YRC: Banks Agree to Pension Deferral

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. However, YRC still needs to get the approval of the Teamster leadership, and of the various pension funds involved.

The announcement came in a form 8-K filed with the Securities and Exchange Commission.

YRC has some 40,000 Teamster employees in various Teamster pension funds. Approximately half of them are in the Central States Pension Fund, which covers the Midwest, the South, and the Carolinas.

Click here to read more.


Be the first to comment

Please check your e-mail for a link to activate your account.
Get Advice Join TDU Donate

Recent News

Five Things the IBT Can Do to Fix the UPS Contract Disaster

Denis Taylor has repeatedly promised local unions and members that he will return to the bargaining table with UPS. But no date has been set. Here are 5 things the IBT can do fix the disaster at UPS. They will only happen if UPSers keep the pressure on.

Put Our Issues on the Table at UPS

Despite declaring the contract ratified, Denis Taylor says he will “return to the bargaining table to address a number of member concerns with the National Master UPS Agreement.” When bargaining resumes, UPSers expect our issues to be addressed.

View More News Posts