The following is a letter from Central States Pension Fund Executive Director Thomas C. Nyhan regarding the approval of the use of American Rescue Plan funds to secure the pension fund.
We are pleased to inform you that on December 8, 2022, the Pension Benefit Guaranty Corporation (PBGC) announced that the Central States Pension Fund’s application for Special Financial Assistance (SFA) was approved in accordance with the provisions of the American Rescue Plan Act of 2021. The PBGC has approved approximately $35.8 billion in SFA, which we expect to receive within the next 60 days.
The SFA funding will allow the Central States Pension Fund to avoid insolvency in 2025 and to make a full recovery – reaching full funding over time. Thanks to this development, your pension benefits are secure and can be relied upon throughout your lifetime.
Today, the Teamsters National Freight Industry Negotiating Committee received official notification from Yellow that the Company is withdrawing its proposed changes of operations in cases MR-CO-03-11/2022 and MR-UE-02-11/2022. The Company advised, however, that it intends to significantly modify the previously proposed changes and will refile them in the very near future.
After the company's revise change of operations, Local 71 will review and continue to address the members concerns.
Reprinted from investors.myyellow.com (click here to read as a PDF)
At the White House, Yellow Corporation announced plans to expand its Registered Apprenticeship program to include new training initiatives for dockworkers and diesel mechanics. Nationwide and across industries, there is significant demand for these jobs, which are essential in delivering freight and sustaining U.S. supply chains.
Teamsters at ABF will receive their first wage COLA since 2006, per Article 33, Section 4 in addition to the contractual wage increase effective July 1, 2022.
Between the contractual increase and the COLA, effective July 1, hourly wages will increase by $0.55 per hour and 1.375 cents per mile.