COVID-19 relief bill

UPS posts strong first quarter with pension adjustments as driver

UPS Inc. (NYSE:UPS) reported Tuesday first-quarter diluted earnings per share of $5.47, with about half of that coming from a $2.4 billion net benefit from favorable adjustments to its pension costs from COVID-19 relief legislation signed into law last month.

On the operations side, it was a strong quarter for the Atlanta-based transportation and logistics giant. Revenue rose 27% to $22.9 billion, as demand rose across its three main product lines. The U.S. domestic package segment posted a...

https://s29755.pcdn.co/news/ups-posts-strong-first-quarter-with-pension-adjustments-as-driver

Biden expected to sign LTL driver pension relief package

Legislation bailing out financially troubled multiemployer pension plans – including a plan covering thousands of employees and retirees from LTL carriers Yellow and ABF Freight – could be signed into law by President Joe Biden as early as this week.

The Butch Lewis Pension Plan Relief Act of 2021 was included in the $1.9 trillion COVID-19 rescue package that was approved on Saturday by the U.S. Senate along party lines, 50-49. The package is expected to be taken up by the U.S. House of...

https://s29755.pcdn.co/news/biden-expected-to-sign-ltl-driver-pension-relief-package

The Daily Dash: Pension bailout possible for Yellow, ABF drivers; record Q4 for XPO

The Daily Dash is a quick look at what is happening in the freight ecosystem. In today’s edition, the COVID-19 relief bill working through Congress may be the vehicle through which pension reform happens for multiemployer pension plans, including those of Yellow and ABF Freight. Plus, a strong freight market led to a record quarter for XPO, and Uber Freight posts revenue growth in Q4.

Legislative fix?

The COVID-19 relief bill could serve as a vehicle to bail out multiemployer pension funds,...

https://www.freightwaves.com/news/the-daily-dash:-pension-bailout-possible-for-yellow-abf-drivers;-record-q4-for-xpo

‘Missed opportunity’ to fund truck parking in COVID relief package

A measure that would have provided $755 million in taxpayer funds over the next five years to expand truck parking capacity was offered and quickly withdrawn during negotiations over the next COVID-19 relief bill.

U.S. Rep. Mike Bost, R-Illinois, who offered the amendment, removed it in the interest of speeding the House Transportation & Infrastructure Committee’s all-day markup Wednesday of its nearly $100 billion portion of the overall $1.9 trillion COVID legislation package.

“I know we’re...

https://www.freightwaves.com/news/missed-opportunity-to-fund-truck-parking-in-covid-relief-package