The Central States Pension Fund has issued a fact sheet regarding the Yellow companies and the pension.
The memo explains the impact of the Butch Lewis pension provisions of the American Rescue Plan Act. The recent pension legislation does not eliminate the March 2011 YRC benefit modifications that resulted from the concessionary YRC Restructuring Plan.
YRC and Holland Teamsters do benefit from the Act saving Central States from bankruptcy; Central States would go bankrupt in 2025 without the Butch Lewis Act. Yellow Teamsters are still under the "Distressed Employer Schedule" which currently has annual accruals of $55 per year worked. Benefits can only be improved through bargaining changes in the contract, which expires in 2023.
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