YRC Worldwide Inc., one of the largest transportation service providers in the world, expresses strong support for legislation introduced this week in the United States Congress that will save large and small businesses and protect the jobs and pensions of hundreds of thousands of Americans.
The Preserve Benefits and Jobs Act of 2009, sponsored by Rep. Earl Pomeroy (D-ND) and Rep. Pat Tiberi (R-OH), seeks to repair and resolve some unintended consequences of The Motor Carrier Act of 1980, the Multiemployer Pension Plan Amendments Act of 1980, and the Pension Protection Act of 2006. The Motor Carrier Act deregulated the trucking industry, while the Multiemployer Pension Plan Amendments Act required companies in these plans to pay for the benefits of retirees who never worked for them. Approximately 40 to 50% of pension contributions made by employers in many of these plans go to fund these non-sponsored participants.
"On behalf of nearly 40,000 YRC Worldwide employees, we wish to thank Representatives Pomeroy and Tiberi for recognizing that these costs represent a huge, hidden tax on large and small businesses that are unfairly shouldering this burden," said Bill Zollars, Chairman, President and CEO of YRC Worldwide. "We are hopeful that Congress will take swift action to resolve this inequity and protect the jobs and pensions of hard working Americans, retirees and their families."