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Sunday, January 8, 2017
Doug and I continue to call and write anyone we can to seek help for the retirees of Local 707. Yesterday IBT, once again, confirmed that Local 707 is the ONLY Teamster union who is getting cuts at this time and the ONLY one who is scheduled to go to PBGC. They also said that it was the duty of the Board of Trustees to make the necessary changes to protect the fund a long time ago and that IBT has NO jurisdiction over any pension fund or local. They also said that it was solely up to the Board to protect their retirees and do their fiduciary duties to their retirees. Two of those board members are company (YRC) personnel. My personal feeling is that the retirees really should find a way to have all of this investigated. To our knowledge no one has had this done. 440 million dollars is a lot of money to lose in such a short period of time. We are going to investigate how and who could do this and hopefully if we find a way, all 707 retirees will participate in the cost. Letting these cuts just happen without a clear picture of where the money went, when, and how just doesn't seem like the right thing to do.
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