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Thread: Teamsters rank and file digging in against possible pension benefit cuts

  1. #1
    Taking A Stand!!!

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    Default Teamsters rank and file digging in against possible pension benefit cuts

    Teamsters retirees from the trucking industry currently enjoy some of the most generous pensions in America—up to $3,500 a month for 30 years of service from any unionized trucking company that contributed to multiemployer pension plans that once covered the industry like a warm fuzzy financial security blanket.

    But those pension plans, once thought to be the “Cadillac” of all retirement plans, are in deep financial trouble. And there doesn’t appear to be any bailout coming from Washington.
    Thomas G. Nyhan, administrator for the Central States plan, testified two years ago before the Senate committee on pensions that his plan is in “unprecedented financial crisis.” If no action is taken, Nyhan said his fund could be insolvent in the next 10-15 years.

    The largest trucking contributors to Central States are YRC Worldwide (parent of Yellow Freight and three regional truck lines) and ArcBest Corp. (parent of ABF Freight System). Both companies are recovering from financial losses. YRC has negotiated pension contribution cuts to Central States.

    Central States is among the 10 percent of participants in these multiemployer plans that the PBGC is projecting could be insolvent by 2020 or so. This would affect about 1.5 million multiemployer beneficiaries, many in the trucking industry.
    Teamsters rank and file digging in against possible pension benefit cuts - Article from Logistics Management

  2. #2
    Taking A Stand!!!

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    Default Re: Teamsters rank and file digging in against possible pension benefit cuts

    I have a question about this statement. I really am confused by this because Judy McReynolds is always talking about how ABF is buried under pension payments for "orphans", those that never even worked for ABF but for companies now out of business. Exactly how does the pension fund work? This one statement in the article confused me even more. Do they actually take money out of your pay to put in pension fund?
    Many Teamsters retirees such as Adams say they feel powerless since active participants, especially at the YRCW companies like YRC Freight and Holland have voted to take concessions on the pension contributions. Those workers currently only pay $70 a week into the pension fund, while ABF Freight is still paying the “full boat” pension contribution of $342 a week.

  3. #3
    I Am Rocking Now

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    Default Re: Teamsters rank and file digging in against possible pension benefit cuts

    In our case nothing is being paid into the pension fund,we all have Prudential IRA's,once asked our CEO if YRC went down the drain would someone purchase us?,his answer was no as they would assume our un-funded pension obligation making us unattractive financially,we are no longer the prize pig at the fair.,thankfully my 13 years in the Entertainment Biz has a separate fund,roughly $1340 month and close to six figures in an IAP,it's one of or the only Teamster plans completely separate from the IBT..

  4. #4
    I Am Rocking Now

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    Default Re: Teamsters rank and file digging in against possible pension benefit cuts

    Quote Originally Posted by ABFwife View Post
    I have a question about this statement. I really am confused by this because Judy McReynolds is always talking about how ABF is buried under pension payments for "orphans", those that never even worked for ABF but for companies now out of business. Exactly how does the pension fund work? This one statement in the article confused me even more. Do they actually take money out of your pay to put in pension fund?
    My understanding of the term pension "orphan" is one who's company went out of business without paying it's withdrawal liability. For example when Red Star shut down it paid it's pension liability to the local 560 pension fund. So I'm not considered an "orphan" so far. But if ABF were to shutdown without paying it's unfunded liabilities to the 560 fund then I would be approximately 1/7th of an "orphan" to the companies still contributing into the fund........Did I confuse the issue even more?

    No, we don't actually have pension money deducted from our pay checks. But over the years we have had X # of dollars per hour of negotiated raises put into our pension and welfare funds instead of into our pay checks...........But I can only speak for the NY NJ area supplement on this so I could be mistaken about how it worked in some other part of the country.
    ABFwife and 222lifer like this.

 

 

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