It dies, except for the new queens. Through spring and summer a colony grows from one queen to a few dozen paper wasps or, for yellowjackets, UC IPM's range of 1,500 to 15,000. In late summer the colony produces new queens and males, they mate, and the new queens leave to find a sheltered spot to spend winter. Frost kills the workers and the old queen, and the nest is left empty. That's why September wasps are so aggressive around food: UC IPM notes the fall shift from hunting protein for larvae to scavenging sugary foods, and the colony is at its biggest and hungriest right before it collapses.