Yellow | YRC Worldwide will talk with Teamsters union about pension payments

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YRC Worldwide Inc. plans to talk with its union about its pension payments, which are supposed to restart early next year but may need to be delayed.The Overland Park-based trucking giant (Nasdaq: YRCW) and the International Brotherhood of Teamsters union, which has worked with YRC on roughly $2 billion worth of concessions to help keep the company in business and thousands of its members employed, have formed joint committees to “address the company’s competitiveness and re-entry into union pension plans,” according to a Monday release.........

http://www.bizjournals.com/kansascity/stories/2010/05/24/daily1.html
 
This is also from the above article : In concessions last year, the union approved YRC stopping its pension plan contributions until the end of 2010. Before that, YRC had deferred about $155 million in pension payments, which YRC also is supposed to begin paying after the end of the year.

Although YRC has seen an increase in business in recent months, the company has said it probably will need to delay the pension payments further because it will not have the cash available to cover the deferred payments next year. That would force YRC to once again consider Chapter 11 bankruptcy protection, the company said in a Securities and Exchange Commission filing earlier this month.
 
omg how shocking that they would already be trying to wiggle out of paying . guess the lub job is starting early .
 
[quote author=Italian Style link=topic=80438.msg832572#msg832572 date=1274721473]
Ah-oh, it'll start getting crazy on these boards, again. Is there going to be a nation-wide vote on this subject? :popcorn:
[/quote]I'm sure there will be and Chicago will be part of it this time, all problems solved. I'm just waiting for the "Rocking 2010" I keep hearing about, we still have time I guess. :popcorn:
 
Zollars is jumping the gun a bit. The Senate hasn't been heard from yet on the pension relief unless they chose not to act on it. But they wouldn't do that cause..they've done too much for the teamsters already
:biglaugh:
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[quote author=longblade link=topic=80438.msg832570#msg832570 date=1274720730]
omg how shocking that they would already be trying to wiggle out of paying . guess the lub job is starting early .
[/quote]

thats what i thought, why not start this later, and see what happens later this year?? it just goes to show they want to get another one by us just incase we are doing good by the latter part of the year??
 
Well, well are we surprised at the latest dose of verbal foul tasting tonic given to us by YRC, IBT and perhaps the US gov't???? :buttkisser: Here in the land of OH we knew it was coming down the highway at us at about 95 MPH... just a wee bit taken back by how soon. Not even a year after the first cut which was voted on by individuals who I know have not been active IBT members in years due to the joy & pleasure of PROGRESSIVE DICIPLINE at YRCW and had NO right to vote but got the ballots just like active members, although mine arrived 2 days after the vote :duel: Imagine that... Haven't been too active on this board lately due to a totally un-avoidable workplace incident, which due to circumstances (as usual) :poke:which most certainly was avoidable according too (article # blah-blah, blah) in our contract. If we get letters of warning for incidents why should we even think that the vote on our consession is going to be fair and done on and even playing field :fart: it's not.. To all my fellow IBT brothers and friends it's time MR. BIG H.. our fearless leader gets the leather belt out of the closet blows off the dust and listens to us and those who came before us (my father and friends, 60+ years of IBT members) those who put his father in office. Maybe instead MR. BIG H. should not show his arm raised with a fist perhaps a peace sign would be appropreate... I say NO Consession, no talk, no lobbing, NO :rant: bring out the barrels if no barrels NO MORE VOTES AT ALL for MR. BIG H... :stir:
 
The subject line in this topic should be changed to.......
YRC Worldwide will tell the Teamster's union what they will do with our pension payments.
 
it's putting a lot of squeeze on ABF brass. Now that the crew rejected the 15% give back no-way can they be competitive in the big discount game. Unless the freight comes back big-time they got a prob

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Just look at the numbers. YRC lost around 100M dollars the first quarter and there running out of things to sell. They are also running out of financial options. Your not the government, you can't just keep printing stock. Even if YRC gets relief from congress, and only have to pay into the pension plan for their own employees, your still talking about 15K per union employee per year. This is not counting the deferment payment due in Jan 2011. The union employees has agreed on the 15 percent wage concessions, and the union has went along with the pension plan deferment. Asking for another pension plan deferment is a forgone conclusion. YRC will keep on asking for a deferment as long as they can. When the union or the membership finally says no, YRC will file for bankruptcy protection and close the doors. They will either stay closed or reopen as a very large nonunion carrier with a different name. I hope I'm wrong, but I don't think so. TP
 
[quote author=Twice Pipes link=topic=80438.msg 832851#msg 832851 date=1274806146]
Just look at the numbers. YRC lost around 100M dollars the first quarter and there running out of things to sell. They are also running out of financial options. Your not the government, you can't just keep printing stock. Even if YRC gets relief from congress, and only have to pay into the pension plan for their own employees, your still talking about 15K per union employee per year. This is not counting the deferment payment due in Jan 2011. The union employees has agreed on the 15 percent wage concessions, and the union has went along with the pension plan deferment. Asking for another pension plan deferment is a forgone conclusion. YRC will keep on asking for a deferment as long as they can. When the union or the membership finally says no, YRC will file for bankruptcy protection and close the doors. They will either stay closed or reopen as a very large nonunion carrier with a different name. I hope I'm wrong, but I don't think so. TP
[/quote]

Twice Pipes,Its not an all or nothing deal getting back into the pension fund,I wish people would realize that no union company is ever going to pay $5.+ per hr. into the pension fund and we should be negotiating a much lower amount but still insisting YRC re-enters the plan.

As for closing and re-opening non-union,never has happened and never will.
 
[quote author=cessnakat link=topic=80438.msg832859#msg832859 date=1274809545]
[quote author=Twice Pipes link=topic=80438.msg 832851#msg 832851 date=1274806146]
Just look at the numbers. YRC lost around 100M dollars the first quarter and there running out of things to sell. They are also running out of financial options. Your not the government, you can't just keep printing stock. Even if YRC gets relief from congress, and only have to pay into the pension plan for their own employees, your still talking about 15K per union employee per year. This is not counting the deferment payment due in Jan 2011. The union employees has agreed on the 15 percent wage concessions, and the union has went along with the pension plan deferment. Asking for another pension plan deferment is a forgone conclusion. YRC will keep on asking for a deferment as long as they can. When the union or the membership finally says no, YRC will file for bankruptcy protection and close the doors. They will either stay closed or reopen as a very large nonunion carrier with a different name. I hope I'm wrong, but I don't think so. TP
[/quote]

Twice Pipes,Its not an all or nothing deal getting back into the pension fund,I wish people would realize that no union company is ever going to pay $5.+ per hr. into the pension fund and we should be negotiating a much lower amount but still insisting YRC re-enters the plan.

As for closing and re-opening non-union,never has happened and never will.
[/quote] Central Freight did.
 
[quote author=cessnakat link=topic=80438.msg832859#msg832859 date=1274809545]

As for closing and re-opening non-union,never has happened and never will.
[/quote]

CEX (Conway Eastern Express) was a union company in NYC about 20 years ago.
I don't know if they were union else where, but I would imagine so.
They closed and reopened 5 years later as CCX which has now become just the Conway Freight we know and love so much. :nono:
 
I don't know anymore than anyone else here, but I won't let that stop me from speculating. I think that the co. knows that the rank and file will gag and puke on a continuation of the pension deferrals, and thus will come up with something that sounds a little more palatable to labor. Something like resuming the pension contributions but asking for another 3% wage cut for a total of 18%. Another 5% wouldn''t be swallowed, but 3%, some guys will say "hey it's only 3% more than what we're giving now, and we get our pension contributions back".
 
hey guys don't you think its possible that the company just might offer a alternative to the pension? like a 401k with some promise of a large match or something simular to the white paper agrement they have with reddaway? the question is how do our leaders get us 2 want 2 switch from the pension to anything else....oh never mind they will just tell us they are closing the doors again...
 
I doubt they will ask another pay cut..who could stand another vote? Hoffa can forget about organizing a large non-union co if there is no pension to offer. The pension is the- - -
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[quote author=thejoe link=topic=80438.msg832951#msg832951 date=1274831096]
I doubt they will ask another pay cut..who could stand another vote? Hoffa can forget about organizing a large non-union co if there is no pension to offer. The pension is the- - -
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[/quote]Then the question is, what can we stand more....another pay cut, or no pension contributions. It's obvious it's going to be one or the other or a combination of the 2. Maybe contributions at a lower level combined with a pay cut.
 
[quote author=Animo916 link=topic=80438.msg832885#msg832885 date=1274817434]
[quote author=cessnakat link=topic=80438.msg832859#msg832859 date=1274809545]

As for closing and re-opening non-union,never has happened and never will.
[/quote]

CEX (Conway Eastern Express) was a union company in NYC about 20 years ago.
I don't know if they were union else where, but I would imagine so.
They closed and reopened 5 years later as CCX which has now become just the Conway Freight we know and love so much. :nono:
[/quote]
ccx was central and they already existed they just expanded to include what was previously cex. Midwest motor express closed in MN and reopened 5 years later non union.
 
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