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YRC Worldwide Inc. Message Board

  • truckinganalyst66 truckinganalyst66 May 13, 2010 2:00 PM Flag

    davey needs help understanding the Pension Problem

    Davey thinks that YRCW only has 120 million of pension liability. He says it's no big deal.

    Oh my....time for an education.

    According to this article YRCW estimates their pension liability in 2011 at 25-30 million per month.

    25 million x 12 = 300 million

    http://www.foxbusiness.com/story/markets/industries/transportation/yrc-says-freight-trends-improving-pension-costs-loom/

    If the pension legislation goes through the perhaps YRCW will be relieved of 40% of their obligation reducing their liability to 180 million per year.

    However, the other big nut is the UNFUNDED pension liability. Example: The largest teamster pension fund is Central States, they have 17 billion is assets and they are only funded to about 65% of their needs.

    YRCW is the largest contributor to this fund therefore they have the greatest liability. That liability is in the billions.

    http://kansascity.bizjournals.com/kansascity/stories/2009/05/25/story10.html

    It has been estimated that across all Teamster pension funds YRCW has future pension liability of 4-6 billion dollars.

    The pension legislation, if it passes, could relieve 40% of this obligation also however YRCW's pension liability will still be in the BILLIONS.

    Now, if you are going for moron of the year then keep posting these stupid guesses. Otherwise you might want to read a little before you post.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • Whatever Dude - Put up some facts or go away.

    • I think he meant 'hauler' being TA. But you're jumping to your own defense says volumes, toobad. We all know you're just another of TA's many aliases here.

    • Nope - Never met him. Do your own research here - don't trust the Pumpers at all. They are long on wind and short on factual information.

      Check my posts if you want, I try & put up fact or the facts as I see them (I am sure this statement will drive the Pumpers nuts as they regularly accuse me of lying if it paints a negative picture of YRCW) YRCW is overvalued. GL

    • It looks to me like the pension would rather be reasonable and have some money and yrc have some money than none they have shown their hand and they will give what ever yrc asks for BUY

    • If that's all you got then that's pretty weak.

      All these other idiots come here and speak definitively about things they haven't any idea about.

      Yet you single out me as a target because I used the phrase "I think"?????

      Well, guess what? I researched my previous post. I was right.

    • Exactly - Even though the economy shows signs of recovery, LTL remains in the doldrums with irrational pricing so no one makes $$$ on new business. YRCW will never get back a meaningful portion of its lost business if it bids rationally (for a profit). So it will have to contract business at a loss or walk away. GL

    • Are you not TA?

    • More revenue and filling up excess capacity surely would help them , no doubt.

      Problem is, so far, they continue to bleed market share even as others are reporting some firming of the economy and show no signs of any interest in getting disciplined in their pricing strategies.

    • if they get the business back they can pay that no problem

    • Actually many on here have continuously mis-stated the pension situation this year... the pension payments this year were not deferred. There was/is a complete abatement of all pension payments for 2010 (actually for last half of '09 and '10). They did not “defer” these payments... they never have to “catch these up.”

      As far as the payments in 2009 before the 18 month agreement, TA is spot on and I haven't heard much of it. They stopped making their monthly, contractually obligated, pension payments in March or April of 2009 (I remember some debate on whether or not March and/or April were paid).

      Anyways, they were SUPPOSED to make up those missing payments (March or April through June) starting in January of this year.

      Obviously many on here have no clue as to difference between the MEP pension underfunded liability issue and YRC's monthly pension payments as dictated by the terms of the NMFA.

      There are currently bills in both the US Senate and House (the Senate bill introduced by Sen Casey of Pennsylvania is currently in committee) that will help REDUCE the amount of there monthly pension payments and the underfunded liability, but starting in January of 2011, YRC will have to resume monthly pension payments (currently would be somewhere in the 30 – 40 million range) unless they get another agreement from the IBT and the trustees of the many funds that these payments support.

      It is estimated that the payments could be reduced by as much as 40% if the legislation is passed, but as it stands now, YRC will not even be able to produce that amount.

      And even if the legislation does pass, they will will have to renegotiate the terms of the payments with the IBT and the fund(s) trustees before they can arbitrarily reduce payments.

      This is a complicated issue if you just jumped on here trying to get rich with a flaming penny stock, but not too bad if you have been following all along.

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