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.

Get Advice Join TDU Donate

Recent News

Zoom Call for IBT Election Volunteers on Saturday, August 14

TDU will hold a national zoom call on Saturday, Aug. 14 for Teamsters who are volunteering to elect the O’Brien-Zuckerman Teamsters United Slate. Join candidates, campaign coordinators and Teamster activists for an update and to make plans to Get Out the Vote and win this fall. Click here to register. 

Central States Assets Fall – But Relief is Coming!

The assets of the Central States Pension Fund fell to $9.8 at the end of March, a drop of $573 million in the first quarter.  The fund projects forward that it will pay $2.83 billion in pension benefits this year, while taking in $651 million in employer contributions.

View More News Posts