yrc Worldwide

[JonFrum]

Everything you quoted applies to a "qualified retirement plan."

The quoted text itself defines a "qualified retirement plan" as follows:

For this purpose, a qualified retirement plan is:

• A qualified employee plan (including a qualified cash or deferred arrangement (CODA) under Internal Revenue Code section 401(k)),
• A qualified employee annuity plan,
• A tax-sheltered annuity plan (403(b) plan), or
• An eligible state or local government section 457 deferred compensation plan (to the extent that any distribution is attributable to amounts the plan received in a direct transfer or rollover from one of the other plans listed here or an IRA).

Multi-employer and single-employer pension plans are not included in the definition.

How many retired clients have paid a 10% tax based on your wife's advice over her thirty years? Perhaps they can file for a refund.

 

[Dustyroads]

She doesn't provide advice to taxpayers, but to CPAs and tax attorneys who are seeking specialized research.

My advice is to consult a licensed tax professional. Not some joker who thinks he is a tax professional.

Jon, do you have a masters degree in accounting, and are you licensed in any state to provide tax advice?

 

[Catatonic]

Jon, do you have a masters degree in accounting, and are you licensed in any state to provide tax advice?

Somehow I get the feeling that neither of you are.

But it is a good information for us to look in to.

 

[Dustyroads]

No, Hoax, but I did receive an opinion from a licensed CPA. Are there any retirees out there who have taken a Central States pension before the calendar year that they turned 55? If so, perhaps they could take a look at their 1099-R that they received to report their retirement earnings and see what code is marked in box 7.

 

[Catatonic]

No, Hoax, but I did receive an opinion from a licensed CPA. Are there any retirees out there who have taken a Central States pension before the calendar year that they turned 55? If so, perhaps they could take a look at their 1099-R that they received to report their retirement earnings and see what code is marked in box 7.

My experience is that if box 7 has an entry, and that is how you enter it in TurboTax (or the like) you do not pay tax on that amount but it is delayed ... when it is actually claimed is questionable and if tax filer is limited to the 7 year rule.
Any info on that?

 

[Dustyroads]

Box 7 on a 1099-R statement is a code for any exception, or no exception, to the additional 10% tax. There are exceptions, such as if a person becomes disabled, or as in the case of public service workers, firemen and police can retire at 50 without penalty, as it is perceived that they are a high stress, dangerous job.

Hoax, are you thinking of box 7 on a 1099-R? It would have a code 1,2,3, or 4. It's not a dollar amount.

Hoax, aren't you a high level manager down there in Atlanta? Why don't you contact whomever is handling the pension distributions for the new UPS pension plan, and ask them how they are coding early distributions on the 1099-R form, box 7?

 

[Catatonic]

Hoax, aren't you a high level manager down there in Atlanta?

Nope ... a low, low level manager.
I will ask around though, but it seems like all my contacts I use to have are retired now.
Now I have to make stuff up ... 10 years in IE trained me well for that.

 

[Dustyroads]

ieieieieeeee... I called our local, and they said that any early retirement payments come from the ups side of the new plan, so they had no opinion as to the tax liability of retirement payments paid before the age of 55.

 

[Old International]

It will take nothing short of a Obama bailout to save Central States. UPS gave them a ton of money to buy out the current employees. AFTER the UPS buyout, Central States was still on the "needs help" list with the pension people. And it has only gotten worse for CS.
I have already figured out that the CS part of my pension will be next to nothing, and that I will have to replace the income. At least I have 10 or so years in which to build my portfolio.

 

[upssalesguy]

any other information from yrc drivers about YRC's fate? what are you all hearing on the docks?

 

[spif91]

Feederdriver06, I'd agree that one shouldn't have all their eggs in one basket, ie. relying souly on pension or social security. But people learn slowly, that a gauranteed anything is only gauranteed under ideal circumstances. Kinda like service delays and weather. No refund if delayed by weather. No one would have thought 20 years ago that capitolism would hit a brick wall because of its best and worst quality, greed. So, for all those that don't get it yet, diversify, 401k, IRA, pension, savings, CDs, common stock, real estate, blah blah blah. Otherwise cross those fingers.

Oh and I hope YRC finds away to become solvent. There are a heck of a lot of crumby low paying trucking companies out there, and losing all those family-wage jobs would be bbaaaddd.

Surely Obama will come up with another bailout..........

 

[Dustyroads]

There has been some talk in congress about addressing the issue of underfunded pension plans.

 

[JonFrum]

any other information from yrc drivers about YRC's fate? what are you all hearing on the docks?

From TDU . . .
https://web.archive.org/web/20101128211058/http://tdu.org/node/3279

YRCW Concession Vote Results
August 7, 2009: The members have spoken. In the large voting unit, YRC and Holland Teamsters approved the concessions with a 58% yes vote: 12,923 Yes, 9,153 No. New Penn Teamsters, whose votes are counted separately because they are not part of the same bargaining unit, rejected the concessions. So did Chicago Local 705, Chicago Local 710, and Local 179 who are covered by their own separate contracts.

The overall results show that a majority of YRC Teamsters who cast a ballot chose to bite the bullet, hoping to give the company a chance to succeed. A strong minority – a majority in some major freight locals – said enough is enough, especially with Zollars still in the driver’s seat.

With the large unit of YRC and Holland Teamsters approving, while New Penn and big Chicago locals said No, the International union will have to decide how to handle the situation. Will they “vote till you get it right” in the rejecting units? Or will New Penn Teamsters retain their existing contract terms? Hoffa’s press release announcing ratification said those issues will be dealt with on a “local by local basis.”

 

[raceanoncr]

Hmm...on a side note to the Teamster release...64% of members voted?

Man, they really care, huh?

 

[705red]

I wonder if 179, 705 and 710 will keep their wages and not suffer a pension cut? To my understanding Hoffa had all the votes counted together to insure a yes vote. How come Hoffa did not count the Penn votes in this?

Its a no win situation for anyone of these employees involved. What they should have done is offer anyone of these employees who had less than 18 months left for retirement some sort of chance to obtain their pension still.

Now if you need 6 months to retire you will have to keep your fingers crossed that YRC turns around and work another 2 years.

 

[JonFrum]

Hmm...on a side note to the Teamster release...64% of members voted?

Man, they really care, huh?

It may not be a lack of careing. I suspect these poor guys are feeling like the "walking wounded." They already made huge concessions, and now they must do it again!

Many of these guys probably feel like the scheme must pass, but they can't bring themselves to actually vote for it.

Some guys may have received ballots, because they are technically still employees, even though they know they will never work for YRC again. Maybe they felt it inappropriate to vote on huge concessions that would not apply to them.

 

[grgrcr88]

them going out of business is what the transportation industry needs.

I am sure the employees at YRC would not agree with you!!!

 

[hondo]

Hmm...on a side note to the Teamster release...64% of members voted?

Man, they really care, huh?

I heard New Penn had about 80% participation. How many of the others couldn't vote because they're out on the road for non-union carriers while laid off?

I wonder if 179, 705 and 710 will keep their wages and not suffer a pension cut? To my understanding Hoffa had all the votes counted together to insure a yes vote. How come Hoffa did not count the Penn votes in this?

New Penn wasn't part of the NMFA negotiations. They signed an "us, too" agreement to accept the NMFA.

Its a no win situation for anyone of these employees involved.

At this point, a lot of people are hoping to hang onto 85% of their wages, versus 100% of nothing.

What they should have done is offer anyone of these employees who had less than 18 months left for retirement some sort of chance to obtain their pension still.

Now if you need 6 months to retire you will have to keep your fingers crossed that YRC turns around and work another 2 years.

Something to consider for negotiations with the remaining locals, among other things.

 

[upssalesguy]

I am sure the employees at YRC would not agree with you!!!

thank you captain obvious. they can come work for UPS freight.

 

[hondo]

thank you captain obvious. they can come work for UPS freight.

And lose their years in the pension.