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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 an
Monday, December 28, 2020
On November 16, 2020, the Internal Revenue Service (IRS) issued Notice 2020-82 (the Notice), to further extend the deadline for required minimum contributions for single-employer defined benefit pension plans that would otherwise be due during the 2020 calendar year, from January 1, 2021, to January 4, 2021. On the same day, the PBGC issued complementary guidance, in Technical Update 20-2 (the PBGC Update), to reflect the January 4, 2021, deadline established by the IRS in the Notice when calculating variable-rate premiums.
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) previously established a January 1, 2021, deadline for certain required minimum contributions that would otherwise be due during the 2020 calendar year. This pension funding holiday applies for contributions to single-employer defined benefit pension plans required under Section 430(j) of the Internal Revenue Code (the Code). Under Code Section 430(j), sing
PBGC Pension Programs Continue Divergence
The pension lifeboat’s multiemployer plan is five years from insolvency, while the single-employer plan remains robust.
The Pension Benefit Guaranty Corporation’s (PBGC) insurance programs for single-employer and multiemployer plans continue to diverge, as the former remains healthy while the latter faces impending insolvency, according to the agency’s annual report.
The programs cover the pensions of more than 34 million participants with plan benefits worth more than $3 trillion. The multiemployer program covers approximately 10.9 million workers and retirees in some 1,400 pension plans, while the single-employer program covers approximately 23.5 million workers and retirees in about 23,200 pension plans.
Local business saw some gain in tough year | News, Sports, Jobs vindy.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from vindy.com Daily Mail and Mail on Sunday newspapers.
WARREN Sure, the viral outbreak dominated the headlines this year; it bludgeoned businesses, caused joblessness to spiral out of control and threw the economy into a tailspin.
No doubt, COVID-19 was the No. 1 news story of the year, but dig a bit deeper and there was some positive local business-related news in the mix. So without further delay, the top 10 business stories, excluding the pandemic, this year in Trumbull and Mahoning counties:
1. Mahoning Valley part of GM’s electric future
General Motors announced Jan. 14 it had selected a 158-acre plot of land in Lordstown adjacent to its former automaking plant to build a $2.3 billion battery-cell manufacturing plant, a decision that meant upward of 1,100 new jobs here.