Operator
Greetings and welcome to the ArcBest s Fourth Quarter 2020 Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to David Humphrey, Vice President of Investor Relations. Please go ahead.
David Humphrey
Vice President of Investor Relations
Welcome to the ArcBest fourth quarter 2020 earnings conference call. Our presentation this morning will be done by Judy McReynolds, Chairman, President and Chief Executive Officer of ArcBest; David Cobb, Chief Financial Officer of ArcBest. We thank you for joining us today. In order to help you better understand ArcBest and its results, some forward-looking statements could be made during this call. As we all know, forward-looking statements by their very nature are subject to uncertainties and risk. For more complete discussion of factors that could affect the company s future results, please refer to the forward-looking statement section of the company s earnings press release and the compan
James Hoffa, right, talks with Robert Kennedy, counsel for the Senate Rackets Investigating Committee, in Washington, D.C. on Aug. 21, 1957. Two reporters recently located a potential Hoffa burial site. (Image:
Associated Press)
Fox News anchor and reporter Eric Shawn wrote on the network’s website Friday that radar identified “large buried pieces of curved metal” where Hoffa might have been buried in a 55-gallon steel drum. The dump site is in Jersey City beneath the Pulaski Skyway. The skyway, opened in 1932, connects Jersey City and Newark.
Shawn and investigative reporter Dan E. Moldea appear together at the parcel in the fourth episode of
Stars Have Aligned for Union Pension Funding Action
Sources hopeful for Congressional action say arguments about saving union pensions should be linked to the broader social and economic challenges facing the U.S. and its labor force.
Reported by
A little over a month ago, Russell Kamp, managing director at Ryan ALM, spoke with PLANSPONSOR about the funding crisis facing many, but not all, union-sponsored multiemployer pension funds.
At the time, Kamp said much was at stake for union pensions based on the outcome of the two early January Senate runoff elections in Georgia. Like many other observers commenting at the time, Kamp felt it was likely that at least one of those elections would be won by a Republican, and the assumption of divided government made him fairly pessimistic about the possibility of serious union pension reform occurring this year.
- Pot calling kettle - Tuesday, Dec 15, 20 @ 10:24 am:
The big difference between Republicans and Democrats seems to by the color of the fairy dust and the number unicorns necessary to balance the budget.
- Pot calling kettle - Tuesday, Dec 15, 20 @ 10:24 am: be
They turned down 90% of what they asked for to deny a Republican President they despise a win in an election year. Now they are paying the price.
“Democrats ultimately settled for less than a third of what they had set as a baseline for state and local aid, accepted a package without any $1,200 direct payments, and signed off on a plan that, after offsets, includes less than $350 billion in new money, well below a slew of pre-election proposals rejected by Democrats like Nancy Pelosi and Chuck Schumer as being too low.”
PBGC Programs in Very Different Positions
The single-employer program is improving, but Director Gordon Hartogensis says it’s clear legislative help is needed for the multiemployer program.
Reported by
The Pension Benefit Guaranty Corporation (PBGC) has released its Fiscal Year (FY) 2020 Annual Report, which notes, among other things, that the expected insolvency date of the agency’s multiemployer insurance program has been delayed from FY 2025 to sometime in FY 2026.
Meanwhile, the single-employer insurance program is improving, driven primarily by investment income and premium income.
The multiemployer program remains severely underfunded, with liabilities of $66.9 billion but only $3.1 billion in assets as of September 30. This resulted in a deficit, or negative net position, of $63.7 billion, compared with $65.2 billion a year earlier. The decrease in the program’s deficit is primarily due to the enactment of the Bipartisan American Miners Act of 2019, which is expecte