 |
| YRCW Seeks Pension
Relief |
| YRC Worldwide
doesn’t want a federal bailout — it’s seeking a solution for
the troubles faced by multi-employer pension plans, the trucking
company’s chief executive said. |
| Last month, The Wall Street
Journal reported that Overland Park, Kan.-based YRC (Nasdaq: YRCW)
planned to seek $1 billion in Troubled Asset Relief Program funds
— typically used for banks — to help with its pension
obligations. But chairman and CEO Bill Zollars, in a video posted
on a YRC Web site, said the company’s main interest is pension
reform with the federal government’s help. |
| “We’re not asking for a
bailout. We don’t want any money from the federal government,”
Zollars said. “What we would like to do is be more competitive
in the marketplace and get rid of some of the costs that really
don’t relate to how well we’re doing our business.” |
| The company pays about $40
million a month to 36 multi-employer pension funds for its roughly
38,000 unionized employees. Multi-employer pension funds started
around 1980, when thousands of unionized companies contributed,
Zollars said. |
| “Over time, many of those
companies have gone out of business,” he said. “The
responsibility for providing retirees their benefits fell to the
companies that remained. It was kind of the ultimate penalty for
success.” |
| YRC now covers for many retirees
who didn’t work for the company, and remedying the situation
requires some government help, Zollars said. The company is
starting discussions about the situation. |
| “What we would like to do is
fix the structural inequities that exist today between
multi-employer pension plans and single-employer plans,” he
said. |
| YRCW
Stock was reported down to $2.16 on Wednesday the 17th of
June, 2009. |
| YRCW 2009
Stock Option Grant Program |
 |
| The "YRC
Worldwide Stock Option System" facilitates the
tracking of employee's stock options within the company. |
| By JD Nutt, Web Editor |
|
| On March 24th, 2009 YRC Worldwide updated it's YRC Comp
Planning site to allow Teamster employees to view their earned stock
option. If you recall, this was one of the benefits received by Union
members when wage concessions were made to allow YRCW to help overcome the
present economic woes that many transportation companies have been
confronted with as a result of the recession.
|
| The log in page is a bit tedious, however if you
follow the instructions carefully, you'll be able to access the
information page that contains the amount of options granted you as a
Teamster employee. |
| The frequently asked questions page is very
informative. It dictates the guidelines of the grants. Follow the pdf link
at the bottom of the page after you have logged in, to review
the
"Frequently Asked Questions For Union Employees". Click here
to log
into the secure site. |
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