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  1. #21
    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
    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.
    You are correct about the UPS retirees, paying the withdrawal or not is immaterial. I haven't seen a link that shows YRC retirees protesting because of a pension cut coming and there were plenty of links. A-gain this is about YRC not wanting or not able to pay orphans

  2. #22
    Getting In The Groove Now.

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

    bean, we could argue forever about the so called "orphan issue", but there are plenty of YRC employees in the Central States Fund protesting for months about the cuts they will receive.

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  4. #23
    bean
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    Default Re: PBGC to Pay Pension Benefits for A&P Grocery Chain Employees

    Quote Originally Posted by ROADY View Post
    bean, we could argue forever about the so called "orphan issue", but there are plenty of YRC employees in the Central States Fund protesting for months about the cuts they will receive.
    YRC employees with 25-30 years pension credit with Yellow/Roadway protesting for months about the cuts they will receive? Don't forget if they worked for CF or any of the teamster companies that shut down and then hired at YRC the past 10-15 years or so would still be considered orphans. They need a certain number of years to lock the pension in. I don't remember the cut off date
    Last edited by bean; 03-20-2016 at 06:33 PM.

  5. #24
    Getting In The Groove Now.

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

    bean, I put in 39 1/2 years. Johnson Moter Lines {9}, P.I.E. {10}, Roadway,YRC {20 1/2}. I am considered an orphan because of my last few years at P.I.E. In my opinion that is bullshit.

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  7. #25
    bean
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    Default Re: PBGC to Pay Pension Benefits for A&P Grocery Chain Employees

    Quote Originally Posted by ROADY View Post
    bean, I put in 39 1/2 years. Johnson Moter Lines {9}, P.I.E. {10}, Roadway,YRC {20 1/2}. I am considered an orphan because of my last few years at P.I.E. In my opinion that is bullshit.
    Your 20 1/2 years with Roadway should be good. You haven't received a letter saying you're getting cut have you?

  8. #26
    I Am Rocking Now

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    Retired ABF/Red Star
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    Default Re: PBGC to Pay Pension Benefits for A&P Grocery Chain Employees

    Quote Originally Posted by bean View Post
    Your 20 1/2 years with Roadway should be good. You haven't received a letter saying you're getting cut have you?
    So far the only pension funds that I have heard who submitted plans to the Treasury Dept. to cut pensions are the CSPF and Local 469. There may be a few others but most of the distressed plans are waiting to see how the CSPF proposed cuts work out.

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  10. #27
    Taking A Stand!!!

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

    A&P Supermarket Chain Stiffs 21,000 Pensioners, Government Will Pick Up $288 Million Tab

    The bankruptcy and speedy sell-off of the A&P supermarket chain last year has revealed three pension plans covering more than 21,000 former employees as a financial train wreck, forcing a U.S. government agency to come to the rescue at the cost of about $288 million.

    The announcement was made last week by the Pension Benefit Guaranty Corporation (PBGC), a federal agency that insures pensions managed by private companies. PBGC is assuming direct control over the failed plans and will be responsible for making monthly pension payments to the former employees for decades into the future, according to spokesperson Nidia Yáñez.

    The PBGC rescue was triggered when the bankrupt grocery chain—which operated some 300 stores in six states in the Mid-Atlantic region—sold off its assets while firing almost all of its 28,000 employees. That left the three pension plans with no source of future income, but too little cash to pay the pension benefits already earned by the former A&P employees, Yáñez says.

    These pension programs are separate and distinct from the joint labor-management plans handled together with locals of the United Food and Commercial Workers (UFCW) union, Yáñez adds. (UFCW represented the bulk of the unionized work force.) Although damaged by the bankruptcy of A&P and its 20 affiliated companies, these union plans have not sought financial assistance from PBGC, she tells In These Times.
    A&P Supermarket Chain Stiffs 21,000 Pensioners, Government Will Pick Up $288 Million Tab - Working In These Times

 

 
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