May 22, 2009: “This [real estate in lieu of pension payments] approach would have no effect on pension benefits for employees.” — Bill Zollars, April 14, 2009
“This means that, for YRCW participants, pension benefits will not increase as a result of service during the Freeze Period.” — Central Pennsylvania Pension Fund, May 14, 2009
The Central Pennsylvania Pension Fund has frozen pension accruals for all YRCW Teamsters from June 1 through the end of 2009. This means they will get no credit for their service in that period. But, if the payments are later made, pension credits will be retroactively awarded to all affected Teamsters.
This amendment to the pension plan will not affect pension credits already earned, or eligibility for benefits.
It is not known at this point if other funds will follow this lead.