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  1. #1
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    Default IBT Proposes 14-month Pension Deal for YRC

    IBT Proposes 14-month Pension Deal for YRC



    June 18, 2009. The International Union is proposing that the national contract with YRC be

    amended to defer pension contributions for some 14 months, which would allow nearly $500 million in savings to the carrier.



    The outline of the plan was unveiled today by the Hoffa administration at a meeting of freight local union officers in Chicago.



    The plan calls for YRC to obtain additional funding in bank credit, to provide additional fresh operating cash for the company over the next year. In addition, the union proposal will include putting a restructuring consultant in place at YRC to help revive the struggling carrier. Many Teamster members feel CEO Bill Zollars has mismanaged the company.



    It is unlikely that any pension funds will grant members pension credit for time worked during the 14 months; Teamsters will have to hope to get those credits later, when the company regains its footing and pays up its deferred pension obligations for the period.







    IBT Proposes 14-month Pension Deal for YRC | Teamsters for a Democratic Union

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    Default Re: IBT Proposes 14-month Pension Deal for YRC

    IBT Proposes 14-month Pension Deal for YRC
    June 18, 2009. The International Union is proposing that the national contract with YRC be amended to defer pension contributions for some 14 months, which would allow nearly $500 million in savings to the carrier.

    The outline of the plan was unveiled today by the Hoffa administration at a meeting of freight local union officers in Chicago.

    The plan calls for YRC to obtain additional funding in bank credit, to provide additional fresh operating cash for the company over the next year. In addition, the union proposal will include putting a restructuring consultant in place at YRC to help revive the struggling carrier. Many Teamster members feel CEO Bill Zollars has mismanaged the company.

    The plan will have to be ironed out in bargaining between the International and YRC, and then voted on by the members. The Teamster pension funds have agreed to the general plan.

    It is unlikely that any pension funds will grant members pension credit for time worked during the 14 months; Teamsters will have to hope to get those credits later, when the company regains its footing and pays up its deferred pension obligations for the period.

    The plan would give YRC a $7 per hour deferral, which will rise to approximately $7.65 on August 1 when the next pension contribution increase comes due in the national freight contract. Coupled with the $2.30 wage cut given earlier, it would give YRC a $10 per hour reduction in labor costs.

    The deal would not automatically extend to YRC’s Reddaway Teamsters on the west coast, who are not in the NMFA; negotiations with Reddaway are on-going.

    Meanwhile, YRC has reached agreement with the Central States Pension Fund to accept real estate as collateral for second-quarter (April–June) pension payments. The 14 month deferral would run after that period
    Entire article.
    IBT Proposes 14-month Pension Deal for YRC | Teamsters for a Democratic Union

  3. #3
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    Default Re: IBT Proposes 14-month Pension Deal for YRC


    It is unlikely that any pension funds will grant members pension credit for time worked during the 14 months; Teamsters will have to hope to get those credits later, when the company regains its footing and pays up its deferred pension obligations for the period.
    All my life, whenever it comes time to make a hard decision, I let my wife make it and forget about it
    Last edited by graboltski; 06-18-2009 at 06:30 PM.

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    Default Re: IBT Proposes 14-month Pension Deal for YRC

    Quote Originally Posted by graboltski View Post
    All my life, whenever it comes time to make a hard decision, I let my wife make it and forget about it
    my wife pushed me to retirement, my last day was april 30th, first retirement check on may 1st. 26 years in the teamsters, 80 and out. i am making just shy of a regular 40hr work week for net pay. so i have to agree, let the little lady roll the dice. best, (and luckiest) move i have ever made. now all i do is respool fishing reels, and roll it and smoke it.

  5. #5
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    Default Re: IBT Proposes 14-month Pension Deal for YRC

    Now let's see if the pension plans will let the members make self contributions for these 14 months. This is the only way to make things right. Then if YRC makes whole on their deferments you could get your money back. Maybe if the pension fund did not give it to the stock market.

  6. #6
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    Default Re: IBT Proposes 14-month Pension Deal for YRC

    You cannot make self payments to a multi EMPLOYER Pension fund. First your not an employer and secondly you have not setup an agreement with the trust to follow their rules. This is a deferral and from what I know, as long as the company doesn't go belly up, the company will be required by law to restore deferred pension contributions. So if the company survives you get what you worked for, just delayed a bit.

  7. #7
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    Default Re: IBT Proposes 14-month Pension Deal for YRC

    Quote Originally Posted by lavebear View Post
    my wife pushed me to retirement, my last day was april 30th, first retirement check on may 1st. 26 years in the teamsters, 80 and out. i am making just shy of a regular 40hr work week for net pay. so i have to agree, let the little lady roll the dice. best, (and luckiest) move i have ever made. now all i do is respool fishing reels, and roll it and smoke it.

    "There is a mysterious cycle in human events. To some generations much is given. Of other generations much is expected. This generation of Americans has a rendezvous with destiny." -- FDR (Democratic National Convention 1936)

    Much was given to you, sir. Best of luck. You went to work everyday, did your job, got a good day's pay, and now enjoy a retirement with dignity.

    I am not a part of that generation. My generation's retirement (those of us that still have any defined pensions left at all) will almost certainly be taken over by the Pension Benefit Guaranty Corporation ran by the Feds. We will get a pintence of what we were promised. If anything at all.

    I hope you are not part of that generation that sacrificed nothing to get what you got, lived off the fat of the sacrifices that working people of a generatoin before you made on the strike lines and in funeral parlors, and than turned around and helped conservatives deny it to those workers caming after you.

    I hope you are not one of those union members who voted for non-union conservative politicians. I hope you are not one of those union members that refused to have any of your dues go to lobbyists in D.C. who were lobbying for union workers and their retirements.

    Enjoy your retirement.

  8. #8
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    Default Re: IBT Proposes 14-month Pension Deal for YRC

    Good post Slim. We need more Brothers like you. I'm not suggesting that Lavebear isn't a good Brother too but I can tell that you are.

  9. #9
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    Default Re: IBT Proposes 14-month Pension Deal for YRC

    well if we give in it will be health and welfare benifts next !!! It will be a never ending give take take, just say no!! no!!

  10. #10
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    Default Re: IBT Proposes 14-month Pension Deal for YRC

    31 Pension Funds are willing to take the chance, collectively working together...........

    2 -Man meeting in Chicago attended by your General President, General Secretary Treasurer, IBT Division Directors, Local Union Leaders and Agents working for the membership.............

    10 to 14 months of a deferred pension................

    32,000 Brothers and Sisters quality of life will be decided with your single vote, collectively paving the path for the future of the second largest International Brotherhood of Teamsters employer.................and most importantly, those 32,000 Brothers and Sisters.

 

 
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