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The Preserve Benefits and Jobs Act of 2009, sponsored by Rep. Earl Pomeroy (D-ND) and Rep. Pat Tiberi (R-OH), seeks to repair and resolve some unintended consequences of The Motor Carrier Act of 1980, the Multiemployer Pension Plan Amendments Act of 1980, and the Pension Protection Act of 2006. The Motor Carrier Act deregulated the trucking industry, while the Multiemployer Pension Plan Amendments Act required companies in these plans to pay for the benefits of retirees who never worked for them. Approximately 40 to 50% of pension contributions made by employers in many of these plans go to fund these non-sponsored participants.
"On behalf of nearly 40,000 YRC Worldwide employees, we wish to thank Representatives Pomeroy and Tiberi for recognizing that these costs represent a huge, hidden tax on large and small businesses that are unfairly shouldering this burden," said Bill Zollars, Chairman, President and CEO of YRC Worldwide. "We are hopeful that Congress will take swift action to resolve this inequity and protect the jobs and pensions of hard working Americans, retirees and their families."
About YRC Worldwide
YRC Worldwide Inc., a Fortune 500 company headquartered in Overland Park, Kan., is one of the largest transportation service providers in the world and the holding company for a portfolio of successful brands including YRC, YRC Reimer, YRC Glen Moore, YRC Logistics, New Penn, Holland and Reddaway. YRC Worldwide has the largest, most comprehensive network in North America with local, regional, national and international capabilities. Through its team of experienced service professionals, YRC Worldwide offers industry-leading expertise in heavyweight shipments and flexible supply chain solutions, ensuring customers can ship industrial, commercial and retail goods with confidence. Please visit yrcw.com for more information.
Media Contact: Suzanne Dawson
Linden, Alschuler & Kaplan
212.329.1420
sdawson@lakpr.com
SOURCE YRC Worldwide Inc.
http://www.yrcw.com
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