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PBGC Approves Merger to Aid Struggling Multiemployer Plan
The settlement is intended to help protect 50,000 Giant, Safeway employees and retirees in the Washington, D.C., area.
KEY TAKEAWAYS
Settlement prevents PBGC Multiemployer Insurance Program from incurring more financial stress.
Former arrangement between unions and the pension fund risked increasing costs for participants, and those paying PBGC premiums.
Withdrawal liability payments expected to reduce the amount of PBGC financial assistance required.
Agreement is expected to extend the FELRA/UFCW Pension Fund’s insolvency by more than a year.
The Pension Benefit Guaranty Corporation (PBGC) has approved the merger of two multiemployer pension plans in a move to protect the retirement of approximately 50,000 Washington, D.C.-area grocery and warehouse workers and limit the financial burden on the agency’s multiemployer pension insurance program.
(John Cole cartoon / caglecartoons.com)
Despite the grim economic news, the V-shaped economic recovery President Donald Trump has talked about may soon be a reality.
The news that several coronavirus vaccines will soon be available may allow the lockdowns to end. If all goes as planned, Operation Warp Speed could lead to the nation recovering lost economic ground in months rather than years, even if the number of cases continues to rise.
Retailers across the country are contributing to Operation Warp Speed by ordering freezers, thermometers and the additional medical gear needed to administer vaccines once they’re available.
It makes sense. Since grocers and pharmacies offer flu shots, their support in delivering the vaccine is crucial given their thousands of locations in every city and county in the nation.
Ahold Delhaize
Giant Food Reaches Settlement Agreement on FELRA and MAP Pension Liabilities; No Impact to Previously Issued 2020 Financial Outlook
Giant Food Reaches Settlement Agreement on FELRA and MAP Pension Liabilities; No Impact to Previously Issued 2020 Financial Outlook
Zaandam, the Netherlands, January 1, 2021 – Ahold Delhaize today announces the conclusion of negotiations by its U.S. subsidiary, Giant Food, regarding certain of its multi-employer pension plans.
Giant Food, UFCW Locals 27 and 400 (collectively the “Union Locals”) and the Pension Benefit Guaranty Corporation (“PBGC”) have reached an agreement on Giant Food’s funding obligations with respect to two multi-employer pension plans: the Food Employers Labor Relations Association and United Food and Commercial Workers Pension Fund (“FELRA”) and the Mid-Atlantic UFCW and Participating Employers Pension Fund (“MAP”). As a result of this agreement, the PBGC has approved the combining of MAP i
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Zaandam, the Netherlands, January 1, 2021 - Ahold Delhaize today announces the conclusion of negotiations by its U.S. subsidiary, Giant Food, regarding certain of its multi-employer pension plans.
Giant Food, UFCW Locals 27 and 400 (collectively the Union Locals ) and the Pension Benefit Guaranty Corporation ( PBGC ) have reached an agreement on Giant Food s funding obligations with respect to two multi-employer pension plans: the Food Employers Labor Relations Association and United Food and Commercial Workers Pension Fund ( FELRA ) and the Mid-Atlantic UFCW and Participating Employers Pension Fund ( MAP ). As a result of this agreement, the PBGC has approved the combining of MAP into FELRA (the Combined Plan ) and has agreed to provide financial assistance to the Combined Plan following its insolvency, which is currently projected to occur in 2022. The agreement is intended to resolve all of Giant Food s existing liabilities with respect to the FELRA and MAP Plans and impr