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  1. #1
    Imitated never duplicated

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    Default Western Pension fund

    Just ran into this, rumor or not

    From: Chuck M.
    Date: May 2, 2011 131 PM PDT

    Subject: YRC Update

    Last week was interesting and challenging as we sought to reach agreement with YRC on their ongoing pension delinquency.

    On Friday morning, the Western Conference of Teamsters Pension Fund did reach agreement with the company and signed Amendment No. 10 to the Contribution Deferral Agreement. Essentially, this means the Western Conference Trust will join other Teamster Plans around the Country and give the company until March, 2015, to pay its' 2009 pension delinquency. This delinquency covers the three month period immediately before the Trustees were forced to end YRC's participation in the Trust.

    During the discussions last week, YRC was also advised that Plan rules do not allow the parties to a collective bargaining agreement to reduce the pension amount negotiated in said agreement from a rate paid at an earlier time.

    After being made aware of the Plan's position on re-entry at a lower contribution rate, we were told YRC and the Teamsters National Freight Industry Negotiating Committee reached agreement to direct any money negotiated for pension beginning in June, 2011 to the IBT's National 401k.

    What this means is YRC will not re-enter the Plan at a lower contribution rate. They will, instead, make any pension contributions to the International Union's 401k.

    If there are any questions, please don't hesitate to give me a call.
    Last edited by x475; 05-04-2011 at 04:35 PM. Reason: removed last name

  2. #2
    I Am Rocking Now

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    Default Re: Memo Re: Ongoing YRC Pension Delinquency

    It appears that we are drifting even deeper into uncharted waters. My first thought is that the working YRC Teamsters will at least get something out of the IRA contributions. But now what does the Western fund do?

  3. #3
    Imitated never duplicated

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    Default Western Pension Fund



    Western Conference Says No YRC Pension | Teamsters for a Democratic Union

    "Western Conference Says No YRC Pension
    May 4, 2011: The Western Conference of Teamsters Pension Fund has made it official: YRC Teamsters are no longer participants in a pension plan.

    Instead, they will get approximately $1.75 per hour put into a 401(k) plan, effective June 1."
    Last edited by Trucker Wife; 05-04-2011 at 04:56 PM.

  4. #4
    "Just the facts, ma'am"

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    Default Re: Western Pension fund

    Quote Originally Posted by Trucker Wife View Post
    Just ran into this, rumor or not



    Next time you see Chuck ask him why the Western Pension Trustees did not bother to tell TNFINC that the Plan rules don't allow accepting a lower rate before this sh*t sandwich was voted on by the members. I find this "intersting and challenging" to accept. This has caused me to lose respect for a number of Teamster leaders. I suspect one of the reasons that the WPT went from being 89.3% funded in Jan 2010, to 93.4% funded in Jan 2011 is because members without a 25 year lock will never be able to retire at 100%. For me the penalty is about 27%. Figure out what 27% of my annual pension is time the number of years I will survive after I retire times the number of members who were similiarly screwed and you will know how much money it saved the WPT to refuse us re-entry into the plan.

  5. #5
    Getting In The Groove Now.

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    Default Re: Western Pension fund

    Four days since the letter from Chuck M was sent out to the locals involved. Still no mention of this new development on the IBT web site. I am feeling that the employees of YRCW that have been dues paying members are owed something here. You have been hung out to dry and now pissed on to wet you down again.
    No wonder the IBT can not organize any freight companys !!

  6. #6
    Getting In The Groove Now.

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    Default Re: Western Pension fund

    So after 18 years paying dues and contributions made on my behalf the trust and the negotiation committee have a difference on what was negotiated I get a 401K program in my fifty's and the management gets bonus's in the six zero range I am ashamed to say where I work!

  7. #7
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    Default Re: Western Pension fund

    The Funds rely on stock market returns and employer contributions to pay the big pensions. The last thing they have in mind is to screw anybody. One would have to be a pension lawyer to really explain the legality of why they're going to a 401K whatever. CSPF and NE Fund have no problem with partial payments..as far as I know but who knows? It's not a total loss because your vested with 18 or 20 years and will start collecting at age 64.


    and maybe cash in on the 401K too

  8. #8
    I Am Rocking Now

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    Default Re: Western Pension fund

    Quote Originally Posted by bean View Post
    . and maybe cash in on the 401K too
    I'm sorry to post this but I have a bad feeling on that. Doesn't it say that the money will be put into an escrow account for the fund? It seems that so far everything in the MOUs have only been of benefit to YRC. I wouldn't be surprised to find out that the escrow money ends up paying down a part of YRC's unfunded liabilities.

  9. #9
    I Am Rocking Now

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    Default Re: Western Pension fund

    Quote Originally Posted by old&crunchy View Post
    Next time you see Chuck ask him why the Western Pension Trustees did not bother to tell TNFINC that the Plan rules don't allow accepting a lower rate before this sh*t sandwich was voted on by the members. I find this "intersting and challenging" to accept. This has caused me to lose respect for a number of Teamster leaders.
    While I understand how much this affects the older guys too, know that the WCPF told the Teamsters sometime in 09 about the time hosejob #2 was coming around, that reduced contributions would not be accepted. This is because every other employer in the fund would also come crying for a reduced rate, which would have killed payouts even more.
    So I think its fair to say that the IBT didn't pass this tasty morsel on.

  10. #10
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    Default Re: Western Pension fund

    Quote Originally Posted by Pullin3 View Post
    While I understand how much this affects the older guys too, know that the WCPF told the Teamsters sometime in 09 about the time hosejob #2 was coming around, that reduced contributions would not be accepted. This is because every other employer in the fund would also come crying for a reduced rate, which would have killed payouts even more.
    So I think its fair to say that the IBT didn't pass this tasty morsel on.
    You may have a point there. That every other employer you speak of..all the court action by ABF seeking to level the playing field with the cost structure thing. YRC after $2,000,000,000 in concessions should be asked to pay full pension in 2015 new contract. But that won't happen if 401's are in the cards

 

 
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