The Central States Fund was the largest of the health and welfare funds which provide pension and health insurance for UPS workers. When UPS pulled out of this fund last year, YRC became the largest remaining contributor in that multi-employer plan. Just last month the Teamsters agreed to take a lien against YRC property for payment of their monthly contributions for the next year and a half. If YRC fails, the Central States fund will not be far behind. All Central States teamsters who retired before this last contract will be greatly impacted.
For example, a UPS driver with 30 years of service at age 62 who retired before this contract would see their monthly pension benefits suddenly decrease from $3,000 a month to the $1,000 maximum guaranteed by the Federal pension insurance plan. That would affect many of our UPS retirees greatly.
Salesguy, you are about as shallow as a kiddie pool. You spout off, YRC failure would be great, UPS freight will get all of that business. Such a failure would impact hundreds of thousands of retirees across the country including many UPS retirees. To see this as a good thing is a bad thing.