YRCW bankruptcy impact on UPS employee pensions

Old Man Jingles

Rat out of a cage
On the flip side, ownership of your own retirement funds could create a lot of problems. There are some people who simply cannot manage money, whether it be lack of discipline or just plain lack of knowledge, and would takes this money which is supposed to go toward retirement and blow it.

It is possible to save both for college and retirement at the same time. I did not say it was easy.
And those of us who are prudent and invested our money in broad based investmants still lost half of our investments in late 2008 - early 2009. It has bounced back some but there are still some long-hard roads to travel over the next 5 years.
 

1989

Well-Known Member
If you reduce that $20,000 per year to $13,000 to allow for investing after tax dollars, it comes to $760,000.

Unfortunately, that is not how pension funding works.

A pension payout under the new laws in 2010 would probably come to less than $400,000.
http://www.kiplinger.com/magazine/archives/2008/03/lump-sum-payout-vs-distribution.html


I was thinking more in the lines of being able to opt-out of a pension and ss and being able to put the monies into an IRA type account (tax free contributions) you can have complete control over. Since you don't pay tax on pension contributions and ss is a duel tax (employer / employee) it works out to about $20,000 or more. A 401K account is too restrictive in it's investments. But then it goes back to control teamster and government.
 

1989

Well-Known Member
On the flip side, ownership of your own retirement funds could create a lot of problems. There are some people who simply cannot manage money, whether it be lack of discipline or just plain lack of knowledge, and would takes this money which is supposed to go toward retirement and blow it.

It is possible to save both for college and retirement at the same time. I did not say it was easy.


Those people would have to go back into ss (socialist system.)
 

Highwayman

Well-Known Member
I believe that Galveston Tx. allowed some of their employees to opt out of the government system years ago. For the most part they are all well off. It is true that some people are bad with money. Why should that hurt me? I put some in stock(UPS),some in 401k,and some in a Roth IRA. Yes investments took a beating from the recession, but this isn't the first or last recession we will have. Look at the investment graph of any mutual fund that has been around for more than 10 years. It looks like a saw blade with ups and downs but always trending upwards. If every thing works out I will get a pension and maybe Social Security.
Plan then act!:greedy:
 

Raw

Raw Member
The reason we are in trouble now is not because there are too many union workers in this country, it is because WE ARE LOSING UNION WORKERS. All those good paying jobs that are lost= lost consumers. There are millions of union workers worldwide and there always will be. Acting
Air Traffic Controller
Caltrans
Construction Jobs (everything from carpenters to pile drivers)
Education
Electricians
Engineers: Operating & Stationary
Engineers: Professional & Technical
Entertainment Industries Including:
Acting, Music, Television, Motion Picture, Theater, Radio, & Publishing
Fire Fighter
Flight Attendants
Food Preparation & Serving
Grocery & Drug Stores
Government Jobs (Includes most of the jobs on this list)
Health Care
Hotel Jobs
Long Shore & Warehouse
Maintenance
Manufacturing & Production
Medical Including: Medical technicians and Assistants, Nurses, and most others.
Musicians
Office work including assistants, secretaries, data entry, and managers Postal Jobs
Printing & Publishing
Restaurant Workers
Retail & Department Stores
Transportation (Land, Water, & Air) This includes trucking, trains,cargo ships, and Caltrans
Writers

This is in 2010 not the 50s.:wink2:
WOW! You even listed the jobs in alphabetical order! copy/paste :wink2:
 

Raw

Raw Member
The reason we are in trouble now is not because there are too many union workers in this country, it is because WE ARE LOSING UNION WORKERS. All those good paying jobs that are lost= lost consumers. There are millions of union workers worldwide and there always will be. Acting
Air Traffic Controller
Caltrans
Construction Jobs (everything from carpenters to pile drivers)
Education
Electricians
Engineers: Operating & Stationary
Engineers: Professional & Technical
Entertainment Industries Including:
Acting, Music, Television, Motion Picture, Theater, Radio, & Publishing
Fire Fighter
Flight Attendants
Food Preparation & Serving
Grocery & Drug Stores
Government Jobs (Includes most of the jobs on this list)
Health Care
Hotel Jobs
Long Shore & Warehouse
Maintenance
Manufacturing & Production
Medical Including: Medical technicians and Assistants, Nurses, and most others.
Musicians
Office work including assistants, secretaries, data entry, and managers Postal Jobs
Printing & Publishing
Restaurant Workers
Retail & Department Stores
Transportation (Land, Water, & Air) This includes trucking, trains,cargo ships, and Caltrans
Writers

This is in 2010 not the 50s.:wink2:
Wow! You even listed the jobs in alphabetical order! copy/paste :wink2:
 

unionman

Well-Known Member
The Teamsters Union is calling on the small number of bondholders that are standing in the way of YRC Worldwide Inc.'s (Nasdaq: YRCW) financial restructuring to take part in debt-to-equity exchange.
The union believes that hedge funds Brigade Capital Management and JMB Capital Partners, and banks including UBS, Barclays and TD Bank, hold positions and have not tendered. The union will protest Wednesday at the headquarters of Brigade Capital Management in New York to urge the hedge fund to exchange or sell.
"All bondholders need to recognize that the livelihoods of 30,000 Teamster members depend on their willingness to take part in the exchange," said Teamsters General President Jim Hoffa. "The workers, the pension funds, the secured lenders, a majority of bondholders and other stakeholders have made sacrifices and contributed to the restructuring."
"Now it is time for the remaining bondholders to recognize what is at stake and do their part. The company's customers need to know there is a light at the end of this tunnel."
Bondholders have two ways to be helpful – take part in the exchange or sell to someone that will. There are existing bondholders that are willing to purchase these bonds.
"It is unconscionable that these bondholders are playing chicken with tens of thousands of lives for minimal financial reward, either hoping for a better deal or they have derivative coverage," said Teamsters Freight Division Director Tyson J. "They need to recognize the sacrifices already made by these workers and the devastating affect a bankruptcy would have on their lives."
Last week, the Teamsters Union also called upon the Securities and Exchange Commission, state attorneys general, state insurance commissioners and congressional oversight leaders to investigate the activities of bondholders and traders involved in this exchange.
Teamster members and leaders will protest outside of Brigade Capital Management to send a message that the Union and its members pension funds – the source of capital for many of these institutions – will long remember if they contribute to YRCW's failure.
WHAT: Teamsters hold protest at Brigade Capital Management
WHERE: Brigade Capital Management
399 Park Avenue, Suite 1600,
New York, NY 10022
 

unionman

Well-Known Member
The Teamsters Union is calling on the small number of bondholders that are standing in the way of YRC Worldwide Inc.'s (Nasdaq: YRCW) financial restructuring to take part in debt-to-equity exchange.
The union believes that hedge funds Brigade Capital Management and JMB Capital Partners, and banks including UBS, Barclays and TD Bank, hold positions and have not tendered. The union will protest Wednesday at the headquarters of Brigade Capital Management in New York to urge the hedge fund to exchange or sell.
"All bondholders need to recognize that the livelihoods of 30,000 Teamster members depend on their willingness to take part in the exchange," said Teamsters General President Jim Hoffa. "The workers, the pension funds
mag-glass_10x10.gif
, the secured lenders, a majority of bondholders and other stakeholders have made sacrifices and contributed to the restructuring."
"Now it is time for the remaining bondholders to recognize what is at stake and do their part. The company's customers need to know there is a light at the end of this tunnel."
Bondholders have two ways to be helpful – take part in the exchange or sell to someone that will. There are existing bondholders that are willing to purchase these bonds.
"It is unconscionable that these bondholders are playing chicken with tens of thousands of lives for minimal financial reward, either hoping for a better deal or they have derivative coverage," said Teamsters Freight Division Director Tyson J. "They need to recognize the sacrifices already made by these workers and the devastating affect a bankruptcy would have on their lives."
Last week, the Teamsters Union also called upon the Securities and Exchange Commission, state attorneys general, state insurance commissioners and congressional oversight leaders to investigate the activities of bondholders and traders involved in this exchange.
Teamster members and leaders will protest outside of Brigade Capital Management to send a message that the Union and its members pension funds – the source of capital for many of these institutions – will long remember if they contribute to YRCW's failure.
WHAT: Teamsters hold protest at Brigade Capital Management
WHERE: Brigade Capital Management
399 Park Avenue, Suite 1600,
New York, NY 10022
----------------------------------------------------
Trucker YRC says critical debt exchange succeeds

BY Reuters
— 09:01 AM ET 12/31/2009

By Carey Gillam
OVERLAND PARK, Kansas (Reuters) - U.S. trucking giant YRC Worldwide said on Thursday it averted bankruptcy by successfully negotiating a critical debt-for-equity exchange that wipes out $470 million in debt and gives the struggling company access to needed credit as it restructures.
The company said holders of 88 percent of the company's outstanding notes had agreed to the swap, including 70 percent of YRC's 8-1/2 percent notes. It was that group of noteholders who had been holding up the exchange, and who have been publicly pressured in recent days by the company's union to agree to the deal.
On Wednesday, YRC had warned that if enough noteholders did not agree to the swap it might need to file for bankruptcy.
"The success of this note exchange marks a major turning point for YRC Worldwide," said YRC CEO Bill Zollars in a statement. "With our significantly restructured balance sheet and enhanced liquidity, we will move forward from a more solid financial foundation."
Under the terms of the swap, YRC said it will issue to tendering noteholders approximately 37 million shares of common stock and 4.346 million shares of Class A convertible preferred stock which, together on an as-if converted basis, will represent approximately 94 percent of the company's total issued and outstanding common stock.
YRC said it will now be able to defer $19 million of fourth-quarter lender interest and fees, and will have access to the $159.8 million revolver reserves.
(Reporting by Carey Gillam, editing by Dave Zimmerman)
 
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