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Giant Food's Investment of 800M Dollars in Retirement Benefits for Union Associates Approved by UFCW Locals 400 and 27

Giant Food's Investment of 800M Dollars in Retirement Benefits for Union Associates Approved by UFCW Locals 400 and 27


LANDOVER, MD
Thursday, January 7th, 2021

Giant Food is striving to be the best employer it can be, recently investing $800 million to launch a pension security agreement. In partnership with the United Food & Commercial Workers (UFCW) Locals 400 and 27, the agreement was ratified on March 5, 2020, and has now been completely implemented.

Ira Kress, President, Giant Food"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

Giant Food recently revealed an $800 million investment to launch a pension security agreement for over 18,000 associates

According to a press release, the agreement covers approximately 18,000 current Giant Food associates who are members of UFCW Locals 400 and 27.

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