YRCW Cuts Salami; ABF Wants a Piece - Page 3

darrelljr · 08-22-2009

Quote:

Originally Posted by 2631

Here we go again with this B/S issue of the so called "orphans", what "orphans"? Just who are these "orphans"? Is ABF now considering every retiree from Yellow, Roadway, Holland & New Penn an "orphan" because YRCW has not paid into their pension funds since Feb. or March?

I still say the issue of the "orphans" is just a smokescreen. If there was a way, God forbid, for the company to eliminate the "orphans" from the MEPFs does anyone think that everything would be great? Does anyone think that YRCW and ABF willl happily continue to pay into those funds or will they still try and get control of the pensions without paying the withdrawal liability?

Great post 2631, you hit the nail square on the head.
Daddy Bill's smoke screen argument makes as about much sense as blaming him should something happen to our retirement fund.
If there is an orphan in this story, it would be the payerwho's missing in action.
Nice try Billy Boy- try again.

widowmaker · 08-23-2009

I hope all will not take this the wrong way, but this problem has been brought upon us by our own greed. For the last 15-20 years, most COO's brought people from outside CS into our region for work. However, the pension payments went to their original regions pension funds. Our locals were more than happy to take the employees and their dues money, but were too shortsighted to see that there was no money going into CS pension plan. Every time this was brought up at our local meetings, we were told we were alarmists and that we had the best financial planners in the industry taking all the proper investment strategies into account and CS had nothing but our best interests at heart. Wish I had a solution that was painless, but I don't see a way out of this mess without everyone taking a really cold shower. To borrow a quote from Dennis Leary, "Life sucks, Wear a Helmet".

stldude44 · 08-23-2009

Widowmaker,
It's also true that when a Central Conference Teamster moves to a region that is covered by a pension plan other than Central States their contributions keep going to Central States. The reason for that is a lot of times a guy would move 2 or 3 times and he might get 30 years in but between 13 years here, 10 years there and 7 years somewhere else his 3 pensions wouldn't add up to as much as one if he had stayed put.

ST JAY · 08-23-2009

When I relocated from New England to Florida, I had to freeze my New England pension and start all over again in Florida. It would have been into the Central States but UPS bought out of it. The different regions of the country have different contributions, payouts ,ect. So if you leave a pension fund area you have your pension frozen, if you are vested, and start all over again in your new area.

stldude44 · 08-23-2009

Quote:

Originally Posted by ST JAY

When I relocated from New England to Florida, I had to freeze my New England pension and start all over again in Florida. It would have been into the Central States but UPS bought out of it. The different regions of the country have different contributions, payouts ,ect. So if you leave a pension fund area you have your pension frozen, if you are vested, and start all over again in your new area.

SJ,
The UPSF Master is probably different in that respect. NMFA stays in whatever you are in and that started in 1994 I think.

ST JAY · 08-23-2009

I relocated in 1999. I had 16 years in the New England Teamster Pension Fund. I had to freeze that. The 16 years was all under the NMFA, St Johnsbury, and Red Star. If I had gotten into the Central States at that time, it was like I was starting all over again. I still have my New England pension,
But here in Florida I start a new one all over again. I asked lots of questions before I left, but thats the way it is.

stldude44 · 08-23-2009

SJ,
I'm talking about if you move in a Change of Operations. Damn, now I'm confused....maybe it's only your health plan you stay with. It's hell to get old!

ST JAY · 08-23-2009

Dude lots of things are confusing now a days, big business does it that way on purpose. Even if I worked for Yellow, Roadway, or ABF. When you change regions its like you are starting all over again. You still keep your pension from your other region, but everything else starts a new.