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  1. #1
    P&D
    P&D is offline
    Getting In The Groove Now.

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    Feb 2009
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    Reddaway
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    Portland, Oregon
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    Default Pension payments not made since January!

    Here's a wake up call boys. No pension payments have been made since January 2009, by YRCW. This includes Reddaway, Holland, New Penn and of course YRC/Yellow-Roadway guys. Big meeting set for Friday with the Trustee's to attempt to resolve the issue. Company wants to put up collateral....but maybe not enough. The end is coming perhaps.....

  2. #2
    Getting In The Groove Now.

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    May 2009
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    Reddaway
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    Default Re: Pension payments not made since January!

    Reddaway pension payments were not made in April and May payment isn't due til the
    20th. Not sure but I'd bet the rest of YRCW Companies are behind the same 1 month. Not trying to minimize things. Fridays meeting will be huge.

  3. #3
    Getting In The Groove Now.

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    Mar 2009
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    New Penn
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    Balto. MD
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    Default Re: Pension payments not made since January!

    hey p&d where did u get this information from

  4. #4
    P&D
    P&D is offline
    Getting In The Groove Now.

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    Portland, Oregon
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    Default Re: Pension payments not made since January!

    From a YRC executive. They are hoping there's enough collateral to suspend paying into the pension for the rest of 2009. IF the trustee's agree. This will probably end up in court somewhere, with the prosecuter asking about the millions given to Zollars in bonuses....and yet he can't pay his obligations? If the trustee's agree, watch the accrual rate for next year......ZERO. The company is still reporting hours worked. If the trustee's agree to some deal, it is the trustee's who will be taking on the risk. I suppose if they can't reach an agreement, the trustee's have the option to file suit....which could end up bankrupting the company possibly. Not good, no matter how this works out.

  5. #5
    Getting In The Groove Now.

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    abf
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    gods country
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    Default Re: Pension payments not made since January!

    Quote Originally Posted by P&D View Post
    From a YRC executive. They are hoping there's enough collateral to suspend paying into the pension for the rest of 2009. IF the trustee's agree. This will probably end up in court somewhere, with the prosecuter asking about the millions given to Zollars in bonuses....and yet he can't pay his obligations? If the trustee's agree, watch the accrual rate for next year......ZERO. The company is still reporting hours worked. If the trustee's agree to some deal, it is the trustee's who will be taking on the risk. I suppose if they can't reach an agreement, the trustee's have the option to file suit....which could end up bankrupting the company possibly. Not good, no matter how this works out.
    If yrc can not make pension payments then all of our pensions are at risk. I hope the best for everyone.

  6. #6
    Getting In The Groove Now.

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    Dec 2008
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    roadway/yrc
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    oregon
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    Default Re: Pension payments not made since January!

    you would think that hoffa and johnson would of mentioned something earlier to keep us informed.

  7. #7
    Having Fun Now

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    Default Re: Pension payments not made since January!

    YRC has not paid its latest monthly payments to various Teamster funds, and is in talks with the pension funds to post real estate as collateral for some months of payments.
    YRC to Apply for Federal Bailout | Teamsters for a Democratic Union

 

 

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