Replies to post #7 on Yellow Corporation (YELLQ)

[yesmistermorningstar]

Yellow, ABF drivers edge closer to long-term pension protection. Lawmakers using COVID-19 relief bill to move multiemployer plan reform bill

[yesmistermorningstar]

Legislation aimed at bailing out multiemployer pension funds in danger of failing — including the fund that holds pensions for tens of thousands of Yellow Corp. and ABF Freight drivers and their spouses — could finally make it into law under the latest COVID-19 relief measure.

[yesmistermorningstar]

The Butch Lewis Emergency Pension Plan Relief Act of 2021, legislation that the Ways & Means Committee in the U.S. House of Representatives is considering this week to include in a broader COVID-19 stimulus package, would allow a plan that is in critical status at the start of 2020 or 2021 to extend its rehabilitation period by five years. “This would give a plan additional time to improve its contribution rates, limit benefit accruals, and maintain plan funding — all on its own terms,” according to a summary of the legislation.

[yesmistermorningstar]

“First, they have an interest in making sure employees get the benefits they deserve. But in terms of their financial interest, this represents an unfunded liability that is carried on their books that will get funded if this passes. Their balance sheet will look better, so the banks will be happy. They should be breathing a sigh of relief.”

[yesmistermorningstar]

Their balance sheet will look better, so the banks will be happy.