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Leaders of local units for the overwhelmingly endorsed the tentativw plan at a Tuesday meetingin Chicago, the union It would save the companyh hundreds of millions of If union-represented YRC workers vote for the plan, it will boosyt the union’s potential ownership in the company to as much as 35 The plan also woulx require all YRC employees to take simila r cuts, gain the union a YRC board appointed and bring in a corporate turnaround YRC shares, which had been trading down on took a sharp upturn after 2 closing up 14 percent, or 20 cents, at The day’s range was $1.32 to $1.69, according to .
The Overland Park truckinyg company (Nasdaq: YRCW) and the Teamsters have been negotiatinf since June 29 about concessions that would provide YRC with the cash necessargy to survivethe recession. but didn’t release detailsd until Tuesday. YRC has about 49,000 employees, includinf about 35,000 union workers to whom ballots are expectef to be mailed laterthis They’re tentatively scheduled to be counted on Aug. 6, the union said. The 5 percenft wage cut, which would be effective until the unionn labor agreement endsin 2013, wouldx mean a 15 percent total cut in wagesx this year. Early this year, Teamsters members agreed to a 10 percen cut in exchange for a 15 percent stakein YRC.
The cost-of-livinv adjustment also is suspended through the according to a documenf distributed at the Chicago YRC would end its participation in unioh pension plans from July 1through Dec. 31, meaning members don’t accrue pension benefits duringthat time. The companu would have to resume participation and paymentson Jan. 1, 2011. The changex would save about $45 millionm a month, increasing to $50 million a month in YRC said in aTuesday release.
Accordintg to the document, YRC agreed to Teamsters demands that includesd gaining an appointee tothe board, bringing in a turnaroundf consultant, offering the opportunity to get YRC stockm options for an additional 20 percent of outstandinfg shares, bringing back bargaining-unit work that had been transferrer to other countries, limiting the expansiohn of YRC Logistics and transferring its work back to the bargaininv unit, restricting how the saving can be used, and requiring wages to reverf to full rates should YRC file for bankruptch or be sold.
Job protections were added as In addition, the document said, non-union workers at YRC would take equal pay cuts and, during the 18 monthsd when YRC doesn’t participate in pension wouldn't receive retirement benefitd or 401(k) contributions. YRC’s banks also agree d to “provide a fair share of the economicc relief,” the document said, and YRC must providew the union with enough financial informatiob that it can ensurethe company’x compliance with plan provisions. , a uniobn reform group, said Tuesday that the wage cut is wortnhabout $1.16 an hour and would begin immediately followinf a positive vote. The pension withdrawal is valuedat $7.
60 an hour for the first 12 months and $8.2o an hour for the second part of TDU said. “Unfortunately, the freight recession has worseneds for all trucking companies as 2009 has but it’s been more aggravated at (YRC) companies than any othere trucking group operating in North America,” the Teamsters said in a document. YRC also is continuinh its efforts to reform multiemployerpensioh plans, the company said in its release. YRC ranks No. 2 on the Kansaes City BusinessJournal ’s list of area public companies.
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