So whats going on at YRC World Wide

[dannyboy]

These are also known as Yellow Freight lines, USF Holland, and New Penn Motor Express.

Why are they not making contributions to the pension funds of the unions that cover their drivers for July 1st to the end of the year?

d

 

[pickup]

These are also known as Yellow Freight lines, USF Holland, and New Penn Motor Express.

Why are they not making contributions to the pension funds of the unions that cover their drivers for July 1st to the end of the year?

d

They are having cash flow problems relative to their debts and can't pay. Summation of what I have been reading

 

[scratch]

YRC also has Roadway Freight in it. They all had to take a 10% pay cut. Consolidated Freightways also stopped making pension contributions right before they went belly up. Not good for all IBT Pension Plans.

 

[JonFrum]

"June 18, 2009. The International Union is proposing that the national contract with YRC be amended to defer pension contributions for some 14 months, which would allow nearly $500 million in savings to the carrier.

The outline of the plan was unveiled today by the Hoffa administration at a meeting of freight local union officers in Chicago."

Several articles here . . .
http://www.tdu.org/node/3130

 

[Hangingon]

Ouch. That is money that will never be made up, and with the losses in the stock market.. Well I see why quite a few senior Feeder drivers are talking about retiring in the near future. You just know they will need to lower the pension again.

 

[feederdriver06]

You better plan on not receiving a pension when you retire. There wont be anything left , maybe a fraction(10 - 20%) of what your yearly pension benefit statement says. America is a done deal. Save your money and have your own retirement funds set up. Thats been my attitude for more than a decade.