May 4, 2011: The Western Conference of Teamsters Pension Fund has made it official: YRC Teamsters are no longer participants in a pension plan.
Instead, they will get approximately $1.75 per hour put into a 401(k) plan, effective June 1.
On May 2, the Union Chair of the Fund, Chuck Mack, informed all Western locals that "YRC will not re-enter the Plan at a lower contribution rate. They will instead make any pension contributions to the International Union’s 401k."
It's a major blow to many YRC Teamsters, a and sad day for all Teamsters who care about our union’s strength in freight and our ability to organize in trucking.
It's also a strong signal that a change of leadership is a must to get our union back on track in freight and trucking, and rebuild Teamster Power. The Hoffa administration has had 13 years, and the result has been backpedaling, excuses and blaming someone else.
YRC Teamsters in the Western Fund will retain what credits they earned in the past, but not accrue any new years or credits toward retirement. It is an especially bad blow to those with fewer than 25 credited years in the fund; they will not become eligible for any early retirement ("golden 80"), unless they get back into the fund at a different Teamster employer.
There are other Teamster pension funds in the east who have not been heard from regarding what will happen with YRC Teamsters, even though June 1 is just weeks away. That is the date that YRC must resume paying pension contributions.