Investment Will Improve Security of Future Pension Benefits for Union Associates & Reduce Financial Risk for the Company
QUINCY, Mass., Nov. 30, 2020 (GLOBE NEWSWIRE) -- Today Stop & Shop announced that its union locals have ratified an agreement to make a $667 million investment in pension benefits for union associates.
“We’re extremely pleased that this agreement has been ratified across the board. By making this significant investment, we are doing the right thing for our associates who are dedicated to serving our customers every day,” said Gordon Reid, President, Stop & Shop.
As part of the agreement, the following actions will occur:
Stop & Shop will end its participation the United Food & Commercial Workers International Union (UFCW) Industry Pension Fund, known as the “National Plan.”
Stop & Shop union associates will participate in a new variable benefit plan established by Stop & Shop, Kroger and the UFCW that is intended to sustainably provide future retirement benefits and reduce financial risk to the company.
Stop & Shop’s agreement covers approximately 18,000 current Stop & Shop associates who are members of UFCW Locals 1445, 1449, 328, 371 and 464A.
About Stop & Shop
A neighborhood grocer for more than 100 years, today’s Stop & Shop is refreshed, reenergized and inspired, delivering convenient new solutions for customers. Committed to helping its communities enjoy better food and better lives, Stop & Shop has a longstanding history of giving back to the neighborhoods it serves with a focus on fighting hunger and pediatric cancer research and care. The Stop & Shop Supermarket Company LLC is an Ahold Delhaize USA Company and employs nearly 60,000 associates and operates over 400 stores throughout Massachusetts, Connecticut, Rhode Island, New York and New Jersey. To learn more about Stop & Shop, visit stopandshop.com.