As has been reported in the media, YRC Worldwide, Inc. (YRCW) has made requests to Teamster-related multi-employer pension plans to defer monthly contributions to help the company preserve cash as it works its way through the economic downturn.
The Teamsters National Freight Division continues to communicate daily with the company, local unions and the funds to assess the situation, and will take all appropriate action to ensure that members’ pension and health and welfare benefits are protected in the short term and long term.
The Teamsters Union’s central goal is to preserve the jobs and benefits of our members and we will do whatever it takes to achieve that goal.
In the December memorandum of understanding, the Teamsters Union negotiated unprecedented access to monitor and better understand the company’s finances. A team of experts has been hired and is performing its due diligence to assist the union in protecting the jobs and benefits of our members.
As you know, multi-employer plans that provide pension and health and welfare benefits to our members are not controlled by the International Union. Nevertheless, we are in dialogue with all affected multi-employer plans to which YRCW contributes.
Most trustees representing the employees on the funds support the idea of a coordinated strategy with respect to YRCW’s request to defer pension payments, and are working on a plan that will best protect the participants.
While most of the funds are working together in response to YRCW’s request, a small number of pension funds have taken independent steps that may affect the future status of members’ pensions. For those of you who belong to those funds, you have the right to request information from your trustees.
At the present time, we are asking all Teamster members at YRCW to remain patient and continue to serve YRCW’s customers so that the company can survive this economic crisis.