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YRCW Pensions Frozen in Central Pennsylvania

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...

Pension Crisis Calls for Teamster Action

May 22, 2009: Our union needs to mobilize Teamster members and retirees—in the halls of Congress and in the streets—to save our benefits. It’s time for decisive action. Teamster members are facing the worst pension crisis in the history of our union. This crisis is not the fault of Teamster members. We worked hard, played by the rules and saved for the future—sacrificing wage increases to fund good pensions. Defined benefit pensions are the most...

Harrisburg Local 776: Enforce YRC Contract and Protect Pensions

May 22, 2009: Harrisburg Local 776 has called for the International Union to enforce the national freight contract regarding pensions for YRC Teamsters. The Central Pennsylvania fund has amended its plan to freeze pension accruals for YRC Teamsters from June 1 till the end of 2009; Local 776 is acting to protect the pensions of its members. In a May 20 letter, Local 776 President Dan Virtue requested that General President Hoffa “do whatever is...

Central Pennsylvania Freezes YRC Teamsters’ Pensions

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...

YRC to Apply for Federal Bailout

May 15, 2009: YRC announced they will apply for federal bailout money, possibly as soon as today, citing their pension costs as a factor. YRC may have a difficult task, because TARP (Troubled Asset Relief Program) funds have only gone to the big auto companies, aside from banks and financial institutions. But YRC may have a back-up plan. CEO Bill Zollars told the Wall Street Journal that he hopes to “get the conversation going” with...
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Herman Benson: A One-Man Army Working to Revitalize the Labor Movement

My friend Herman Benson died yesterday, just shy of his 105th birthday. He was an inspiration, a leader, and sometimes a critic for so many of us working to put the membership front-and-center in the Teamsters and in the whole labor movement.

YRCW Gets $700 Million CARES Act Loan!

The US Treasury will loan YRCW $700 million under authorization from the CARES Act. $350 million will be used to make H&W and pension benefit payments, and the other $350 million will go to investment in tractors and trailers.

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