http://www.dcvelocity.com/articles/20100325senate_bill_to_reform_pensions/
Of particular interest to the trucking industry is a provision of the Casey bill that would transfer all pension liabilities of "orphan" retirees—those who had worked at now-defunct trucking firms whose pensions are being funded by the surviving truckers—to the Pension Benefit Guaranty Corp. (PBGC), a federal corporation that protects more than 29,000 pension plans. Under the Casey bill, the benefits to the "orphan" workers would be fully guaranteed so as to assure that the orphans continued to receive the same benefits they had collected under the multi-employer plan.
The bill would spell relief for unionized trucking companies responsible not only for the pensions of their own workers but of employees at failed businesses who may never have worked for the surviving companies. It would be a huge boon to YRC Worldwide Inc. and ABF Freight System, which employ about 45,000 unionized workers represented by the Teamsters. Casey introduced the bill at a YRC facility in Carlisle, Pa., with ABF and Teamster representatives also in attendance.
Of particular interest to the trucking industry is a provision of the Casey bill that would transfer all pension liabilities of "orphan" retirees—those who had worked at now-defunct trucking firms whose pensions are being funded by the surviving truckers—to the Pension Benefit Guaranty Corp. (PBGC), a federal corporation that protects more than 29,000 pension plans. Under the Casey bill, the benefits to the "orphan" workers would be fully guaranteed so as to assure that the orphans continued to receive the same benefits they had collected under the multi-employer plan.
The bill would spell relief for unionized trucking companies responsible not only for the pensions of their own workers but of employees at failed businesses who may never have worked for the surviving companies. It would be a huge boon to YRC Worldwide Inc. and ABF Freight System, which employ about 45,000 unionized workers represented by the Teamsters. Casey introduced the bill at a YRC facility in Carlisle, Pa., with ABF and Teamster representatives also in attendance.
