heard back from him. here is link to notice.. http://www.centralpateamsters.com/pd...iesRIP1987.pdf

Was wondering the same thing about what it said. If you go to the IRS site and search for SEction 401 and read the references you may get some idea as to what it might mean.
The way I understand it as it seems they are asking for the IRS to determine whether the Pension fund meets the requirements to qualify as it is or whether or not it falls short. Since YRC no longer contributes it maybe that the pension fund may longer qualify.
If I'm correct about this...I would expect some drastic change.
It's anyone's guess......