Breaking news : Yrcw

R-14Driver

Well-Known Member
On September 29, 2010, the Board of Directors of the Company approved the tentative agreement, and the Teamsters approved submitting the tentative agreement to the Teamster represented employees of the Employers for ratification. The outcome of the ratification vote is expected in late October 2010. The tentative agreement will become effective upon ratification.

Upon ratification, the tentative agreement provides the following:




The temporary cessation of the payment of pension contributions to the multi-employer pension funds (the “Funds”) in which the Employers participate would continue until June 1, 2011, at which time the Employers would contribute to those Funds until the end of the extended term of the NMFA at the rate of 25% of the contribution rate in effect on July 1, 2009.




Wage increases were provided for in 2013 and 2014 during the extended term of the NMFA, but the 15% wage reduction was also extended through the extended term of the NMFA and would apply to the new increases.




Significant changes were made in the work rules applicable to the Employers and made uniform across all regional and job classification supplemental agreements to the NMFA.




Health and welfare contribution increases were set at 35 cents per hour during each year of the extended term.




TNFINC was given the right to approve certain changes of control applicable to the Company. If TNFINC approval is not received, TNFINC may declare the wage, benefit and work rule concessions null and void on a prospective basis.




In the event of a bankruptcy of the Company, TNFINC may declare the wage, benefit and work rule concessions null and void.

The Company expects to begin discussions to restructure the debt under its credit agreement, which may include additional capital investment (debt and/or equity) by third parties in a recapitalization. Upon ratification, the tentative agreement provides the following:




TNFINC would have the right to approve the various transactions comprising the restructuring/recapitalization.



2



If TNFINC’s approval is not obtained, TNFINC may declare the wage, benefit and work rule concessions null and void on a prospective basis, and the Company would owe its Teamster Employees an amount equal to the concessions that in fact benefited the Company prior to the termination.




TNFINC would have significant rights to participate in the restructuring/recapitalization discussions.




In deciding whether to give its approval to a restructuring/recapitalization, TNFINC could demand on behalf of Teamster represented employees of the Employers additional compensation if negotiated performance triggers are met, equity participation, specified terms in the restructuring, specified indebtedness levels resulting from the transactions, governance rights and financial viability criteria.




The Company is required to enter into definitive agreements to effect the restructuring/recapitalization by December 31, 2010 and close those transactions by March 31, 2011, or in each case, such later date as TNFINC would agree and, in each case, on terms and conditions that TNFINC approves.

The Company agreed to expand TNFINC’s board participation from one to two board members upon completion of a restructuring/recapitalization that TNFINC approves. ...........


YRC Worldwide - Current Report
 

series60

Well-Known Member
Now can I say that my "vote" is no, now that we have heard this bull crap?
 
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g-man

Wide open at 85%
You forgot to post that any employee with over 4 weeks of vacation, starting next year the company will be taking one of those weeks back....complete layout of plan is on teamsters websight
 

series60

Well-Known Member
You forgot to post that any employee with over 4 weeks of vacation, starting next year the company will be taking one of those weeks back....complete layout of plan is on teamsters websight

It's 4 weeks & over. So if you have 4 weeks now - it's back to 3!
 

tikitatt12

Active Member
Is re-entering the pension at 25% going to be considered default status by the pension plans? Default status means goodbye to certain benefits ... like early retirement and waiting until you're 64 to get it.
 

LEHIGH vALLEY

Well-Known Member
First thoughts on this?
It's nowhere near Heaven. But it is not the hell I was execpting. I'm not happy with it at all. But I'm not as unhappy as I though I would be.
Can I live with it? Let you know after the Sunday barn meeting!
 

ee3kids

Member
why do only the senior employees with 20yrs or more have to give up a vaction week ,this is bull and will get a big no vote from me
 

R-14Driver

Well-Known Member
First page second column at the bottom on the Teamster website.

Thank you my eyes are getting blurry !!

The plan reduces
vacation amount by one week for all employees
with four or more weeks of
vacation, using the current method of
computing vacation pay.
 

papejr

Member
The part that shows vacation cut. Get on teamsters web site go to yrcw agreement, click the "view the summary of agreement" go to the bottom of page one on the left side last paragraph. There is your answer. Isn't life great.
 

devilfan

Active Member
The plan delays until June 1, 2011 the
date the company must resume pension contributions,
and the new contribution
rate will be 25 percent of the contribution
rate that was in effect on July 1, 2009. The
plan also requires the company to increase
the contributions to the health and welfare
funds by 35 cents per hour each year through
March 2015. The plan reduces
vacation amount by one week for all employees
with four or more weeks of
vacation, using the current method of
computing vacation pay.

First page Center column last paragraph.
 

Jazz

Akron's Finest
And they want the votes to be counted before the 3rd quarter earning results to be announced!
 

devilfan

Active Member
What did our Union leaders ask for in return? Anyone? Buhler.... Buhler.................Buhler.................................
 
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