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  1. #11
    I Am Rocking Now

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    Default Re: PBGC to Pay Pension Benefits for A&P Grocery Chain Employees

    Quote Originally Posted by 2631 View Post
    ROADY you are right. Sorry, I guess it was wishful thinking on my part.................



    I got a call from a 560 friend yesterday who had just heard that old rumor about them cutting us 30%. He claimed it was a done deal and we would be voting soon. I told him it was Potter's local but I wish it were true and I'd welcome a cut of only 30%.
    Don't be welcoming any cuts.. They see stuff like that and they will do the damnedest to initiate cuts..

  2. #12
    bean
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    Default Re: PBGC to Pay Pension Benefits for A&P Grocery Chain Employees

    PBGC to Pay Pension Benefits for A&P Grocery Chain Employees. That's what the PBGC does, pays a portion of defunct pension plans. The CSPF is not defunct, hence the PBGC does not act

  3. #13
    I Am Rocking Now

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    Default Re: PBGC to Pay Pension Benefits for A&P Grocery Chain Employees

    Quote Originally Posted by crazy View Post
    Don't be welcoming any cuts.. They see stuff like that and they will do the damnedest to initiate cuts..
    ROADY knows what I mean. Our situation is much different than that of the CSPF. In our case a 30% cut would be less than half of what our eventual cut will be from the PBGC...............Believe me if our fund and yours could be saved by only a 30% cut it would be welcomed. Of course I'd much rather welcome congress passing KOPPA but that's unlikely with the republicans in control.

  4. #14
    bean
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    Default Re: PBGC to Pay Pension Benefits for A&P Grocery Chain Employees

    Quote Originally Posted by 2631 View Post
    ROADY knows what I mean. Our situation is much different than that of the CSPF. In our case a 30% cut would be less than half of what our eventual cut will be from the PBGC...............Believe me if our fund and yours could be saved by only a 30% cut it would be welcomed. Of course I'd much rather welcome congress passing KOPPA but that's unlikely with the republicans in control.
    I don't have the exact number but it must be in the 10's of thousands who are classified as orphans, some of who will take a 30% to 50% cut. 30% is painful. 50% is catastrophic if they have big credit card debt, a mortgage and car payment

  5. #15
    I Am Rocking Now

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    Default Re: PBGC to Pay Pension Benefits for A&P Grocery Chain Employees

    Quote Originally Posted by bean View Post
    I don't have the exact number but it must be in the 10's of thousands who are classified as orphans, some of who will take a 30% to 50% cut. 30% is painful. 50% is catastrophic if they have big credit card debt, a mortgage and car payment
    Once again you go off on "orphans".. We are "ALL" teamsters..

  6. Likes ABFwife, 222lifer Liked this post
  7. #16
    I Am Rocking Now

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    Default Re: PBGC to Pay Pension Benefits for A&P Grocery Chain Employees

    Quote Originally Posted by bean View Post
    I don't have the exact number but it must be in the 10's of thousands who are classified as orphans, some of who will take a 30% to 50% cut. 30% is painful. 50% is catastrophic if they have big credit card debt, a mortgage and car payment
    Bean, it looks to me as if you think only the so called pension "orphans" in the CSPF will take a pension cut under the MPRA of 2014. If I'm assuming correctly then you are very much mistaken. Under the NCCMP's solutions not bailouts Welcome to NCCMP :: Mulitemployer Plans and Pension Funding Reform everyone in a distress plan will take a cut not just "orphans". In the Kline-Miller amendment even the UPS retirees in the CSPF are subject to a cut in pension. UPS retiree will be cut the least and "orphans" up to 70%

    So far only the CSPF and I think the Local 469 fund has applied to the US Treasury for the MEPF cuts. It was the 469 fund application, IBT VP Fred Potter's local, where I got the 30% from his across the board cut for everyone in the fund that I mistakenly posted before. I'm not a so called pension "orphan". USF paid Red Star's withdrawal liability and ABF is still contributing to the MEPFs. My 1st job in the 478 fund closed down back in the mid 70s before they started this underfunding mess. Both the 478 and 560 funds are in the red. I don't want to see any cuts but unless KOPPA is successful then some of us are in for a huge 60% to 70% pension cut. That's why I said I'd welcome an only 30% cut.

  8. #17
    Getting In The Groove Now.

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    Default Re: PBGC to Pay Pension Benefits for A&P Grocery Chain Employees

    2631, I have a feeling that our fund does not meet the requirements to proceed with the cuts they want to enact. For a fund in the red like ours and still no word after all this time I feel this thing might just run out of money and then we go to the PBGC. Meeting in May, will keep you up to date if anything more is said.

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  10. #18
    I Am Rocking Now

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    Default Re: PBGC to Pay Pension Benefits for A&P Grocery Chain Employees

    Quote Originally Posted by ROADY View Post
    2631, I have a feeling that our fund does not meet the requirements to proceed with the cuts they want to enact. For a fund in the red like ours and still no word after all this time I feel this thing might just run out of money and then we go to the PBGC. Meeting in May, will keep you up to date if anything more is said.
    Yes, unfortunately we're probably headed for the PBGC. I'm afraid that even the maximum cuts allowed by the MPRA of 2014 won't be enough to save our fund.

  11. #19
    bean
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    Default Re: PBGC to Pay Pension Benefits for A&P Grocery Chain Employees

    USF paid Red Star's withdrawal liability and ABF is still contributing to the MEPFs. My 1st job in the 478 fund closed down back in the mid 70s before they started this underfunding mess.
    My understanding by what I've read on the TDU site is an orphan teamster is any teamster who did not retire from Yellow/Roadway/Regionals. I believe 25-30 years pension credit pension credit (YRC) is safe from cuts. ABF teamsters are good, full contributions. Pension cuts only apply to CSPF.

    YRC is unable/refusing you might say to make pension payments to non YRC teamsters. YRC's survival and the wherewithal to pay full contributions is dependent on cutting non YRC retirees pension liability.

    TDU's opinion, not mine

  12. #20
    I Am Rocking Now

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    Default Re: PBGC to Pay Pension Benefits for A&P Grocery Chain Employees

    Quote Originally Posted by bean View Post
    My understanding by what I've read on the TDU site is an orphan teamster is any teamster who did not retire from Yellow/Roadway/Regionals. I believe 25-30 years pension credit pension credit (YRC) is safe from cuts. ABF teamsters are good, full contributions. Pension cuts only apply to CSPF.

    YRC is unable/refusing you might say to make pension payments to non YRC teamsters. YRC's survival and the wherewithal to pay full contributions is dependent on cutting non YRC retirees pension liability.

    TDU's opinion, not mine
    No offense intended but in my opinion you have missed a few dots in coming to that conclusion. 1st off a so called orphan is any retiree from any company that went out of business without paying it's withdrawal liability. 2nd, no retirees from any company, including the CSPF UPS retirees, regardless of their years of service or accrued credits are exempt from the MPRA of 2014 proposed cuts. The exception being retirees 80 years old and over and those on disability pensions.

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