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Bankrupt carrier Yellow Corp. and its hedge fund owners lost a court ruling over $6.5 billion in debt that pension funds claim the defunct company owes them.

Jim Onley logged more than a million miles behind the wheel during his more than three-decade career as a truck driver, but a letter delivered to his New Milford, Ill., home in April stopped him in his tracks.

Sen. Chuck Schumer (D) and Rep. Peter King (R) of New York announced their support for the Butch Lewis Act as an effort to save troubled multiemployer pensions such as the Central States Pension Fund and the New York State Teamsters Conference and Retirement Fund.

The U.S. Treasury Department on Sept. 13 announced that active and retired Teamsters across upstate New York had voted against big pension reductions by better than a 2-1 ratio.

UPS Inc. will freeze its pension program for 70,000 nonunion employees in five years and replace it with 401(k) accounts, the nation’s largest package delivery company announced June 27. UPS, which said the move is a reaction to rising pension deficit, joins other large corporations that have phased out traditional retirement plans.

Companies contributing to multiemployer pensions would pay significantly more in premiums under a budget proposal from President Donald Trump released in May.

Lawmakers on Capitol Hill again introduced legislation to address problems plaguing the multiemployer pension system, including truck drivers in the Central States and New York State Teamster funds.

Thousands of upstate New York retired Teamsters have dodged a potential pension cut, at least for now, thanks to a recent decision by the federal government.

The Road Carriers Local 707 Pension Fund in Hempstead, New York, has gone insolvent and received protection by the Pension Benefit Guaranty Corp. to issue benefits to retirees.

The Pension Benefit Guaranty Corp., which ensures that retirees receive benefits even if their pensions become insolvent, reported that its multiemployer plan deficit grew to $58.8 billion in fiscal year 2016 and will likely run out of money before the end of 2025, the government agency announced.