Information On ABF Freight, YRC Freight And UPS Frieght Road Driver Jobs

Topic 7531 | Page 2

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Doug 's Comment
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The problem with the Central States Pension Fund doesnt just lay solely on YRC. The problem is there are so many companies that no longer exist that have retirees drawing a pension from the fund their company no longer contributes to. That leaves the companies still in the fund to pick up the tab.

Pretty simple really, companies still in the fund are subsidizing the fund for retired workers from companies that no longer put money in the pot.

Benefits must be cut or the companies still contributing to the fund will go out of business trying to keep up with the payments, or the fund will collapse.

Its the same situation as the Social Security System. More people taking more money from a smaller pot than was ever contributed by them or in this case, for them.

Turtle Tail's Comment
member avatar

The problem with the Central States Pension Fund doesnt just lay solely on YRC. The problem is there are so many companies that no longer exist that have retirees drawing a pension from the fund their company no longer contributes to. That leaves the companies still in the fund to pick up the tab.

Pretty simple really, companies still in the fund are subsidizing the fund for retired workers from companies that no longer put money in the pot.

Benefits must be cut or the companies still contributing to the fund will go out of business trying to keep up with the payments, or the fund will collapse.

Its the same situation as the Social Security System. More people taking more money from a smaller pot than was ever contributed by them or in this case, for them.

True the so called "orphans" are part of the problem but the formation of YRC was a disaster. You basically had a deeply in debt company buy up a bunch of profitable companies, cut wages, benefits and greatly reduce everyone's negotiating power.

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