If YRC closes their doors, what will happen to all of the monies in all of the welfare funds? For example my local [a separate pension & welfare fund] at one time had 40+ major freight companies contributing, now has it only YRC and New Penn.
In theory the only recipients would then be retirees, since non-retirees would not be covered because there would be no employer contributing to our fund and our brothers would have no contributions made in their behalf and consequentially no coverage, except for COBRA which they would have to pay for.
Think about it: there are millions of dollars in these funds and there will be very few recipients. I myself [retired at 55 with 30+ years] am no longer a recipient since I am on Medicare. My wife is still a recipient since she is younger, however I can tell you that the majority of retirees in my local are beyond the age of 65 and are no longer [in our fund] qualified for coverage.
Think about where this money will go………………………………
In theory the only recipients would then be retirees, since non-retirees would not be covered because there would be no employer contributing to our fund and our brothers would have no contributions made in their behalf and consequentially no coverage, except for COBRA which they would have to pay for.
Think about it: there are millions of dollars in these funds and there will be very few recipients. I myself [retired at 55 with 30+ years] am no longer a recipient since I am on Medicare. My wife is still a recipient since she is younger, however I can tell you that the majority of retirees in my local are beyond the age of 65 and are no longer [in our fund] qualified for coverage.
Think about where this money will go………………………………