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  1. #1
    Having Fun Now

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    Default The Hidden Pension Threat

    This is an older article, but I found it interesting reading.



    John Moore is fighting to keep his company afloat. People no longer want to buy the gas-guzzlers sitting on his auto lot in Los Gatos, Calif., an upscale town that's home to several Silicon Valley pioneers. His sole supplier, General Motors (GM), is begging the government for aid. With sales down 35% over the past 12 months, the 59-year-old Moore, who as a teenager worked at the family-owned dealership, wonders if there will be a business to pass on to his son, Bret. Already, the recession has claimed 115 dealerships in the state, roughly 1 in 10.

    But Moore's most pressing problem might be one that's hidden from plain sight: his employee pension plan. Moore's dealership is among the 300 or so companies that participate in the Automotive Industries Pension Fund, a so-called multi-employer plan that covers 27,000
    The Hidden Pension Threat - BusinessWeek

  2. #2
    Getting In The Groove Now.

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    Default Re: The Hidden Pension Threat

    Yes, I think a lot of employee's can read the writing on the wall. Gotta pension? kiss it goodbye!

  3. #3
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    Default Re: The Hidden Pension Threat

    Not all, western conference knew how to do it right.

  4. #4
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    Default Re: The Hidden Pension Threat

    I believe the New England Fund is pretty strong.

  5. #5
    out way out

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    Default Re: The Hidden Pension Threat

    These funds are doing good( western,New England) unless YRC folds.

  6. #6
    I Am Rocking Now

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    Default Re: The Hidden Pension Threat

    "The multi-employer plan is a great model as long as all of the companies stay alive and grow," says William D. Zollars, CEO of trucking giant YRC Worldwide, which participates in such plans. "But the way the current plans are structured, you not only pay for your employees but all the orphans whose employers have gone out of business."

    I have a couple of questions for Mr Zollars.
    1-If the so called "orphans" are such a problem for the MEPFs then why did he take on more unfunded pension liabilities by his company's buying of Roadway/New Penn & USF Holland?
    2-How many billions did his and all the other companies save by using the loophole in the pension law that allowed them to underfund the MEPFs?

  7. #7
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    Default Re: The Hidden Pension Threat

    Why do you call them orphans? I've got 18 years with other CSPF companys as well as 6 with YRC. That money was paid in for me by my employer while they were in business. Do you think all those years of pension payments should go to someone else or to pay for Zollars **** ups?

  8. #8
    I Am Rocking Now

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    Default Re: The Hidden Pension Threat

    Quote Originally Posted by loa24y View Post
    Why do you call them orphans? I've got 18 years with other CSPF companys as well as 6 with YRC. That money was paid in for me by my employer while they were in business. Do you think all those years of pension payments should go to someone else or to pay for Zollars **** ups?
    Read my post again, I'm not calling them orphans,
    Quote Originally Posted by 2631 View Post
    If the so called "orphans" are such a problem ?
    Hell if they go by that logic then I've got 35 years that they would consider as being orphaned. Thats why I posted it as so called "orphans"

  9. #9
    It's 5 PM somewhere!

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    Default Re: The Hidden Pension Threat

    Quote Originally Posted by 2631 View Post
    "The multi-employer plan is a great model as long as all of the companies stay alive and grow," says William D. Zollars, CEO of trucking giant YRC Worldwide, which participates in such plans. "But the way the current plans are structured, you not only pay for your employees but all the orphans whose employers have gone out of business."

    I have a couple of questions for Mr Zollars.
    1-If the so called "orphans" are such a problem for the MEPFs then why did he take on more unfunded pension liabilities by his company's buying of Roadway/New Penn & USF Holland?
    2-How many billions did his and all the other companies save by using the loophole in the pension law that allowed them to underfund the MEPFs?
    Question 3-How much freight and revenue did yrc gain over the years, by their competition going out of business?
    No complaints from yrc then about the 'orphans'.

 

 

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