May 18, 2009: The Central Pennsylvania Teamsters Pension Fund has frozen new pension accruals for YRCW participants from June 1 until the end of 2009.
This means no new benefits will accrue to members. This change does not affect already-earned pension credits, nor does it affect eligibility for benefits.
It is not known at this point if other Teamster pension funds will go this route. There is a consortium of Teamster pension funds, led by the Central States Fund, which is looking at YRC’s proposed deal to post real estate for collateral in lieu of pension contributions for the rest of 2009.
The Central Pennsylvania Fund is part of that group, but each fund is free to act independently.
If YRC later pays the contributions, then the Central Pa accruals will be restored retroactively.
Click here to see the May 14 letter announcing the pension freeze.