Yellow | YRC Worldwide considers how to handle costly pension obligations

A primary concern for YRC has been its payment obligations to multi-employer pension plans, which cover hundreds of thousands of workers. But as companies have gone out of business or otherwise dropped out of the plans, and the economy has soured investment returns, the remaining companies have seen their pension costs rise rapidly to fill the gap.
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About 40 percent of YRC’s pension payments support retirees who never worked for the company, Zollars said. Legislation to address the problem was introduced March 22, and the company is working with House leadership, committee chairs and others about the best way to move ahead with it, he said.

If Washington helps out..you may get the pension and maybe even the 15% you got coming might go to the pension instead of your pocket and the raise if any in the next
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contract to the pension. If not--
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When I started driving in 1965 for Disalvo Trucking, a union LTL carrier, there were more union freight haulers than nonunion carriers. If you weren't happy with your job, you could quit, walk down the street and get a job with another union carrier. Those days are gone forever and I put part of the blame on the union. When a company was struggling to survive and asking for help, the unions answer to the problem was to put up a picket line. Now we are down to just two major LTL union carriers. ABF who is looking for some help, and YRCW. As far as I'm concern, the union membership has done everything possible to keep YRCW afloat. This is not counting all the financial hardships caused by the massive layoffs, and terminals closing. YRCW lost 274 million dollars in the first quarter, and according to Dollar Bill, this is a step in the right direction. Even if they settle the pension problems through legislation, and YRCW only had to contribute to the pension plan for its own employees, (best case scenario) your still talking about 15,000 thousand dollars times 33000 union employees, or around 500,000,000 dollars a year. YRCW is running out of options. Stemming the flow of red ink, and turning a profit might be a novel idea Dollar Bill might think about. After reading a lot of YRCW threads, and not counting the major blunder of acquiring Roadway, it seems most of your problems is with middle management. I wish all the Guys and Gals at YRCW the best of luck. I for one realize that without the union freight companies, the nonunion freight employees wouldn't enjoy the pay and benefits they have today. TP
 
Got the annual funding notice for central states, southeast and southwest areas pension plan in the mail today. It states that the value of liabilities is 35.9 billion dollars. I did not know that liabilities had value. Anyway if I am understanding this letter the pension plan is about 15 billion dollars in debt. Why is that? How in the hell do college graduates run a plan 15 billion dollars into a hole? Sound like they think they are government or the government runs them.
 
[quote author=truckinusa link=topic=79822.msg827542#msg827542 date=1273152773]
........ and when the contract is up everyone ought to just work with no contract.
[/quote] We're heading in that direction. :drivin:
 
I have to wonder if the people running our pensions had to perform better than they have ,or look for other oppertunities,if it would make a difference.Seems once in their jobs there is no pressure to preform well.Show up and get your checks.you would have to think a major house cleaning is in store.Rich folks make money when the market goes up and when it goes down,do we have second class investors that only know how to lose money??[quote author=Gondofini link=topic=79822.msg827860#msg827860 date=1273258230]
Got the annual funding notice for central states, southeast and southwest areas pension plan in the mail today. It states that the value of liabilities is 35.9 billion dollars. I did not know that liabilities had value. Anyway if I am understanding this letter the pension plan is about 15 billion dollars in debt. Why is that? How in the hell do college graduates run a plan 15 billion dollars into a hole? Sound like they think they are government or the government runs them.
[/quote]
 
The way I see it.it looks to me like we are getting back some of the regulations that were lost in the 80s.just we dont have the ICC roaming the roads..I always thought since 9/11.the best way to better secure the transportation industry is to have regulated freight lanes.better control on who and what hauls our freight down the highway.its a proven fact we had or do have some sort of terroristic element driving trucks

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[quote author=bigtruk_us link=topic=79822.msg829619#msg829619 date=1273802931]
The way I see it.it looks to me like we are getting back some of the regulations that were lost in the 80s.just we dont have the ICC roaming the roads..I always thought since 9/11.the best way to better secure the transportation industry is to have regulated freight lanes.better control on who and what hauls our freight down the highway.its a proven fact we had or do have some sort of terroristic element driving trucks

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[/quote]

Terrorist Training Camps in the US

http://www.youtube.com/watch?v=kv1npwOZ0lk
 
[quote author=mustache link=topic=79822.msg829664#msg829664 date=1273813041]
[quote author=bigtruk_us link=topic=79822.msg829619#msg829619 date=1273802931]
The way I see it.it looks to me like we are getting back some of the regulations that were lost in the 80s.just we dont have the ICC roaming the roads..I always thought since 9/11.the best way to better secure the transportation industry is to have regulated freight lanes.better control on who and what hauls our freight down the highway.its a proven fact we had or do have some sort of terroristic element driving trucks

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[/quote]

Terrorist Training Camps in the US

http://www.youtube.com/watch?v=kv1npwOZ0lk
[/quote][quote author=bigtruk_us link=topic=79822.msg829619#msg829619 date=1273802931]
The way I see it.it looks to me like we are getting back some of the regulations that were lost in the 80s.just we dont have the ICC roaming the roads..I always thought since 9/11.the best way to better secure the transportation industry is to have regulated freight lanes.better control on who and what hauls our freight down the highway.its a proven fact we had or do have some sort of terroristic element driving trucks

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[/quote] Just wondering what does these posts have to do with pension obligations??Must be missing something here.
 
[quote author=vwaggs link=topic=79822.msg829751#msg829751 date=1273852502]
How about a continued deferral in exchange for 51 % of USF GM voting stock.
[/quote]Don't bring in government control. It is bad enough that YRC has too many (Radicals) from the original Roadway as it is.
 
Maybe this like comparing apples and oranges...why is the western conference pension more solid than central states??same principles apply dont they?

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I dont know about all this.seems to me that when yellow and roadway were making money.you didn't hear any rumblings about pension funds.is it a distraction?is it the company using the pension fund to leverage congress on pension reform.why would there be so much talk about pension obligations if the company (theoretically) didn't think they would remain open.guess they do plan on staying open.

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[quote author=bigtruk_us link=topic=79822.msg830557#msg830557 date=1274074174]
I dont know about all this.seems to me that when yellow and roadway were making money.you didn't hear any rumblings about pension funds.is it a distraction?is it the company using the pension fund to leverage congress on pension reform.why would there be so much talk about pension obligations if the company (theoretically) didn't think they would remain open.guess they do plan on staying open.

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[/quote]While your guess is just as good as mine, I feel it is nothing more than....... the worker is getting something and we need to get it back. It is what drives any CEO's daily thoughts. True of most companies, not just YRC. :popcorn:
 
I seem to remeber it was the dems that deregulated trucking in the late 70's. Mr peanut was all for it, that was when we lost most of the union co'. They could'nt write off the losses of their rights, made the co's worth less than half of what they were worth a week before. Twinpipes the union has alot to be messed with about but not deregulatation. :cry:
 
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