Yellow Freight closure thread

So, if Yellow does go belly up, you mean to tell me all those guys will lose their pensions? ( I have no skin in this game, and never had a pension, so I'm curious )

Wouldn't the pension fund cover that?

 

I honestly doubt it. In order to get a pension your company has to contribute to the pot. I understand there are multiple companies contributing to the pot, but I doubt Yellow employees will get a cut when their contributions run out.

Maybe someone else has a different or more informed perspective. But I don't see this pension fund helping our current retirees.

 

Ouch. That's a kick in the nuts to a person who's worked his whole career expecting to retire on a nice pension and it's suddenly gone. Hopefully some have other investments to fall back on

 

Their stock is in free fall now.. Maybe I’ll buy some when it gets to $0.05

 

Worth 10% of it's 52 week high..........

 

I've never seen UPS hiring in my area. I just checked UPS and there's no openings. There's a line to get in ABF. The only position I see posted is city driver/dock worker. There's no way these LTL companies have room for 9k+ drivers all looking for jobs at the same time. These guys sure as hell aren't going to bottom feeder OTR companies. I feel especially sorry for drivers with less than 5 years of experience. There's no way they are competing with some of these fossils that have been driving for 30+ years looking for the same type of jobs. Ugly situation.

 

Glad I left 10 years ago after my fellow teamsters voted to keep giving back. After the vote passed management got huge bonuses.

 

Yeah......and the non-union companies won't be in any hurry to hire a Teamster

 

Once you are vested in the pension you will get whatever you had coming.
Most had there pension frozen when the first deferment happened.
I currently have 16 years in the New England multi employer fund.
My last contributions from Roadway were in 2009.
I am getting $3455.96 a month at 64 years old.

 

I know plenty of people that got hired at non union jobs.Estes Fex ex and old domion,duie Pyle too.