yrc Worldwide

upssalesguy

UPS Defender
salesguy, i'd think you'd want to know as much as you could, since you are posting on the subject, and since it has a potential for costing ups millions of dollars.


i was origionally responding to the question about YRC going out of business.

serisouly, I'll tuck my tail on this one...i am not educated. if you saw the amount of "BD memos" corporate send to me every day, you might understnad my hesitation to create a few hours read the contract. like every good sales guy, i know a few key folks I can go to around the hub to get my questions answered without having a grievance filed on me. :peaceful:
 

Dustyroads

Well-Known Member
No problem, Hoax, my wife happens to be a cpa specializing in pension plans and related tax issues. I have a real leg up on this subject. Trust me, the collapse of the central states fund will not be good for ups workers, nor ups.
 

Catatonic

Nine Lives
salesguy, i'd think you'd want to know as much as you could, since you are posting on the subject, and since it has a potential for costing ups millions of dollars.
Yep salesguy, I'm sure customer ask you about that all the time.
Also, do you know what the B and C keys on the DIAD are for? :wink2:
 
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JonFrum

Member
There was a thread a couple months back that said the Teamster's Pension plan on average paid 26 months before the retiree died. I guess that was pretty vague reference ... sorry.
Hoax, you're remembering the wrong info from that thread. Here's the right info . . .

From Central State's Teamwork Magazine, Spring 2008:

"The average age at retirement in 2007 was 61 years old.

The average age at death in 2007 was 78 years old.

Over 2,700 retirees are age 90 years or older, with 41 retirees 100 years old or older.

The average number of months a retiree receives a pension check is 219 months or over 18 years.

Currently, over 212,000 Teamster members or their [surviving] spouses receive a monthly pension check from Central States."
 

kenco80233

Well-Known Member
better to end up like DHL. their technology and network is outdated, and UPS Freight could better serve those customers.

YRC has been cutting prices to maintain volume (see DHL) and no one wants that cheap freight. if they go out of business, the entire industry will benefit (all companied wont have to keep cutting prices to win volume, and profits will increase for everyon). YRC carries 30% of the LTL market and are the largest player by far. them going out of business is what the transportation industry needs.
I retired with over 31 years in the Central States in 2003.I had a heart attack and could no longer work. I am told that if YRCW goes broke ,I will lose most of my pension.I have many fellow retired workers in the same situation. When UPS bought themselves out of Central States,they threw all the old Central States REtirres under the bus.Maybe in the next contract UPS will throw the next generation of retirees under the bus. In reality,it is more benificial for my pension to see YRCW survive and see UPS fail.That is the other side of the coin?
 

Dustyroads

Well-Known Member
Yesterday's report says YRC revenues down 45% in the second quarter, posting a $309 million dollar loss during that 3 month reporting period. Voting on new concessions by the union and workers will conclude next Tuesday, the 4th of August.
 

Catatonic

Nine Lives
Hoax, you're remembering the wrong info from that thread. Here's the right info . . .

From Central State's Teamwork Magazine, Spring 2008:

"The average age at retirement in 2007 was 61 years old.

The average age at death in 2007 was 78 years old.

Over 2,700 retirees are age 90 years or older, with 41 retirees 100 years old or older.

The average number of months a retiree receives a pension check is 219 months or over 18 years.

Currently, over 212,000 Teamster members or their [surviving] spouses receive a monthly pension check from Central States."

I'll take your word on that ... seems more logical and hopefully truer.
I was being facetious with my reference - :wink2:

The thread I was referring to was Is it true that after a teamster retire

http://www.browncafe.com/community/threads/is-it-true-that-after-a-teamster-retire.243593/

The Original Post on that thread said this:
I was talking to a driver when dropping off my air and he told me that he just found out that there was a statistic that AFTER a teamster retire and that they collect an average of 26 checks and then pass away.
 

upssup

Well-Known Member
Yes, a YRC failure would effect the pensions, current and future for UPS employees. Our District Manager is wincing at the fact that they may fail as we will be "on the hook" for their pension for up to six years after they fail. I do not know the whole situation except to understand that I think it would effect Teamsters and Machinists equally if I understood correctly.
 

feederdriver06

former monkey slave
I retired with over 31 years in the Central States in 2003.I had a heart attack and could no longer work. I am told that if YRCW goes broke ,I will lose most of my pension.I have many fellow retired workers in the same situation. When UPS bought themselves out of Central States,they threw all the old Central States REtirres under the bus.Maybe in the next contract UPS will throw the next generation of retirees under the bus. In reality,it is more benificial for my pension to see YRCW survive and see UPS fail.That is the other side of the coin?
I hate to say it but I will. . . . .anyone who is relying on having a pension as their major source of cash to live on in retirement will find themselves dumpster diving for their meals real soon. Anyone who worked for all of thoses years who has no other cash saved - 401k or just savings - shame on you for pissing it all away. I'm 12 years deep into my retirement savings and save heavy. And will continue to do so for the rest of my years . I'm not counting on a what my pension statement says I'll get at retirement. My outlook is a fraction of it , maybe 30%.
 

BrownBlue

New Jack
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.
 

705red

Browncafe Steward
better to end up like DHL. their technology and network is outdated, and UPS Freight could better serve those customers.

YRC has been cutting prices to maintain volume (see DHL) and no one wants that cheap freight. if they go out of business, the entire industry will benefit (all companied wont have to keep cutting prices to win volume, and profits will increase for everyon). YRC carries 30% of the LTL market and are the largest player by far. them going out of business is what the transportation industry needs.

You are the same guy that is 110% for FedEx to join a union. But how many Fedex employees would want to join a union if they see YRC go under?

Any union company going out of business is never good. The first thing everyone says is its because of the union. The employees make to much, their benefits cost the company to much.

YRC is in trouble because of the economy and the CEO Zollars and his over paid management staff have mishandled the merger between Yellow and Roadway. Until recently you would see Penn, Holland, Yellow and Roadway all making deliveries/pickups at the same stops. You would see 3, 4 drivers in the same industrial area all day.

It would be the same thing if UPS just threw boxes into our trucks and 4 drivers would make the same delivery to the same business.

I would much rather see FedEx as is go out of business before YRC because I am a union driver.

And please only comment on what you know, threes no need to reply to every thread.
 

Highwayman

Well-Known Member
It would not be a good thing for YRC to go out. In a defined benefit plan all companies contribute to the pension. When a company goes out of business the pool of money shrinks because the retirees of the defunct company still get their pension(as they should) with no new money coming in from their former employer.:anxious:
 

ups79

Well-Known Member
Somebody help me to understand. Isn't the money for the retired person already in the fund, from years of contributions already as well as the investment of those contribution?
 
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