December 20, 2010: YRC Teamsters were asked to vote for massive concessions for nearly five years, and were offered one benefit: resumption of pension credits, at a smaller contribution rate.
The question now is: what pension credits will they get?
Members are entitled to know the answers, but so far, they’re not getting any. The Central States Pension Fund trustees met on Dec. 7-9, but didn’t bother to take up the issue.
As we go to press we have no information on what the Western Conference of Teamsters Pension Fund will do. There are reports that the Western fund may refuse to give credits, and put the $1.75 per hour YRC pension contribution into a 401(k) type plan called the Pacific Coast Benefits Fund. That would be a tragic situation for YRC Teamsters in the West who are working to qualify for their 80-and-out (age plus service years) early retirement.
Why didn’t the Hoffa administration work out these pension issues before finalizing the deal?