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				YRC, Teamsters agree on restructuring plan
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					Posted: 
					
						Nov 1, 2010 09:55 AM
					
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					Last Updated: Mar 27, 2012 08:36 AM
				
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				<p>OVERLAND PARK, Kan. &ndash; LTL giant <a target="_blank" href="http://www.yrc.com"><span style="color: rgb(0, 0, 255); ">YRC Worldwide</span></a> and the Teamsters have agreed on a third round of concessions aimed at keeping the beleaguered carrier afloat and preserving 25,000 union jobs.</p>
<p><a target="_blank" href="http://www.teamster.org"><span style="color: rgb(0, 0, 255); ">The Teamsters</span></a> ratified a Restructuring Plan at YRC, Holland and New Penn.</p>
<p>The agreement, the result of months of talks between the two sides, extends a previous agreement to 2015 and will reportedly save the company about $350 million a year.</p>
<p>The union agreed to extend a previous 15 percent pay cut for two more years.</p>
<p>In return for the pay cuts and other debt reduction concessions, the union will require equity in the company.</p>
<p>&quot;We realize that in ratifying this restructuring plan our members will continue to make huge sacrifices, which have been very difficult for our members and their families during the worst economic recession in decades,&quot; said Tyson Johnson, director of the Teamsters National Freight Division. &quot;However, we firmly believe this plan is the only hope for saving our members' jobs as this recession continues to cause so much hardship.&quot;&nbsp;</p>
			
				
				
			
				
				
			
			
			
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					<p class="comment-post-date">at 7:11 PM</p>
					
					
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					If the IBT truly and fully represents its members, they would require full disclosure of management's comparable concessions and disclose such concessions to its members.  

And, if the IBT truly and fully represents its members, they would analyze the annual reports of competitive trucking companies and require YRC’s management to bring its administrative and management costs in line with the industry average.  Thus reducing the size of management so that YRC’s corporate structure does not resemble an inverse pyramid toppling over.

In addition, if the IBT truly and fully represents its members, they would temporarily waive member’s dues to minimally compensate for lost wages and benefits that they (the IBT) have negotiated for its members.  

Also, if the IBT truly and fully represents its members, they would temporarily adopt the same concessions that they (the IBT) have negotiated for its members.  

And finally, if the IBT truly and fully represents its members, they would proactively prevent the recurrence of similar financial mismanagement in the future, by requiring management employment contracts to reflect a minimal base salary and incentives based on net profit, not gross revenue or any other criterion that does not reflect true corporate viability.
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