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Thread: Central states Pension Fund

  1. #21
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    Default Re: Central states Pension Fund

    Quote Originally Posted by crazy View Post
    Actually Hoffa and company didn't do one thing to help with the warn act.. It was only on the last day that they jumped on the bandwagon..
    I think you are partly mistaken. After our attorney did all the leg work McCall, the IBT attorney, stuck his nose into the WARN settlement part and included the smaller terminals along with the unpaid back pay and vacations. A close friend of mine was foolish enough to go back after the closing and work a couple of days delivering leftover freight. The pay for those days worked was deducted from his WARN settlement money

  2. #22
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    Default Re: Central states Pension Fund

    Quote Originally Posted by 2631 View Post
    Bean, you are wrong about Red Star Teamsters being orphans. My 27 years at Red Star are not orphan years. USF paid Local 560 it's owed withdrawal penalty. Neither are my 8 & 1/2 years from AFT in Local 478 orphan years. And so far my 6 years at ABF are all good time. So none of my 41 years are orphan time...........USF didn't make those withdrawal payments out of the goodness of it's heart. I believe USF had to pay Red Stars withdrawal in order for USF Holland to operate in Red Star's area. Oh and USF did make a smaller WARN payment to us than it should have due to a deal brokered by Hoffa & Co.
    When UPS paid the withdrawal penalty they were required to fund UPS teamster employees pensions. So I don't get how USF paid Local 560 it's owed withdrawal penalty changed anything.

  3. #23
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    Default Re: Central states Pension Fund

    Quote Originally Posted by 2631 View Post
    I think you are partly mistaken. After our attorney did all the leg work McCall, the IBT attorney, stuck his nose into the WARN settlement part and included the smaller terminals along with the unpaid back pay and vacations. A close friend of mine was foolish enough to go back after the closing and work a couple of days delivering leftover freight. The pay for those days worked was deducted from his WARN settlement money
    There was much miscommunication on this.. I sent you a PM to clarify.. I was there I know what went down.. To my knowledge ,at least out of my terminal,no one that worked those few days had any money deducted from there check..

  4. #24
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    Default Re: Central states Pension Fund

    Quote Originally Posted by bean View Post
    When UPS paid the withdrawal penalty they were required to fund UPS teamster employees pensions. So I don't get how USF paid Local 560 it's owed withdrawal penalty changed anything.
    Not sure I understand your post. Maybe withdrawal penalty is the wrong term. Maybe I should have put withdrawal liability. It's my understand that the withdrawal liability is the actuarially determined amount owed by the company to make it's employees pensions fully funded. I guess it takes into account how long the retirees will live and how much the fund must have on hand to pay them. We had close to 500 Teamsters in the 560 TENJ fund from the Newark NJ and Bayshore LI terminals. Don't quote me on the amount but I seem to remember USF paid something like $37 million. I would think that's the same as UPS's withdrawal from CSPF.................... I asked the question at a 560 meeting about 10 years ago and was told by the president that USF paid Red Star's withdrawal liability to the fund and we are not orphans.

  5. #25
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    Default Re: Central states Pension Fund

    Quote Originally Posted by crazy View Post
    There was much miscommunication on this.. I sent you a PM to clarify.. I was there I know what went down.. To my knowledge ,at least out of my terminal,no one that worked those few days had any money deducted from there check..
    My memory isn't what it use to be. I'm taking a new med for my peripheral neuropathy and I'm experiencing some confusion. But I'm pretty sure it happened. The explanation given was something about the payment for those extra days worked went against the number of days notice required by the WARN act.

    My friend still works for New Penn and is out on comp with a knee injury. He just had replacement surgery on Monday and is in a rehab. I just talked to him last night. I'll call him again tonight and ask him just to be sure my memory is correct on it.
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  6. #26
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    Default Re: Central states Pension Fund

    Quote Originally Posted by 2631 View Post
    It's my understand that the withdrawal liability is the actuarially determined amount owed by the company to make it's employees pensions fully funded. I guess it takes into account how long the retirees will live and how much the fund must have on hand to pay them. We had close to 500 Teamsters in the 560 TENJ fund from the Newark NJ and Bayshore LI terminals. Don't quote me on the amount but I seem to remember USF paid something like $37 million. I would think that's the same as UPS's withdrawal from CSPF.................... I asked the question at a 560 meeting about 10 years ago and was told by the president that USF paid Red Star's withdrawal liability to the fund and we are not orphans.
    This whole issue of the orphans only relates to the CSPF teamsters right now. The other Funds may never be faced with cuts hopefully. When UPS paid the withdrawal symptom fee or whatever they call it, it only made them good up to that point. Then UPS funded it from that point on. UPS saw this coming and did not want to pay contributions for non UPS teamsters..like YRC is pursuing now

    What I understand is YRC only wants to pay pensions for YRC family teamsters, no one else. I suppose the trustees and Hoffa are going with it as a last resort to at least salvage the last of the freight teamster. Other then that Fred wins

  7. #27
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    Default Re: Central states Pension Fund

    Quote Originally Posted by bean View Post
    This whole issue of the orphans only relates to the CSPF teamsters right now. The other Funds may never be faced with cuts hopefully.
    IMO unfortunately our cuts are coming. From what I've been told the other smaller red zone funds are waiting for the CSPF's plan to be approved before they try and enact their own. The difference being that if the smaller funds plans are voted down the Treasury Dept. can't overrule the no vote. So they will have to have all their ducks in a row before they bring the plan to the Feds.

    Quote Originally Posted by bean View Post
    When UPS paid the withdrawal symptom fee or whatever they call it, it only made them good up to that point. Then UPS funded it from that point on. UPS saw this coming and did not want to pay contributions for non UPS teamsters..like YRC is pursuing now
    Once again I'm not sure I understand your point. Again this is just my opinion. When UPS paid CSPF the billions to withdraw from the fund it was UPS's share to fully fund everyone including the so call orphans. In order for UPS to convince it's members to go along with the plan it agreed to make good on any future cuts that it's retirees might take if CSPF were to default. Or in the present situation since MPRA of 2014 repealed the ERISA cutback clause.

    Don't forget that it was the CSPF that UPS withdrew from. UPS still participates in other Teamster MEPFs
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  8. #28
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    Default Re: Central states Pension Fund

    Here is some encouraging news for what it's worth
    Standing before 300 active and retired Teamsters at a meeting of the Cincinnati Area Teamsters Retiree Club, Bill Lichtenwald – Central States Fund Trustee -- stated he would put a motion forward at the next Central States Trustees meeting to withdraw the Plan Reduction submitted to the Treasury Department and allow for another year before putting forward any new proposal.
    http://www.tdu.org/central_states_tr...nsion_cut_plan

  9. #29
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    Default Re: Central states Pension Fund

    Quote Originally Posted by 2631 View Post
    Here is some encouraging news for what it's worth

    http://www.tdu.org/central_states_tr...nsion_cut_plan
    I'll give u the answer to that now......MOTION DENIED!

  10. #30
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    Default Re: Central states Pension Fund

    Quote Originally Posted by 2631 View Post
    Here is some encouraging news for what it's worth

    http://www.tdu.org/central_states_tr...nsion_cut_plan
    Encouraging? Am I the only one who thinks the only reason this is even being considered by the Fund Trustee is because Hoffa has been on his knees begging them to shelve this proposal for a year to help his re election chances?
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