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  1. #1
    Getting In The Groove Now.

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    Default What happens to our retirement if YRC goes down

    The Questions:

    1) If YRC closes or does not return to Central States Pension Plan, what happens to our pension payout?


    2) If you are already drawing at full benefit, will you continue or be reduced?

    3) Under the new program, at age 65 you can work for non union employers and still draw your pension if it is still there, but then they throw in the line that you cannot be working for a non union employer for 12 months before. So if I am working for a non union employer and I turn 65 and decide to draw my pension, does that mean I have to quit for 12 months??

    I do not wish opinions, I would like to know the correct answers. I have heard it will continue, that it will be taken over by government insurance so we will end up with about 1/3 of what we should get.

    I appreciate all the answers.

  2. #2
    Having Fun Now

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    Default Re: What happens to our retirement if YRC goes down

    Call Central States and ask. Then make sure you come back and let us all know.
    Last edited by pj2004; 08-30-2009 at 08:56 AM.

  3. #3
    Getting In The Groove Now.

    Join Date
    Dec 2008
    Local Union
    600
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    CF
    Location
    East Central Mo
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    Default Re: What happens to our retirement if YRC goes down

    On 8-17, I sent a email to Central States and asked about the same question . I also was concerned about UPS and YRC . I was wondering about the people that are already recieving their pension and what would happen to them. I got a email from J.A. Richter 0n 8-19 stating that the pension fund is find and what I'm receiving , I'll receive for the rest of my life. Hopefully this will shed some light on your questions , but still If I were you I would send them an email and ask just for my own piece of mind. Take Care

  4. #4
    Getting In The Groove Now.

    Join Date
    Nov 2007
    Local Union
    71
    Employer
    YRC, INC
    Location
    Davidson, NC
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    19
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    Default Re: What happens to our retirement if YRC goes down

    As we understand things there are several other companies that contribute to Central States so you should continue to draw what is due you at time of retirement. Should the Government Guarantee Corporation take over the fund they say there is not a immediate drop to 30% of what you were drawing. They say they do all they can to keep everybody at their current levels. Those that have not retired will see greatest drop in what they draw. The drop in what you draw depends on a lot of different things including how much is still being contributed to the fund by others. It is known as "The Pension Guaranty Corporation" (PBGC). The web site is "www.pbgc.gov" there you will find all kinds of information including a toll free number. They actually have someone there to answer your questions. But apparently this may not be in the near future or may be as far down the line as 2 to 3 years after one of the companies folds. No need to panic but planning is suggested. I was told by Social Security that at age 66 I could make all I want, I am currently 62. Hope this helps a little to answer some of your questions.

 

 

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