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YRC Tentative Agreement: What’s in It?

July 17, 2009: The ballots for the tentative agreement on economic concessions between the International Union and YRC are being mailed to some 50,000 Teamsters. They face a huge decision, for themselves and their families, and for our union in the freight industry. YRC Teamsters, who voted in January to accept a ten percent wage cut, are being asked to approve additional big concessions. The new agreement contains an 18-month pension contribution termination period, an...

Freight Teamsters Speak Out on YRC Concessions

If this deal passes, what does it mean for the pension? Will Central States make changes to our benefits going forward? What does it mean for recent retirees or those who will go during the 18 months? What does it mean if YRC never makes another contribution? It’s these questions that need answers if we’re going to know the real deal on our vote. James Biese Local 200, Milwaukee, WI USF Holland This bogus crap...

BNA Daily Labor Report: IBT, YRC Agree on Wage Cuts, Temporary Pension Suspension

July 16, 2009: The International Brotherhood of Teamsters will begin mailing ballots July 17 to some 40,000 of its members employed by YRC Worldwide Inc. to vote on modifications to the terms of its collective bargaining agreement that call for a cut in gross wages, reductions in employer contributions to health and welfare benefits, and a temporary suspension of the company's pension contribution, the union said in a July 14 statement. “We are confident this...

YRC: Ballots Out Soon

July 14, 2009: The tentative deal with YRC contains an additional 5% wage cut, a reduction in H&W contributions, and an 18-month pension contribution termination period, as well as union proposals. If approved in a membership vote, the additional pay cut (approximately $1.16 per hour) will go into effect immediately; the pension termination period will begin July 1 and end Dec. 31, 2010; and the contractual health and welfare contribution increase due on Aug. 1...

YRC “Economic Relief Plan”

July 14, 2009: The tentative deal with YRC contains an additional 5% wage cut, a reduction in H&W contributions, and an 18-month pension contribution termination period, as well as union proposals. Click here to read the IBT’s two-page summary of the agreement. Click here to read the IBT's Memorandum of Understanding with YRCW. If approved in a membership vote, the additional pay cut (approximately $1.16 per hour) will go into effect immediately after ratification; the...
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Recent News

Central States Fund Falls to $12.3 Billion -- Senate Action Needed

The 2019 Financial Report of the Central States Pension Fund shows that fund assets dropped to $12.3 billion, as retirement payouts far outstrip the income from employers remaining in the fund. The net loss on the year was $857 million, and the Fund continues to predict insolvency in 2025, unless action comes soon.

Pension Fix Needs Congressional Action Now

Continued erosion of the assets of the Central States Pension Fund and the pension back-stop, the Pension Benefit Guaranty Corporation, demand immediate Congressional solutions as reported here.

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