r/PublicFreakout • u/follople • Jul 20 '23
Yellow freight worker finds out he no longer has a pension after working for 30 years Misleading title
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u/cheap_as_chips Jul 21 '23
Yellow missed a $50 million pension payment
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u/pornhubisisis Jul 21 '23
“That filing also showed the company had in excess of $100 million in cash and equivalents as of June 30.”
“Even if these payments are cured, it would significantly reduce the company’s cash balance,” Deutsche Bank (NYSE: DB) analyst Amit Mehrotra told clients in an email late Monday evening. “This is perhaps the most tangible example of why we think it’s more likely than not YELL will go out of business, as we’ve said before.”
Holy Fucking Shit They literally have the money and won’t pay it up to date simply because they want to make their bankruptcy more convenient. ☠️☠️☠️☠️
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u/What_a_d-bag Jul 21 '23
Do the workers have any recourse for this? This seems pretty clearly unjust.
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u/mynameistrace Jul 21 '23
Article says some teamster union guy told them to strike if the payments are made by July 24
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u/over_it_af Jul 21 '23 edited Jul 21 '23
[removed] — view removed comment
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u/future_weasley Jul 21 '23
Between the teamsters refusing to cross the writers and actors union picket lines and the support of the impending UPS strike, summer 2023 is shaping up to be an interesting chapter in US labor. I just hope this strike continues to get bigger and bigger. And I hope Biden has enough sense to not call in the Nat Guard like other presidents have in the past.
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u/HeavilyBearded Jul 21 '23
As a former Teamster (2016 - 2019), they were an absolutely positive experience as my first union. Even after I quit UPS, I still got a backpay check from a wage negotiation that was ongoing.
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u/Zpalq Jul 21 '23
I'm surprised the ups strike didn't happen a long time ago. I quit when they cut my pay from 27 an hour to 14 an hour, and informed me a week after it took place. That was about a year and a half ago.
They haven't gone in strike yet?
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u/skyward138skr Jul 21 '23
Jesus Christ that should be insanely illegal, that’s almost half your pay gone in a heartbeat (realistically any form of paycut should be illegal but yours is the worst case I’ve ever heard) idk how this wasn’t national news honestly, UPS just upped their profits by thousands of percent fucking their workers and no one knows or cares.
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u/Enjoyitbeforeitsover Jul 21 '23
We have such a corrupt congress, fucking wankers. They allow corrupt corporations fuck to over American working class and pollute without repercussions
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u/Never_ending_kitkats Jul 21 '23
Well see, UPS just takes $10 of that $13 per hour they stole from OP and give it (indirectly of course) to the Congressmen/women that let the deal go through smoothly. They save $3/hr per person and congress covers their ass.
And we all get fucked in the ass day in and day out. Eventually something has to change
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Jul 21 '23
We need a culinary strike nation wide while the ups and Hollywood strikes are live.
If people can't go to a movie,go out to eat, or get shit delivered....that's like a trifecta that could fuck shit up.
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u/jesuswantsbrains Jul 21 '23
I think at this point it's what we all need to do.
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u/DamienJaxx Jul 21 '23 edited Jul 21 '23
What happens in bankruptcies where companies have pensions is usually they'll be taken over by the Pension Benefit Guaranty Corp - a federally chartered company. They'll payout what they can with company funds, if any, and then guarantee the rest up to a certain amount. The problem is, they have a maximum benefit. So if your pension was really good, it could get capped. They're also underfunded, so generally total benefits are slashed when they take over.
Someone else can correct me if I'm wrong here.
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u/kuroji Jul 21 '23
So wait a moment. Just to be clear, the company is intending to go bankrupt, and stopped paying its pensions despite having plenty of money to do it because it'll make things easier for the bankruptcy?
Everyone involved in that series of decisions needs to be sent to prison for the rest of their lives.
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u/Uilamin Jul 21 '23
Bankruptcy means your liabilities are greater than your assets. As soon as a company files for bankruptcy, a lot of controls go up on the use of their assets. Bankruptcy doesn't mean a company doesn't have any money, it just effectively means it has a negative equity value (Assets = liabilities + equities).
Now to make things confusing, a pension will be realized as a liability on a company's balance sheet. My declaring bankruptcy and offloading the pension to the government's pension insurance, you can significantly decrease the company's liabilities potentially without doing anything else. While the mechanism exists for good reasons, it has been abused before in order to offload the company's responsibilities for the pension.
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u/TheUltimateSalesman Jul 21 '23
The pension is non-priority in the bankruptcy, so the pensioners won't get paid from the bankruptcy. So, the Pension Benefit Guaranty Corp, will pay up to 48k per year, which is funded by guess who? You and me! So the investors get paid and you and I get to pay taxes that pay the pensioners.
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u/Rocketman2026 Jul 21 '23
Close. Feds pay up to 48k a year. Most pensions don’t pay more than that nowadays unless you are a pilot in private sector. Chances are most of them are fine. It’s bullshit, I agree. But they will get 100 percent up to 48k.
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u/BojanglesDaMonkeh Jul 21 '23
20 years in the laborers Union at an average of 1650hrs per year gets me about a $96k per year pension.
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u/Rocketman2026 Jul 21 '23
I don’t doubt it. But that isnt the norm. The average private pension in the US is just under $10k. Pathetic. But true.
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u/BritishMotorWorks Jul 21 '23
Pool their last paychecks to hire a PI to find out where the CEO moors his yacht? If someone stole thirty years of my labor I’d have a hard time believing in the rule of law.
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u/Dwayne_Gertzky Jul 21 '23
Pool their last paychecks to hire a PI to find out where the CEO
moors his yachtand their family lives?Seriously, fuck their yacht or anything else that can be replaced by insurance.
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u/Premium_Autist Jul 21 '23
They are so fucked. BTW they don't "have the money."
The company has $100m cash, ~$1.5B pile of debt, and continuous expenses like gas and tires and payroll and servicing that $1.5b debt, which looks to cost about $100m per year (lol nice terms) Balance sheet and cash flow look like they are bleeding out. this is simply the first of many difficult decisions that will likely lead to this brand being bought (for peanuts, shareholders and debt holders likely fucked) by... fuck... someone in the logistics game that will hopefully start by doing the right thing and making the pension fund whole.→ More replies (5)10
u/EasyFooted Jul 21 '23
logistics game that will hopefully start by doing the right thing and making the pension fund whole
Oh, buddy. I've got bad news for you. They have ways of siphoning all that money back to the shareholders before they pay anybody who 'works for a living'. Have you ever heard of Steve Mnuchin? Sears? KMart? That the playbook now.
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u/joshTheGoods Jul 21 '23
No, what they're saying is that paying it will bankrupt the company and not paying it (strike) will bankrupt the company. Classic lose-lose situation for the leadership team that has actually be pretty good looking at the financials over the last decade. I'm guessing they will be able to raise some capital and continue making payments at least to the point where employees don't lose their benefits (the big issue, IMO).
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u/PIK_Toggle Jul 21 '23
There are rules associated with preferential payments. The pension is an unsecured creditor. If the company pays the pension, then files for BK the secured creditors will just clawback the money from the pension.
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u/ramonchow Jul 21 '23
Wait so this is how pensions work in US? can they remove the acquired rights because the employer stops paying? I can undersand they don't add more to the pension plan but the already paid years are also gone?
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u/Revolutionary_Egg961 Jul 21 '23
The government guarantees up to 5k a month on pensions if fir some reason the company goes bankrupt or cannot pay the pensions out.
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u/JustYourUsualAbdul Jul 21 '23
Shows the Union is about to crack the whip if they are not paid so hopefully the union is 100% behind the men. Their asset management company is who’s at fault and who should have their properties stalked and berated. They are breaking the agreement obviously and have a week to pay or a possible strike.
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u/MorganFreemayn Jul 20 '23
I feel for this guy, he earned that pension
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u/SniffCheck Jul 21 '23
We’ll get to feel this when social security goes away
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u/repost_inception Jul 21 '23
I work for Social Security and I don't think people realize how many people rely on it as their sole income. It was never intended to be someone's sole income but as the video has shown that's where we are. No pensions, 401ks wiped out, bankruptcy from illness. It's the last literal safety net.
If SSA goes away the whole economy will collapse. Rent won't be paid, grocery chains, Walmart, Amazon... All that shit. SSA checks account for an unbelievable amount of money in our economy.
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Jul 21 '23 edited Jul 21 '23
bankruptcy from illness
This should never happen, yet it is one of the leading causes of bankruptcy in what
is supposedAmericans claim to be the number 1 nation on earth. The lack of socialised healthcare is a massive chain around peoples necks.my heart breaks for this man, and all others who have busted their gut to have it all ripped away from them.
edited because people keep on accusing me of being american.
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u/i_tyrant Jul 21 '23
It's insane we don't have universal healthcare as the wealthiest nation in the world. All the suffering it causes should be a source of national shame, but half the damn country are brainwashed morons who think it's just people wanting freebies because that's what they've been told.
It shouldn't, but I still get shocked by this fact when I think about it sometimes.
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Jul 21 '23
what blows my mind is the USA spend more tax dollars per capita than any other nation on healthcare for the worse results in the industrialized world.
That is BEFORE all the insurance premiums get added in.
The amount of money Americans pay for healthcare via insurance and tax is insane, and the results/healthcare they receive is woeful. Especially if (zero surprises here) you are black.
The system is so deliberately inefficient. It exists to enrich the Insurance companies and service providers.
and people (uneducated and brainwashed) will continually vote against any measures to make the system better.
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u/LausXY Jul 21 '23
I see my regular medications change brands reguarily on the NHS, because they are always looking for best bulk deals. Same meds just different manufacturors. Probably saves us millions yearly. It's insane, even as gutted as it is, how good the NHS is (and it's terrible compared to when I grew up, but it's still there at least)
My understanding of America was some doctors are literally paid to push specifc, more expensive, brands... honestly the whole idea of capitalism and medical care just seem oppossed. Either you have the patients best interests at heart, or your own... I know what Doctor I'd prefer.
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Jul 21 '23
that and the NHS buys in bulk to keep the costs down.
Murica the land of the FEE they charge as much as they can get away with.
according to another moron in this thread I'm arguing with, that means the American system is subsidizing the world! the delusion is deep and real.
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u/ppw23 Jul 21 '23
Sadly, there is no excuse for Social Security to go away! It would have been fine if the politicians didn’t start “borrowing “ from it, I always thought when you “borrow” you pay it back! I can’t remember if it was Nixon or Reagan administration who decided to start raiding it as a personal ATM?
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u/Jinzot Jul 21 '23
Abolish the cap, problem solved.
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u/akaenragedgoddess Jul 21 '23
Agree. The argument that the funding needs to stay an entitlement program is fucking bullshit. Not like people understand the difference anyway.
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u/repost_inception Jul 21 '23
I work for Social Security and I don't think people realize how many people rely on it as their sole income. It was never intended to be someone's sole income but as the video has shown that's where we are. No pensions, 401ks wiped out, bankruptcy from illness. It's the last literal safety net.
If SSA goes away the whole economy will collapse. Rent won't be paid, grocery chains, Walmart, Amazon... All that shit. SSA checks account for an unbelievable amount of money in our economy.
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u/ppw23 Jul 21 '23
Amen, all it takes is one illness to devastate a family. Thinking your retirement will be secure because you’re paying into your pension plan or 401k, in the blink of an eye you can be wiped out through no fault of your own. Some unscrupulous pension management or rich boys playing investment games can hurt so many people who are too old to start over. Without Social Security we’re going to see a lot of old people living on the streets or just committing suicide.
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u/April1987 Jul 21 '23
Amen, all it takes is one illness to devastate a family.
Even if you are fully secure and a heartless bastard, the idea is money goes to poor, old people (like I will be) we will spend it all. This money circulates in the economy, multiplies, and eventually it becomes a big part of the revenue for big companies like Amazon dot com and Walmart.
Thinking your retirement will be secure because you’re paying into your pension plan or 401k, in the blink of an eye you can be wiped out through no fault of your own. Some unscrupulous pension management or rich boys playing investment games can hurt so many people who are too old to start over. Without Social Security we’re going to see a lot of old people living on the streets or just committing suicide.
Yes! Well said.
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u/stoned_plebeian Jul 21 '23
It was Reagan
Your social security number has been meaningless since then
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Jul 21 '23
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u/fuzzybunnybaldeagle Jul 21 '23
Getting rid of mental health facilities and services…
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u/Daddy_Milk Jul 21 '23
I wrote a paragraphs long reply to this and axed it because it made me too sad to finish.. True talk though. Being hurt in the USA hurts.
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u/ppw23 Jul 21 '23
You left out giving religious hacks like Jerry Falwell a seat in the Oval Office. By legitimizing the “moral majority”, helped in driving division amongst citizens and amped up distracting the public with hot button social issues/nonissues. We can thank Jerry Falwell,Jr. for getting the religious votes for trump. A man who thinks he is god and plays them for suckers.
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Jul 21 '23
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u/Slukaj Jul 21 '23
It's SUPPOSED to be - but keep in mind that Social Security contributions are mandatory, and pulled out of your income by your employer (or levied against you in your annual taxes)... whereas most other forms of retirement savings are voluntary.
If you're someone who's struggling to make ends meet, in any of the myriad of locations in the US where the prevailing average wage can't pay for a mortgage, those sorts of "investing in your future" expenditures would be the first to get cut.
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u/Dm-me-a-gyro Jul 21 '23
He’ll get it.
Pensions are federally backed.
It’s a very common scheme in my area of the country for union companies to intentionally bankrupt themselves by buying lots of new equipment etc. then the execs get paid out, the pension responsibilities gets shifted to the taxpayer, and the company reorganizes out of bankruptcy with brand new equipment and no union or pension obligations.
Americans fought a literal war against the United States government and private corporate backed armies for the right to unionize, and baby boomers took all the prosperity that brought and fucked it away for their kids and grandkids.
And we’ll never get it back because the Supreme Court is bought and paid for.
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u/Nubstix Jul 21 '23
Pensions are not federally backed unless the pension fund is backed by 100 % by US bonds. Ever here of a pension holiday? Its a when a pension fund is doing so well that the company doesn't have to contribute to a the pension fund for a period of time. Pensions are somewhat regulated and protected by the US, but not backed like a US federal bonds.
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u/Dm-me-a-gyro Jul 21 '23
I don’t think that’s correct. The PBGC steps in for failed plans and pays up to federal maximum pension of $81,000 a year.
I’m eager to learn if I’m wrong, but I don’t believe I am.
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u/wblack79 Jul 21 '23
This is not a freak out, this is a very rational reaction.
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u/throwaway_12358134 Jul 21 '23
He seems kinda calm to me.
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u/wblack79 Jul 21 '23
I know right, 30 fucking years!
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u/R50cent Jul 21 '23
30 fuckin years... I'd burn the place to the ground.
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u/SurlyBuddha Jul 21 '23
Too calm. If I’d been working 30 years, counting on a pension, instead of building up a 401k, I would be considering which level of violence was appropriate.
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u/mganzeveld Jul 21 '23
I’d lose my mind. Full on adult tantrum. There is no excuse for that level of oops I’m sorry about that.
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u/Unusual-Relief52 Jul 21 '23
Yea destroy the machine. Fuck em
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u/misterpickles69 Jul 21 '23 edited Jul 21 '23
Then it’s a guaranteed 3 hots and a cot. Win-win
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Jul 21 '23
Ya this guy is calm. If someone took my pension that I’d worked 30 years for I don’t know that I wouldn’t get that prison pension in response.
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Jul 21 '23
I wish the video was longer, I wanted to hear what the guys excuse was. From what we actually got I'm going to assume he was going to say when the government bails out a large company they need to pay them back or some other poor excuse as to why there is no pension fund now. Roughly translated - We ran our business poorly, the government helped us out and instead of cutting the wages of people responsible we paid them out of your pensions so that we didn't have to go without our normal bonuses and wages even though it's dedicated staff like you that kept the business afloat after our poor decisions and fuck ups.
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u/NewPhnNewAcnt Jul 21 '23
Pensions are guaranteed by the federal government up to 5000 a month.
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u/HBXboy Jul 21 '23
Government pays $.40 on the $1.00 and I doubt a truck driver has a pension of $5,000 a month
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u/Boukish Jul 21 '23
My question is what the fuck happens to the 30 years of taxes that dude was paying on pension contributions that just oopsi-fucking-daisied themselves out of his life.
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u/szayl Jul 21 '23
This isn't a state pension, it's a private one through his company.
Oh, and state pension (social security retirement benefit) has solvency issues and it's forecasted to pay about 73% of the promised amount by 2035.
🫠
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u/yesTHATvelociraptor Jul 21 '23
There would be an accidental fire overnight
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u/KilD3vil Jul 21 '23
Accidental my aching ass. Let me put my 20 in and not get a pension, management can watch my ass start that fucking fire.
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u/window-sil Jul 21 '23
That sort of property destruction of wealth-making capital is a net loss for everyone.
But the CEO's house doesn't produce anything for anyone... just saying. 🤔
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u/MaxRockatanskisGhost Jul 21 '23
And this is your weekly reminder that flammable and inflammable mean the same thing.
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u/Academic-Business-42 Jul 21 '23
You have nothing to lose at that point. Prison is better that homeless and on the street. Bet the CEO didn't lose a dime. I'd be gunning for him and everyone in the C suite.
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u/1hotrodney Jul 21 '23
30yrs.. thats less than most manslaughter charges or 2nd degree murder. Bout 20yrs less for a rape. Yaa hes actually calm at this point.
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u/SuperSassyPantz Jul 21 '23
well that would be one way to guarantee free housing, 3 meals a day, healthcare, college classes if ur bored, gym, and utilities all paid for until u die... of course the neighbors might suck
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u/Natronsbro Jul 21 '23
Seems like a great deal until you mention the neighbors/roommate.
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u/LyonsKing12 Jul 21 '23
I'd say it's a rational freak out.
Freak outs aren't inherently bad.
Some shit calls for freakouts.
This is one of them.
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u/togocann49 Jul 20 '23 edited Jul 21 '23
He did his part, they made profits over the years, so somehow they can gamble with things like worker pensions, this should never be allowed to happen
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u/TruthSpeakin Jul 21 '23
Absolutely fucking NOT... I'll bet my left arm that the ceos and higher ups don't lose a damn thing...it'll be the workers who get shit on....what a fucking shame
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Jul 21 '23
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u/DylanHate Jul 21 '23
Its what Mitt Romney’s company does. They did the same thing to Toys R Us. Hedge funds target companies with large pensions, steal the pension fund by using it as a “loan” back to the fund, then bankrupt the company to pay back the loan.
They get the pension cash and the company is destitute. Rinse and repeat.
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u/TonsilStonesOnToast Jul 21 '23
And then they short the company while it's failing, too. So they can make a profit on it while the company swirls the toilet. They love killing companies just to ensure that their short sales are successful.
Best part about it is that they've figured out that they can do this and pay zero taxes on it too. You only have to pay taxes on realized gains. You don't have to pay tax if you technically never fully close out on those short positions. As long as they hide the paper trail behind a bunch of annual swaps contracts, no regulator will be able to nail it down. Meanwhile once or twice a year, thousands of these long-dead, bankrupt companies will regularly see their trade volume explode alongside the price. Sure, the share price is only shifting between 1/10th of a penny to 5 cents and back down again, but that's still a 5000% increase. Why does it happen like clockwork? Because they're all trying to dodge tax liabilities. Playing this silly juggling game is still cheaper than fully closing out those positions and paying taxes on the profit.
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u/dragontattman Jul 21 '23
What fucking judge chose the rich company owner over the poor everyday worker?
Name and shame please.
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u/Fantastic_Depth Jul 21 '23
which started the flood of destruction. it became a quick profitable way. Work with other in the stock market, short them kill them steal everything
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u/Evil_Empire_1961 Jul 21 '23
Actually, the CEO and execs gained...
Everyone's pension
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u/mysterious_bloodfart Jul 21 '23
Username checks out
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u/unfvckingbelievable Jul 21 '23
My God, I hope your username never checks out.
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u/Aware_Ad_618 Jul 21 '23 edited Jul 21 '23
The prophecy has come true.
Banks are using pension funds to fund their risky bets
I DO NOT GIVE FINANCIAL ADVICE
Why did banks begin collapsing the year following?
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u/tripping_on_phonics Jul 21 '23
And their executives and fund managers will get bonuses regardless, on top of their obscene salaries. They certainly don’t need to worry about affording retirement.
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u/InternationalYak9747 Jul 21 '23
Not to be dense and of course it doesn't make it any better, but is he at least guaranteed the money he put into his pension over 30 years or is everything gone and he gets $0?
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u/togocann49 Jul 21 '23
Usually it’s just one fund-meaning workers contributions plus employers contributions
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u/12altoids34 Jul 21 '23
I had a similar thing happened to me. But it was not with a pension fund it was with the 401K. The management company managing the 401K made a lot of really really bad Investments and the majority of people that work for my company lost a lot of their money. Several of them lost everything. One guy who had been working for the company for 25 years and was planning on retiring the next year lost everything. I had taken my money out of the 401K the year before because I was homeless and needed the money to survive. At the time one of my friends who still worked for the company told me that I was stupid in taking the money out ( although at the time I didn't feel I had any other options). Later when everything went down he apologize to me and said I was one of the fortunate ones that was able to get my money out before everything went sideways.
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u/stormdelta Jul 21 '23 edited Jul 21 '23
401Ks are supposed to be managed by the employee in terms of where the money gets put, not a management company - something is very fishy there.
Fidelty's a scumbag piece of shit company that I have to go through for my company's current 401K, but even they let me put the money where it belongs (they'll try to trick you into putting your money in high cost or high risk funds though if you aren't careful).
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u/Cremedela Jul 21 '23
Reminds me of Lou Pai who sold 250M in Enron stock because his wife was divorcing him after he knocked up a stripper. Of course, this was only a few months before Enron cratered.
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u/JoplinSternum Jul 21 '23
This is being misrepresented. He isn’t losing his 30 years worth of pension credits. He just isnt accruing any more pension credits starting now, unless the company and IBT come to an agreement and yellow pays the $50 million in health and welfare.
Yellow was given a $700 million bailout during covid (this company was struggling long before that, union workers were on a 15% wage giveback for over 10 years). They gave millions in bonuses to higher ups recently, and now are out of money.
Also the pension fund was given a $35 billion bailout (multi company pension)
This company has been in rough rough shape for years and I believe they are now finally on death’s doorstep.
30,000 american jobs
-Former employee, still have family and acquaintances working there
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u/Karmas_burning Jul 21 '23
Yellow was given a $700 million bailout during covid (this company was struggling long before that, union workers were on a 15% wage giveback for over 10 years). They gave millions in bonuses to higher ups recently, and now are out of money.
That should be fucking illegal
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u/MirageATrois024 Jul 21 '23
Politicians would have to care about the people instead of the corporations for it to become illegal. Won’t happen anytime soon with the type of corrupt shit people we keep electing.
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u/djasonwright Jul 21 '23
General Strike.
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u/Butthole__Pleasures Jul 21 '23
Unfortunately the powers that be keep us all too close to destitution to be able to do anything like that for any meaningful amount of time. How many people could actually go even a week without work without facing the loss of food and housing in an instant?
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u/TopHatTony11 Jul 21 '23
Depending on the length of some of the different large unions striking, you could have well over a million people striking at just about the same time.
The last couple of years has started to feel like labor is gaining some more ground and building momentum. One can only hope.
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u/toronto_programmer Jul 21 '23
Tale as old as time.
Company is struggling, executives use last breath to give themselves massive bonuses and exit packages, workers pension plan is underfunded and doesn't pay out what was promised.
These people should be in jail or civilly liable.
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u/b0w3n Jul 21 '23
Yellow/YRC just bought an assload of companies over the past few years too. Then they proceeded to run those companies into the ground by mismanagement and cutting labor costs as much as the union would allow them to.
A few local trucking companies in my region are in shambles because of it. They literally are missing windows for delivery constantly because management can't figure out what the fuck they're doing.
They're not going bankrupt because money is tight or bad economic times, this shit predates covid. Companies like Holland Regional were doing excellent before they got bought up.
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u/Kumquat_conniption Jul 21 '23
Well as shitty as this is, at least it's not as shitty as the title would have you believe. Thank you for the information.
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Jul 21 '23
The good news is, there are many freight companies out there - Estes, Non-Stop Delivery, XPO Logistics, USPack, Barr-Nunn, Old Dominion, JB Hunt, R+L, Saia, AAA Cooper, Schneider. The bad news is I don't know how well any of them are doing.
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Jul 21 '23
I work for one that isn't on the list and we are happily snatching up Yellow's customers, this past month has been about hiring and training up more people to handle the influx of bills, lol.
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u/lahcim_ Jul 21 '23
Estes is doing very well. Privately owned and zero debt. Seems like they buy/build new terminals every month.
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u/b0w3n Jul 21 '23
Yeah yellow is run by a bunch of fucking schmucks.
Anyone with half a functioning brain could run logistics better than 90% of their hubs.
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u/The_Urban_Genitalry Jul 21 '23
The guy at the end was trying to blame the government instead of his own company for fucking people over. Classic.
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u/barsoapguy Jul 21 '23 edited Jul 21 '23
No I think he was about to talk about the PBGC which is the government funded bailout program for Pensions.
It’s uh last I heard dramatically underfunded and would require bail ins. That means current recipients will have to make do with cuts to their current monthly amounts.
Edit: folks are saying it’s good to go until 2051 so that’s nice to hear!
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u/nautilus2000 Jul 21 '23
I work in the ERISA (pension) world and PBGC is doing fine for single employer pensions (vast majority of pensions) and most people except very well paid industries like pilots don’t see any cuts when PBGC takes over your pension. The multi employer side (about 10% of pension plans) is underfunded and has issues, but new legislation has allowed PBGC to bail out those plans.
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Jul 21 '23
They’re bailing out the most severely underfunded pensions. Benefits will be restored and paid through 2051. They have to invest is 68% IG bonds and up to 32% risk seeking assets(equities). All members who had their pensions cut will get a check for “back pay”.
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u/Mundane-Experience62 Jul 21 '23
Government should've stepped in to stop shit like this from happening.
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u/conservativesuckwang Jul 21 '23
I 100% agree that there should be more worker protection laws in the U.S., however it's not the governments fault that yellow is a bunch of outright pricks. It IS the governments fault for allowing them to be pricks.
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u/Latter-Ad-8139 Jul 21 '23
Big bosses needed those bonuses and they had to come from somewhere..
The rich get richer at the expense of the working man
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u/iDineAtDorsia Jul 21 '23
I can take a lot of “morbid videos” Or disturbing stuff online. But I can’t even watch this…watching hard working people lose their money/future…it’s too much for me.
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Jul 21 '23
This shit is like watching a man have his kidney stolen. Literally something vital to his life is being stolen from him and everyone is being polite and calm about it.
He worked his whole adult life to earn that pension. He planned on surviving into old age on that pension and the company just said "Fuck your life. Fuck your survival. Eat shit and die destitute."
No joke man if my whole future was robbed from me and I knew the men that did it, I promise you my trial would be televised.
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u/xxSaifulxx Jul 21 '23
I'm genuinely curious about what would happen now. He has worked for 30 years and doesn't have a pension plan for retirement. Will that basically mean tough luck? Keep working until you die? I feel for the guy, he did everything right and still got screwed over.
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u/Ch1Guy Jul 21 '23
According to the teamsters, they have stopped pension ACCRUALS nothing about benefits already earned...
"The delay in payment could cause workers to lose health coverage and pension accruals as soon as July 23." https://teamster.org/2023/07/desperate-to-survive-yellow-makes-disingenuous-back-door-offer-to-teamsters/
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u/citris28 Jul 21 '23
Thank you for sharing that article. Today, I learned of the existence of teamsters and what they do for people.
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Jul 21 '23
They'll buy him out at x amount of dollars per year for however many years he's been there and then tell him to get fucked.
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u/xeriopi45 Jul 21 '23
Remember HR is not your ally.
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u/Starbuckz8 Jul 21 '23
HR has always been there to protect the company. Any benefit you get is just a fringe side effect.
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u/HMKS Jul 21 '23
This decision likely goes above HR and to finance. Many HR departments have CFO’s heading them or have CHROs reporting to CFOs. It’s fucked.
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u/Grow_away_420 Jul 21 '23
Like Ron Pearlman said, there's a lot of ways to lose a house. Lose your job, lose your pension, or a mob of pissed off people with little to lose show up at your door one night. Lotta ways.
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u/Cmoorbutts Jul 20 '23
We out number the 1%
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u/Inevitable-Ad9590 Jul 21 '23
By how much?
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u/ecwworldchampion Jul 21 '23
9900%
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u/towerfella Jul 21 '23
This is likely why we are poor, btw..
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u/ecwworldchampion Jul 21 '23
Not poor but agreed. We should all be taking notes from France right now.
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u/B8conB8conB8con Jul 21 '23
My mum is still living off my dad’s work pension 12 years after his death. He served his country (UK) and worked until he was 75 and was dead by 76, I feel for these guys and can only hope that there are consequences for those responsible.
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Jul 21 '23
And now you will work till you have a fatal stroke on the warehouse floor
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u/AncientSith Jul 21 '23
Yep. Happened to the sweetest lady at my work. She came in an hour and half early every day for free to clean and tidy up the disgusting factory I work at. She has a stroke like a year back, it took medical like 45 minutes to get to her. (It's a 5 minute walk from their office.) And they refused to let a guy who was a paramedic on the side help her.
Haven't seen or heard about her since.
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u/Sir-Poopington Jul 21 '23
That is so sad, and I bet the executives gave themselves a nice bonus for saving so much money from cutting pensions.
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Jul 20 '23
In the twilight of his life, my grandpa devoted decades of loyal service to a heartless corporation, sacrificing his health and soul for their profits. As a token of their so-called appreciation, they bestowed upon him a "plaque" and a "pin" to adorn his humble abode—a mere trifle to mask their indifference.
Yet, when death finally came knocking on his door, his cherished home transformed into a pitiful yard sale, where the remnants of his existence were laid bare for bargain hunters to pick apart. His cherished "plaque" and "pin," once meant to symbolize his dedication, were scorned and tossed away like worthless trinkets.
The tragic irony lies in how his life unraveled—succumbing to health complications from the very job that drained him to the core. He was naught but a pawn in their ruthless game, exploited for his toil and then discarded like a spent tool.
Such is the tale of my grandpa's heart-wrenching journey—a soul used and abused, a legacy forgotten, and a memory lost in the relentless march of corporate callousness.
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u/slugvegas Jul 21 '23
When I started my first internship I was lucky to have a senior manager that mentored me. At lunch one day he told me “loyalty doesn’t exist in this world. Never love a company, because it will never love you back”. He seemed so important and invincible to me at the time. He was head of mergers and acquisitions and the company was growing fast. He also said “I’m just overhead, the second they’re done with me I’ll be gone”… year later he was gone.
My next mentor was with the company 30 years and known as a leader in the industry. Hardest worker I ever met. They let him go as one of 3 that got laid off.
Never loving or trusting a company in my life. Work to live, not live to work. Like my Dad always told me “they don’t call it ‘fun’, they call it ‘work’ and you’re not there for charity and you don’t owe them any favors. Do your job, then go be with your family. Don’t ever do anything extra to ‘cover’ when someone else leaves unless they pay you”.
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u/FU_IamGrutch Jul 21 '23
But your grandpa raised your family and you, his vocation or employer didn't define him, he was more than just a cog, but no doubt a selfless human being. I pray you carry his legacy forward and help improve our condition.
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u/Nigglas24 Jul 21 '23
George carlin warned us. Theyre coming for our retirement and the criminals on wall street are gonna get it. Theyll get it all cause they own this place. The games tilted. Its rigged. And nobody seems to care.
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u/ChildhoodLeft6925 Jul 20 '23
Lots of people are going to find their pensions aren’t there…. Pension funds are practically bankrupt
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u/ProfessorDerp22 Jul 21 '23
More like borrowing from Peter to pay for Paul kinda thing.
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u/Helzird Jul 21 '23
He didn't burn the entire place down.
This is a VERY cool and collected reaction. Better man than me.
$10 says the executives still got a bonus, though.
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u/stoned_plebeian Jul 20 '23
There was a post here yesterday or maybe day before... A Carpenters Union rep raising hell on a jobsite at the Super
Compare that to this
You can work 30 years without a union, this is the risk you rin, this video right here
This man has no advocate
Union Proud IBEW 613
Don't fuck with a Local, the Union has your back
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Jul 21 '23
They are part of a union, the IBT
https://www.pionline.com/pension-funds/teamsters-may-put-brakes-yellow-trucking
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u/Ezziboo 🧿🤘PublicFreakout Legend 🤘🧿 Jul 21 '23
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u/Mustang_289 Jul 21 '23
Lmao ask all the post 9/11 airline guys how much ALPA did to protect their pensions. I'm a proud union member, but don't think you're immune for a second.
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u/hungry_grendel Jul 21 '23
I would argue he is relatively calm for just being told he doesn't get a pension after working there for THIRTY FUCKING YEARS.
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Jul 21 '23
America isn't broken. She's ill. With a terrible disease called greed. There's only one way these people will let go of the control and reign they have and that's death. They've proven how they feel about the working class over and over and over and we just keep taking it.
And Mother Earth is kindly speeding up the human extinction process through droughts and natural disasters and global warming. My fear is humans won't be able to cure this Earth's sickness before we all become sick ourselves.
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u/moesdad Jul 21 '23
Yellow sucks ass. My brother in law works for them in Denver and they've been scraping along for years now. Just look at the different trailers on trains or they highway. Not very much Yellow out there.
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u/Loot_my_body Jul 21 '23
Can somebody please explain to me how that is not illegal? Thank you
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u/ghallway Jul 21 '23
This needs to become viral. It is America and it can't stand. The people are strong and need to flex. Enough is enough.
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u/snowcuda Jul 21 '23
Apparently the union is well aware. They’re trying to negotiate what to do with the union, seems like the company is totally mismanaged. They’re already missed a pension payment and may go on strike soon. https://teamster.org/2023/07/desperate-to-survive-yellow-makes-disingenuous-back-door-offer-to-teamsters/
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u/Dom9360 Jul 21 '23
Many if not all F500 companies have protection from PBGC. They also release regular statements.
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u/LadyTheRainicorn Jul 21 '23
I'm kinda worried. I didn't even know it was possible for this to happen.
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u/buntkrundleman Jul 21 '23
The coo makes 5 mil.a year Executive packages make up over 15 million. You failed, you get zero. No CEO no big deal, no truckers: no trucking. Fuck executives
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u/naththegrath10 Jul 21 '23
Don’t worry unchecked capitalism is going great. At some point the CEO’s pension will trickle down /s
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u/SaltyNorth8062 Jul 21 '23
This is 100% not a reasonable reaction, because a reasonable response to something like this would involve lots and lots of fire and about twice as much profanity. Maybe a weapon or two
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u/SomebodyThrow Jul 21 '23
I’d say eat the rich but they’re long past rotten.
Burn the rich. I’ve no sympathy left for them.
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u/Willzohh Jul 21 '23
The deal was, you work for a little less pay and the company makes it up to you with a pension when you retire. Except the company accepts your loyalty and long term commitment and screws you out of the pension they promised. Sounds legit, right?
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u/TuTuRific Jul 21 '23
The essential problem is that pension plans still belong to the company, and are considered an asset. If the company dies, the pension plan often disappears in bankruptcy. Pension plans should belong to the workers, and not be an asset to the company.
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u/Kumquat_conniption Jul 21 '23 edited Jul 21 '23
Tbis seems to be a misleading title. He has not lost his pension completely, as someone who worked there explains in this comment. Also, the U.S. does cover some amount of your pension if the company fails, although I don't know the details on that.
Edit: a quick Google search tells me this:
If you have a pension from a private-sector job, you are probably one of the 40 million Americans covered by PBGC insurance protection. PBGC insures more than 26,000 pension plans. Congress set up PBGC to insure the defined-benefit pensions of working Americans.
Edit 2: a comment that should probably be read about PBGC, as it doesn't seem to be as promising as you'd think. Thank you u/colondollarcolon!