Monday, March 22, 2010

YRC Worldwide may get a break from pension woes through federal legislation

Unionized companies like YRC Worldwide Inc. may get some relief from having to provide pension benefits for people they never employed.

U.S. Sen. Robert Casey Jr., D-Pa., said Monday that he plans to introduce legislation this week that would change some of the rules controlling multiemployer pension plans, or union-operated retirement pools to which a number of different companies contribute.

YRC, along with other trucking companies, for years has contributed to plans such as the Central States Pension Fund, 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. Full Story.......

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