You said a union give back last time I checked the union didn't give the company nothing back the employees voted for it. Re read what you sent me.
YRC wins latest five-year wage concession package by 2-to-1 margin dated 27 Jan 2014
http://www.logisticsmgmt.com/articl...year_wage_concession_package_by_2_to_1_margin
Here are some highlight quotes:
"Teamsters President James P. “Jim” Hoffa called it “a very difficult vote for our members.” YRC officials had threatened bankruptcy filing had the wage concession not passed."
Sound like a pass are we close the doors to me.
"The agreement approved last weekend contained significant improvements over the company’s prior rejected proposal, the Teamsters said. But the deal continues a 15 percent wage concession first won in 2009 as well as a 75 percent cut in company contributions to the pension plan. Together those concessions are worth an estimated $300 million annually to YRC."
This article "Who will do right by the Teamsters’ broken pension promises?" date just over a year ago 19 March 2016
http://www.kansascity.com/news/business/workplace/article67097907.html
some quotes from this about the Central States Pension:
"One estimate puts the funding shortage for all multiemployer pension plans at $140 billion"
"Nyhan said only two of the 50 largest companies contributing to the plan in 1980 survive today. They are ArcBest Corp. and YRC Worldwide Inc., which is based in Overland Park."
"YRC, more recently, was in danger of failing itself and stopped contributing to Central States in 2009. When it restarted contributions in 2011, it paid only a fourth of what it owed, again to keep the still-struggling trucking company afloat."
Oh and do you care to elaborate on your federal government theory as well?
YRC Won't Apply for Bailout Funds dated 12 June 09
http://www.ttnews.com/articles/basetemplate.aspx?storyid=22112
the first paragraph says it all:
"YRC Worldwide Inc. said it has begun a new effort to enlist U.S. government help in addressing multi-employer pension issues but that it will not be asking for a federal bailout."
“Unfortunately, fixing the pension situation requires some government help,” Zollars said
From what I read in these articles and other is that if the union did not agree to these concessions (give backs) YRC was on the verge of closing it's door.
Why would I want to join a union that has this massive amount of pension problems and is allowing YRC to only pay in 25% of what they should to the pension. I hear of pension being cut guys working 30yrs and due to underfunded pension are have there payout cut some up to 60%, give me the money and let me invest it myself.
My though on the union is they are trying to keep their broke ass pension alive on our hard work. Underfunded pension are not just a teamster problem go read the thread in YRC " It's not just teamster pensions.." Here is the link that was attached:
http://www.zerohedge.com/news/2017-03-16/collapsing-pensions-are-about-bring-hell-America
I not spinning anything just reading the facts numbers don't lie