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Yellow | YRCW To Match 401K Contributions According to Fidelity!

Freightmaster1

Freightmaster1

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According to a posting on the Fidelity Net Benefits Website, YRCW will start matching non-union hourly and salaried employees contributions to the YRCW 401K Plan starting in April of 2015!

JoBlQk9.jpg

It's good to see that YRCW is so flush with cash right now that they can afford a company match to their valued non-union hourly and salaried employees 401K retirement accounts! And according to BrightScope...

Retirement Plan Description
YRC Worldwide Inc. 401k Plan is a defined contribution plan with a profit-sharing component and 401k feature. This plan has a BrightScope Rating of 59. This plan is in the top 35% of plans for Account Balances, Investment Menu Quality, and Total Plan Cost. YRC Worldwide Inc. 401k Plan currently has over 11,400 active participants and over $693.8M in plan assets.

Participant Information as of 12/31/2013
Active (Eligible) Participants 7,474
Retired or separated participants receiving benefits 60
Other retired or separated participants entitled to future benefits 3,615
Subtotal 11,149
Deceased participants whose beneficiaries are receiving or are entitled to receive benefits 125
Total 11,274
Total number of participants as of 01/01/2013 11,403
Number of participants with account balances 10,414
Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested 1

http://www.brightscope.com/401k-rating/240626/Yrc-Worldwide-Inc/244576/Yrc-Worldwide-Inc-401K-Plan/

So I guess the plan is to shore up and continue funding the Yellow Corporation Defined Benefit Pension Plan and the Roadway Corporation Defined Benefit Pension Plan (which were both frozen years ago) and now also company match employee contributions into the YRCW Defined Contribution Pension Plan (401K)! I'm glad the company is so concerned about these "company" employees. What about the rank and file Teamster employees of the YRCW operating companies? Remember this....

“If we operate in a largely non-unionized industry, we need to be able to pay in a mainly non-unionized fashion,” says Pierson. “If we’re above the market by 15% we’re not going to be competitive. We are now paying what the market will bear, and we all need to divorce ourselves from the mindset that that 15% is going to come back.”
http://ww2.cfo.com/credit/2015/02/anatomy-turnaround-yrc-worldwide/

:chairshot:
 
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Today is the YRCW stockholders meeting in Overland Park, KS. I'm sure that Welch and Pierson got some splainin' to do about this 401K match scheme! I'm also sure that IBT President Hoffa and IBT VP Tyson Johnson will show up at the stockholders meeting hopping mad about the lack of "equal sacrifice" when it comes to the non-union pension funding at YRCW! Come on!


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:wtflol:
 
Freightmaster1 said:
According to a posting on the Fidelity Net Benefits Website, YRCW will start matching non-union hourly and salaried employees contributions to the YRCW 401K Plan starting in April of 2015!

JoBlQk9.jpg

It's good to see that YRCW is so flush with cash right now that they can afford a company match to their valued non-union hourly and salaried employees 401K retirement accounts! And according to BrightScope...

Retirement Plan Description
YRC Worldwide Inc. 401k Plan is a defined contribution plan with a profit-sharing component and 401k feature. This plan has a BrightScope Rating of 59. This plan is in the top 35% of plans for Account Balances, Investment Menu Quality, and Total Plan Cost. YRC Worldwide Inc. 401k Plan currently has over 11,400 active participants and over $693.8M in plan assets.

Participant Information as of 12/31/2013
Active (Eligible) Participants 7,474
Retired or separated participants receiving benefits 60
Other retired or separated participants entitled to future benefits 3,615
Subtotal 11,149
Deceased participants whose beneficiaries are receiving or are entitled to receive benefits 125
Total 11,274
Total number of participants as of 01/01/2013 11,403
Number of participants with account balances 10,414
Number of participants that terminated employment during the plan year with accrued benefits that were less than 100% vested 1

http://www.brightscope.com/401k-rating/240626/Yrc-Worldwide-Inc/244576/Yrc-Worldwide-Inc-401K-Plan/

So I guess the plan is to shore up and continue funding the Yellow Corporation Defined Benefit Pension Plan and the Roadway Corporation Defined Benefit Pension Plan (which were both frozen years ago) and now also company match employee contributions into the YRCW Defined Contribution Pension Plan (401K)! I'm glad the company is so concerned about these "company" employees. What about the rank and file Teamster employees of the YRCW operating companies? Remember this....

“If we operate in a largely non-unionized industry, we need to be able to pay in a mainly non-unionized fashion,” says Pierson. “If we’re above the market by 15% we’re not going to be competitive. We are now paying what the market will bear, and we all need to divorce ourselves from the mindset that that 15% is going to come back.”
http://ww2.cfo.com/credit/2015/02/anatomy-turnaround-yrc-worldwide/

:chairshot:
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Our 401k is with Prudential.
 
I understand why the Kumpny is doing the matching.Decent supers are leaving for better paying employers.As we all know the recruiters for this Kumpny are lieing to prospective employees.If they told them the truth.They wouldn't be able to hire even the handful they have hired.
 
So much for shared sacrifice. Pretty easy to see what their priorities are, but I take comfort in knowing Hoffa is on top of this situation and will put a stop to it immediately. This agression will not stand, man!!!
 
bigtruk_us said:
I understand why the Kumpny is doing the matching.Decent supers are leaving for better paying employers.As we all know the recruiters for this Kumpny are lieing to prospective employees.If they told them the truth.They wouldn't be able to hire even the handful they have hired.
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Your right about that, but what about not being able to hire drivers? Same situation we cant find anybody to take a city job. It was supposed to be shared sacrifice, I wouldnt have a problem with it if they were going to match ours too. But we all know thats not going to happen. It's time for Hoffa to step up, the way I see it they have broken the terms of the mou, and we should either negotiate a new contract or go out on strike! Like the dude says "this aggression can not stand, man"!!!
 
That's BS!
Match all or none.
Should have been matching it from the start.. Cheap bastards.
The only thing they are good at is delivering frt late!
 
bigtruk_us said:
I understand why the Kumpny is doing the matching.Decent supers are leaving for better paying employers.As we all know the recruiters for this Kumpny are lieing to prospective employees.If they told them the truth.They wouldn't be able to hire even the handful they have hired.
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What's a kumpny?????
 
Above the seats in the US Capitol Building is a mural of famous historical lawmakers. They all look inward toward one man in the middle- Moses.

'Thou Shalt Not covet thy neighbor's ox, nor his ass, nor his wife, nor anything that is thy neighbor's.'

Works for me...
 
Triplex, I'm stymied and miffed. And to be honest I'm on the verge of a full blown PEEVED. What, you ask, would be the cause of my condition? The failure of those posters, who for YEARS, have claimed that YRCW management's benefits were already restored to admit they were wrong!:regretful:
So what is a dedicated Teamster to believe? This news release, or our homegrown TB reporters? It is quite the conundrum. :duh:
Perhaps I should inquire to Big Long Wong and Huh, LLC. Maybe they can assign an investigator to the case.:hilarious:
I'm certain that jimmy g would be gracious enough to provide tinfoil hats to protect them from YRCW Q Wave generators.:1036316054:
 
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albag said:
Triplex, I'm stymied and miffed. And to be honest I'm on the verge of a full blown PEEVED. What, you ask, would be the cause of my condition? The failure of those posters, who for YEARS, have claimed that YRCW management's benefits were already restored to admit they were wrong!:regretful:
So what is a dedicated Teamster to believe? This news release, or our homegrown TB reporters? It is quite the conundrum. :duh:
Perhaps I should inquire to Big Long Wong and Huh, LLC. Maybe they can assign an investigator to the case.:hilarious:
I'm certain that jimmy g would be gracious enough to provide tinfoil hats to protect them from YRCW Q Wave generators.:1036316054:
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B,W,B,and H do have an investigator division within the FBI, and the CIA. The contacts names I have heard are one B. Fife , and Inspector Gadget!!!!
 
Wrench97 said:
Is that a Perry county term for Company?:biglaugh:
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Is there a Perry Cnty. in Texas?
All kidding aside,....our learned Members didn't know that the non bargaining unit Employee's 401's were frozen. This matching is probably equal to our 25%, I would guess. Also, the non bargaining Employee's pay $ 150.00 per week for their health ins.
 
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