WTF happened to Yellow and will it impact UPS

[burrheadd]

"A slight hit"......say, how will these funds continue funding?

Yellow hasn’t paid the full amount they owe to the pension fund for many years
Won’t make any difference

 

[Bubblehead]

While we have the dictionary out, can we also define "obtuse"....

There's always (at least) one in every large group?

 

[Thebrownblob]

"A slight hit"......say, how will these funds continue funding?

Yellow was not contributing a substantial amount to the pension fund since 2008, that part wont be felt at all. About 30% of the members of yellow at my local retired within the last two weeks the other 30% have found jobs in the local at other freight companies or other union jobs. The rest have gone on to do other things already. It is sad, but this was going to happen sooner or later, and everyone knew it. I was surprised it lasted as long as they did.

 

[qdg2]

Yellow was not contributing a substantial amount to the pension fund since 2008, that part wont be felt at all. About 30% of the members of yellow at my local retired within the last two weeks the other 30% have found jobs in the local at other freight companies or other union jobs. The rest have gone on to do other things already. It is sad, but this was going to happen sooner or later, and everyone knew it. I was surprised it lasted as long as they did.

Question was: how will these funds continue funding.......besides the government?

100% have left via bankruptcy.....along with their contributions........(in theory).

Yellow hasn’t paid the full amount they owe to the pension fund for many years
Won’t make any difference

Perhaps this is why (in part) CSPF is broke? And I suppose(with govt handouts) "won't make any difference".

And speaking of mismanagement.......CSPF.......

Which brings up the "UPS just can't part ways with the Teamsters...." I've been told this for many years. So, Yellow did. Just like that. As way too many to list have to.

Which brings up those UPS'ers retired before 2007 and their pension cuts.......(yes, I know about the CSPF bailout).

 

[govols019]

So, they were in trouble before Roadway etc.

I see this mismanaged statement a lot. And those couple million in bonuses didn't sink Yellow.

Now.....what could have bankrupted Yellow.......? The same forces of other "union" bankruptcy's? That's one line of thinking.

Makes you wonder why T-Force was sold.....

While wondering why GM, Chrysler etc. teeter on the brink.....weren't they bailed out etc.?

I guess we need to define "mismanagement".....

While ultimately wondering if being the highest cost delivery company....arguably in the world......is......sustainable?

I don't know that I've ever seen someone type so many words and not say a damn thing

 

[Thebrownblob]

Question was: how will these funds continue funding.......besides the government?

100% have left via bankruptcy.....along with their contributions........(in theory).


Perhaps this is why (in part) CSPF is broke? And I suppose(with govt handouts) "won't make any difference".

And speaking of mismanagement.......CSPF.......

Which brings up the "UPS just can't part ways with the Teamsters...." I've been told this for many years. So, Yellow did. Just like that. As way too many to list have to.

Which brings up those UPS'ers retired before 2007 and their pension cuts.......(yes, I know about the CSPF bailout).

Central states has 30 years to grow or die. Of course in 30 years they’ll be a lot less participants because most of the ones left in it will be gone. The yellow situation and UPS really are not comparable. And no, UPS can’t just “walk away” and yellow didn’t walk away, they went out of business. No one’s ever said they couldn’t do that.

 

[Thebrownblob]

So, they were in trouble before Roadway etc.

I see this mismanaged statement a lot. And those couple million in bonuses didn't sink Yellow.

Now.....what could have bankrupted Yellow.......? The same forces of other "union" bankruptcy's? That's one line of thinking.

Makes you wonder why T-Force was sold.....

While wondering why GM, Chrysler etc. teeter on the brink.....weren't they bailed out etc.?

I guess we need to define "mismanagement".....

While ultimately wondering if being the highest cost delivery company....arguably in the world......is......sustainable?

I don’t even know what the hell you’re trying to say? Did you know yellow was nowhere near the highest cost freight company? Matter fact they were too cheap. Did you know yellow freight was no we’re even close to the top paying freight company?

UPS sold their freight division because they’re a smart company and could see the future. Freight companies are struggling right now, and yellow freight won’t be the only one who goes out of business or has to lay off.

And yes, yellow was poorly managed, and it didn’t have anything to do with just the bonuses that they gave every single group of management that came and left. They bought a bunch of companies and did not know how to integrate them and ran them separately they were literally a joke.

 

[qdg2]

I don't know that I've ever seen someone type so many words and not say a damn thing

Well, if you DO SAY SOMETHING on BC........you get b**&ed.

Some are allowed to speak freely....some not.

If my statements fly over your head......best to avoid them.

I don't know that I've ever seen someone read so many words and not learn a damn thing. Fair enough.

 

[BrownMonk]

"A slight hit"......say, how will these funds continue funding?

Well, since the passing of the Butch Lewis Act which guarantees pension funds, it is not as important so long as the pension funds are reasonable in their actions.

 

[Theoneandonly24]

So all of those yellow employees no matter if they worked for the company for 30 years or are already retired and in their early 80s, they no longer getting a pension? That can’t happen to use though right? An option for our pension is a 120 month guaranteed annuity. If we select that then our pension is guaranteed no matter what right? Help me understand please

 

[Thebrownblob]

So all of those yellow employees no matter if they worked for the company for 30 years or are already retired and in their early 80s, they no longer getting a pension? That can’t happen to use though right? An option for our pension is a 120 month guaranteed annuity. If we select that then our pension is guaranteed no matter what right? Help me understand please

They still get a pension whatever they had already just obviously no more.

 

[Just A UPS Guy]

So all of those yellow employees no matter if they worked for the company for 30 years or are already retired and in their early 80s, they no longer getting a pension? That can’t happen to use though right? An option for our pension is a 120 month guaranteed annuity. If we select that then our pension is guaranteed no matter what right? Help me understand please

It's easy to understand:

You're gonna be old and broke when the company folds and they take your pension with it. Hope you have a plan after 2028, or at least hope you saved.

 

[I have NOT been lurking]