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  • #16
    Re: YRC and healthcare

    Originally posted by fxstc07 View Post
    The matching 401K contributions are for salaried and management personnel.
    Way back, CF allowed hourly union employees to contribute to the CF 401K plan. They did not match, but they didn't charge any administrative or management fees either.
    It was a good way to start investing. Of course I lost some money on CF stock ...
    Big time losing with ours right now! Really not sure I want to keep contributing.

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    • #17
      YRC and late H&W payments

      I heard yesterday that YRC has made the April payment.

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      • #18
        Re: YRC and late H&W payments

        Salesman came in this week and said they were all caught up. Can't find anything to confirm it though. NYS fund.

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        • #19
          Re: YRC and late H&W payments

          Originally posted by B'oink View Post
          Salesman came in this week and said they were all caught up. Can't find anything to confirm it though. NYS fund.

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          • #20
            Re: YRC and healthcare

            YRC continues to struggle with benefits payments, including health coverage

            YRC Worldwide Inc. is asking to put off paying into funds that provide medical coverage and other benefits to union workers as the Overland Park-based carrier struggles to right itself during the pandemic.

            The company (Nasdaq: YRCW) seeks to defer millions of dollars in payments for March, April and May, and some agreements with the funds will expire next month, The Wall Street Journal reports. YRC wants the funds to continue to support the benefits “while it gets its cash flow sorted out in the short term,” a Teamsters memo says.

            With lockdown-driven declines in freight volumes, YRC has faced increasing financial pressure, like many of its peers in the less-than-truckload space. YRC is the fifth-largest trucking company in the U.S., the report says.

            Although YRC reported a first-quarter profit of $4.3 million, that followed an annual loss of $104 million in 2019, the report says. Despite its challenges, the company has “a complete alignment with parties that have a vested interest in having them succeed — the unions and banks,” one consultant said.

            “Everyone recognizes that YRC alive is much better than YRC dead,” Mike Regan of consulting firm TranzAct Technologies Inc. told the newspaper.
            https://www.bizjournals.com/kansasci...-deferral.html

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            • #21
              Re: YRC and healthcare

              Information from today.

              All is quiet as YRC health benefits near expiration
              As the end of an eight-week extension of healthcare benefits for workers of YRC Worldwide (NASDAQ: YRCW) nears, questions mount on when the company will fund missed benefits payments and what will happen to its workers’ health coverage.

              In mid-April, the International Brotherhood of Teamsters informed members that the Overland Park, Kansas-based less-than-truckload (LTL) carrier had been granted a grace period on health and welfare and pension fund contributions due to a “sharp decline” in volumes amid the pandemic. The letter penned by Teamsters National Freight Division Director, Ernie Soehl, said the payment extension was granted for March contributions with the warning the carrier may seek similar remedy for “a few additional months.”

              On May 8, the Central States Health Fund, known as TeamCare, informed YRC members the LTL carrier was delinquent in making healthcare contributions on their behalf in March and that payments for April and May were not going to be paid. The memo informed members their plan was in “suspension of benefits status,” but that the health fund’s trustees had enacted “layoff coverage” and would cover their medical claims for a maximum period of eight weeks.
              https://www.freightwaves.com/news/al...ear-expiration

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              • #22
                Re: YRC and healthcare

                Maybe they'll make us pay 2 or 3 hundred dollars/week or something like the great Obamacare stuff that Hoffa wanted us to vote for.
                Great!

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