Teamsters to Review YRC’s Pension Issues
The Teamsters union said it has formed a committee that will consider elements of less-than-truckload carrier YRC Worldwide’s pension plan provisions.
The Teamsters National Freight Industry Negotiating Committee will consider whether language needs to be modified in the National Master Freight Agreement to address YRC’s recent requests to defer pension contributions, the union said in a statement.
Challenging conditions in the industry have prompted the company to make the deferral requests to help it preserve operating cash, and several key union leaders said they were forming the unit to help the carrier cope with the economic downturn.
“It is imperative that YRCW weathers this recession,” said Tyson Johnson, co-chairman of TNFINC and director of the Teamsters’ freight division. “The committee will also determine whether adjustments are necessary to further our central goal of protecting the jobs and benefits of our members at YRCW and all members covered by the NMFA.”
“We are forming this committee to review the contract in efforts to help YRCW survive this recession and hopefully come out stronger than ever,” said Teamsters President Jim Hoffa said in a statement.
YRC said in April it was negotiating with the Teamsters and its pension fund representatives to postpone cash payments into the plan and replace them with real estate collateral as part of the company’s ongoing effort to conserve cash.
YRC is ranked No. 4 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
