ABF and Yellow's Intent to Leave IBT multiemployer plans

[nospinzone]

At the Global Transportation Conference was held May 8. In their presentation, Bill Zollar- President and CEO of Yellow Freight and Robert Davidson-- President and CEO of ABF, expressed their plans and interest to withdraw form the Teamster multiemployer plans. I've truncated their speeches to include only the last 4mins of their speech where they discuss the pension situation.

 

[nospinzone]

The link above now has the mp3 file with the truncated speech directly dealing with Yellow and ABF. Thanks to Cheryl for helping me out. The entire speech can be heard.

 

[wildgoose]

The link above now has the mp3 file with the truncated speech directly dealing with Yellow and ABF. Thanks to Cheryl for helping me out. The entire speech can be heard.

Nospinzone that just proves what we have been saying all along that the teamsters cost is way to much for what we are receiving and other companies have come to the conclusin that in their best interest they should pull out of the multi -employer pension too ! Abf-Yellow Freight-Roadway.

 

[705red]

Nospinzone that just proves what we have been saying all along that the teamsters cost is way to much for what we are receiving and other companies have come to the conclusin that in their best interest they should pull out of the multi -employer pension too ! Abf-Yellow Freight-Roadway.

Other companies will follow ups's lead, why not? Ups will be penalized the most! It only makes good business sense to bail after ups does. What happens to all the retirees if this happens? Thats right you dont care!!!!!!!

 

[wildgoose]

Other companies will follow ups's lead, why not? Ups will be penalized the most! It only makes good business sense to bail after ups does. What happens to all the retirees if this happens? Thats right you dont care!!!!!!!

Why not ask the teamsters management ? Ups the company followed thru on their end ! The buyout money under central states should carry the rest of non ups and companies that bellied up. Why would that be my fault ? Hey you don`t care about us in Central States because your setup is just fine Local 705 is just fine thats right ! Your a genuine bonefied "hypocrite" !!!!!!!!!!! Get a life

 

[raceanoncr]

Why not ask the teamsters management ? Ups the company followed thru on their end ! The buyout money under central states should carry the rest of non ups and companies that bellied up. Why would that be my fault ? Hey you don`t care about us in Central States because your setup is just fine Local 705 is just fine thats right ! Your a genuine bonefied "hypocrite" !!!!!!!!!!! Get a life

Hah! This is funny! "UPS followed thru on their end"? Well, lete's see...on page 5 of the "Employer Proposal" it states:

No benefits are payable unless the participant has at least 5 years of vesting credit or has reached Normal Retirement Age while an employee

What's that mean? Say you got 26 years in when this, supposedly, would pass (August 01, 2008, that's what it says here). You had planned on working 30. No good! Now you gotta work 31. 26 with CS, 5 with UPS. Otherwise you only get your 26, that's it! "UPS followed thru on their end"? I don't think so!

Listen to thiswill condense for space purposes but will quote in it's entirety if you would like)

...if a management trustee position becomes open on any pension plan in which UPS is a participating employer with no UPS employees as a management trustee ...and the plan does not appoint a UPS management employee to full the open position, UPS may elect to cease to have an obligation to contribute to that fund...


Like that? As volatile as UPS can be when it comes to getting things their way, how long do you think it will be before there are "no UPS employees as a management trustee"? Taking care of their end of business?

You make me laugh! Tell me some more facts!

 

[705red]

Why not ask the teamsters management ? Ups the company followed thru on their end ! The buyout money under central states should carry the rest of non ups and companies that bellied up. Why would that be my fault ? Hey you don`t care about us in Central States because your setup is just fine Local 705 is just fine thats right ! Your a genuine bonefied "hypocrite" !!!!!!!!!!! Get a life

How is local 705 fine. We deal with the same issues that you do minus the cs pension plan. Be a man and debate wisely or keep spewing lies and be known as engineer79s flunky!

 

[wildgoose]

Hah! This is funny! "UPS followed thru on their end"? Well, lete's see...on page 5 of the "Employer Proposal" it states:

No benefits are payable unless the participant has at least 5 years of vesting credit or has reached Normal Retirement Age while an employee

What's that mean? Say you got 26 years in when this, supposedly, would pass (August 01, 2008, that's what it says here). You had planned on working 30. No good! Now you gotta work 31. 26 with CS, 5 with UPS. Otherwise you only get your 26, that's it! "UPS followed thru on their end"? I don't think so!

Listen to thiswill condense for space purposes but will quote in it's entirety if you would like)

...if a management trustee position becomes open on any pension plan in which UPS is a participating employer with no UPS employees as a management trustee ...and the plan does not appoint a UPS management employee to full the open position, UPS may elect to cease to have an obligation to contribute to that fund...


Like that? As volatile as UPS can be when it comes to getting things their way, how long do you think it will be before there are "no UPS employees as a management trustee"? Taking care of their end of business?

You make me laugh! Tell me some more facts!

I was refering to the contract ups/teamsters negotiated in the past for putting money into Central States. Ups did their contributions per contract. Not this upcoming confusion !

 

[mittam]

Other companies will follow ups's lead, why not? Ups will be penalized the most! It only makes good business sense to bail after ups does. What happens to all the retirees if this happens? Thats right you dont care!!!!!!!

Red it is my understanding that an employer pulling out of a multi-employer pension fund such as the CS plan those employers are still responsible for the current retirees. This is until they pass away and there would no longer be a pension in their name of course if on a spouse plan then until the spouse passes. So yes if UPS or Yellow or whoevedr pulls out the retiree is still paying for their pension.

 

[mittam]

Red it is my understanding that an employer pulling out of a multi-employer pension fund such as the CS plan those employers are still responsible for the current retirees. This is until they pass away and there would no longer be a pension in their name of course if on a spouse plan then until the spouse passes. So yes if UPS or Yellow or whoevedr pulls out the retiree is still paying for their pension.

 

[705red]

Red it is my understanding that an employer pulling out of a multi-employer pension fund such as the CS plan those employers are still responsible for the current retirees. This is until they pass away and there would no longer be a pension in their name of course if on a spouse plan then until the spouse passes. So yes if UPS or Yellow or whoevedr pulls out the retiree is still paying for their pension.

What happens to the retirees whose companies are out of business? Do we, can we turn our backs and forget about them?

 

[RockyRogue]

What happens to the retirees whose companies are out of business? Do we, can we turn our backs and forget about them?

Good question, Red. Now, you're getting into ethics, morals and human compassion. Would you like the answer to include those or not? -Rocky

 

[705red]

Good question, Red. Now, you're getting into ethics, morals and human compassion. Would you like the answer to include those or not? -Rocky

I cant see sending a retiree on a already fixed budget to the soup line for his meals after we withdraw from any pension funds. Most of the retirees probably cant go and find other work now, and have bills. Can u sleep at night knowing that people will lose their homes, and that they wont be able to fend for themselves. Its a tough question rocky, i personally couldnt do that to any one that has assisted me in getting to where i am now. Its like throwing your parents out in the street with no money, no food, and no shelter.

 

[RockyRogue]

I cant see sending a retiree on a already fixed budget to the soup line for his meals after we withdraw from any pension funds. Most of the retirees probably cant go and find other work now, and have bills. Can u sleep at night knowing that people will lose their homes, and that they wont be able to fend for themselves. Its a tough question rocky, i personally couldnt do that to any one that has assisted me in getting to where i am now. Its like throwing your parents out in the street with no money, no food, and no shelter.

You didn't answer my question, Red, at least not directly. Applying humanity to retirees, no, I couldn't walk away. Looking at from a business perspective (read: heartless, uncaring, faceless, etc), yes, I could walk away. Unfortunately, I'm not a heartless or uncaring person. I'd move heaven and Earth to take care of those people. -Rocky

 

[barking dog]

As explained to me the process of setting up a retirement account is that of the pension fund taking money out of the fund to purchase an annunity that yields annual interest earnings in the amount of the retirees pension entitlement. What that means is that retirees money should be OK because the money is temporarily out of the fund and invested in annunities until the retiree and spouse die. Then the pension fund takes the annunity money back into the fund and starts all over again. So current retirees should be protected as far as pension payments go.

The issue that begs to be explained is that of retirees health & welfare insurance. That insurance is a negotiated item in current contracts and in order to continue to provide it in the future, increases are needed along the way. So by letting UPS out of the central states the IBT is opening the door for other major employers to get out too and thereby dooming the health & welfare insurance of the plan.

The problem with employers being allowed out of the central states fund is that the contributions will no longer be received in to offset the growing number of retirees from that fund. Simply put the central states fund will go belly up without the continued contributions.

If the UPS'ers approve this in the contract vote then you can be assured that the IBT will not be able to stop Yellow and ABF from doing the same thing in their next round of contract negotiations.

I urge every UPS'ers to take the time to investigate the full impact of this proposed UPS take over of their pensions. Call your local union and demand that a pension representative be present at the contgract ratification meetings to explain the entire issue in detail. It is just far to important of an issue to just blindly vote yes on the contract because they offered a cash signing bonus or some other form of trick to get the vote done quickly. Once it is done it is a done deal with no going back.

Investigate; get answers; vote and most importantly vote smart.