6 replies to this topic

[alex_y]

This act is going to have a dramatic impact on all union pension plans. Perhaps some good but also a LOT of bad and a lot of unintended consequences that are very damaging for former employees of companies that no longer exist, bankrupt or otherwise. I want to see the details of who picks up the pieces on those employees. It should also dramatically impact the solvency of financially shaky pension plans. I also wonder as to the impact of the deal that UPS cut with Central States Pension on their buyout. its all very serious stuff. I'll wait for the IBT response.
Understandably Tellow/Roadway likes it because of it releases responsibility for the pension rights of the retirees of failed carriers. From that stand point its a good thing for the Teamsters at YRCW unless of course that company fails as well. I guess, life is like a box of choclits.



OVERLAND PARK, Kan., Oct. 29 /PRNewswire-FirstCall/ -- YRC Worldwide Inc. (YRCW:$4.06,00$0.42,0011.54%) , one of the largest transportation service providers in the world, expresses strong support for legislation introduced this week in the United States Congress that will save large and small businesses and protect the jobs and pensions of hundreds of thousands of Americans.
The Preserve Benefits and Jobs Act of 2009, sponsored by Rep. Earl Pomeroy (D-ND) and Rep. Pat Tiberi (R-OH), seeks to repair and resolve some unintended consequences of The Motor Carrier Act of 1980, the Multiemployer Pension Plan Amendments Act of 1980, and the Pension Protection Act of 2006. The Motor Carrier Act deregulated the trucking industry, while the Multiemployer Pension Plan Amendments Act required companies in these plans to pay for the benefits of retirees who never worked for them. Approximately 40 to 50% of pension contributions made by employers in many of these plans go to fund these non-sponsored participants.
"On behalf of nearly 40,000 YRC Worldwide (YRCW:$4.06,00$0.42,0011.54%) employees, we wish to thank Representatives Pomeroy and Tiberi for recognizing that these costs represent a huge, hidden tax on large and small businesses that are unfairly shouldering this burden," said Bill Zollars, Chairman, President and CEO of YRC Worldwide (YRCW:$4.06,00$0.42,0011.54%) . "We are hopeful that Congress will take swift action to resolve this inequity and protect the jobs and pensions of hard working Americans, retirees and their families."
About YRC Worldwide (YRCW:$4.06,00$0.42,0011.54%)
YRC Worldwide Inc. (YRCW:$4.06,00$0.42,0011.54%) , a Fortune 500 company headquartered in Overland Park, Kan., is one of the largest transportation service providers in the world and the holding company for a portfolio of successful brands including YRC, YRC Reimer, YRC Glen Moore, YRC Logistics, New Penn, Holland and Reddaway. YRC Worldwide (YRCW:$4.06,00$0.42,0011.54%) has the largest, most comprehensive network in North America with local, regional, national and international capabilities. Through its team of experienced service professionals, YRC Worldwide (YRCW:$4.06,00$0.42,0011.54%) offers industry-leading expertise in heavyweight shipments and flexible supply chain solutions, ensuring customers can ship industrial, commercial and retail goods with confidence. Please visit yrcw.com for more information.
Media Contact: Suzanne Dawson
Linden, Alschuler & Kaplan
212.329.1420
sdawson@lakpr.com

SOURCE YRC Worldwide Inc.

[fr8man]

Thanks Alex, but not sure I'm understanding this. Are you saying that because I worked for a Union carrier thats now out of business that when I hit the time and age requirements, I can't collect my full pension?? Please explain will ya?? Thanks

[alex_y]

fr8man, on Oct 29 2009, 02:38 PM, said:

Thanks Alex, but not sure I'm understanding this. Are you saying that because I worked for a Union carrier thats now out of business that when I hit the time and age requirements, I can't collect my full pension?? Please explain will ya?? Thanks

Frt8man, that's one of the many unanswered questions that need to be flushed out. The answers will come as the legislation gets analyzed. This legislation will have dramatic impact on a great many Teamsters, obviously not just YRCW, and I'll try and dig into it this w/e.

[alex_y]

Some basic information, but not much.

http://www.americanbenefitscouncil.org/doc...sheet102709.pdf

[alex_y]

http://www.americanbenefitscouncil.org/doc...draft082709.pdf

Some good discussions

[alex_y]

The complete text of the Bill. Relevant pages are the last thirty.

http://www.americanbenefitscouncil.org/doc...-text102709.pdf