Giant Food's Investment of $800 Million in Retirement Benefits for Union Associates Approved by UFCW Locals 400 and 27
LANDOVER, MD - Investments in company culture never go to waste, and Giant Food knows this well. Most recently, the retailer announced an $800 million investment to launch a pension security agreement. The United Food & Commercial Workers (UFCW) Locals 400 and 27 have fully implemented the agreement, which was ratified on March 5, 2020. This investment in past and future pension benefits for Giant’s members is an excellent example of how the company continues to lead the industry with its unique strategies.
"We're pleased that this agreement has now been implemented. By making this significant investment to help stabilize and secure pensions for our associates, we feel that we are doing the right thing for our employees who are dedicated to serving our customers day in and day out," said Ira Kress, President.
As part of the implementation of the pension security agreement, the following actions will occur:
- Giant Food's current pension plans known as the Food Employers Labor Relations Association (FELRA) and UFCW Pension Plan and the Mid-Atlantic UFCW and Participating Employers Pension Plan (MAP) will be combined into one plan for past pension benefits
- Giant Food associates represented by UFCW Locals 400 and 27 will participate in a new Variable Annuity Pension Plan that is intended to sustainably provide future retirement benefits and reduce financial risk to the company
According to a press release, the agreement covers approximately 18,000 current Giant Food associates who are members of UFCW Locals 400 and 27.
For more exciting ways that the industry’s leaders are investing in company culture, stay tuned to ANUK.