May 22, 2009: Most members covered by Teamster pension plans recently received an Annual Funding Notice in the mail, and some of those letters have been pretty scary.
Pension and Benefits
TDU in Action—Pension and Benefits
“TDU will support any fight launched by the International Union to defend our benefits. And we will continue to inform members so we can put pressure on the employers and on Hoffa, when necessary, to save and strengthen our benefits.”
K.W. Phillips, Roadway
Local 667, Memphis, Tenn.
Pension Workshops: Our Rights, the Benefit Cuts and How We Can Beat Them
TDU brings together concerned Teamsters and pension experts to share information and build a movement to restore our benefits and strengthen them for the future.
Pension and Benefits Newswire
May 22, 2009: “This [real estate in lieu of pension payments] approach would have no effect on pension benefits for employees.” — Bill Zollars, April 14, 2009
May 22, 2009: Our union needs to mobilize Teamster members and retirees—in the halls of Congress and in the streets—to save our benefits. It’s time for decisive action.
May 22, 2009: Harrisburg Local 776 has called for the International Union to enforce the national freight contract regarding pensions for YRC Teamsters.
May 18, 2009: The Central Pennsylvania Teamsters Pension Fund has frozen new pension accruals for YRCW participants from June 1 until the end of 2009.
May 15, 2009: YRC announced they will apply for federal bailout money, possibly as soon as today, citing their pension costs as a factor.
May 6, 2009: In 2008, the Baltimore Local 355 Pension Fund dropped over $100 million—but a new law will let the fund stay in the Green Zone for one more year.
April 30, 2009: The Central States Pension Fund has convened a “Pension Fund Review Committee” to analyze information and to advise funds regarding YRC’s proposal to put up real estate as collateral while deferring payment of pension moneys to the funds until 2010.
April 22, 2009: YRC’s plan to defer making contractually-required payments on behalf of their employees to Teamster pension funds is moving forward.
April 20, 2009. YRC today announced that its major banks, including J. P. Morgan, agreed to allow the company to use real estate as collateral and defer making payments to Teamster pension funds.