Rejoinder from UFCW Local 400 to Albertsons
We have an ironclad agreement with Safeway that requires the company to guarantee the pensions of participants in our multiemployer pension fund. This guarantee is not only explicitly defined in our collective bargaining agreement, which has been renewed twice since first taking effect in 2012, it is also enshrined in the trust fund documents and cannot be eliminated without unanimous approval of the fund's Board of Trustees... now that Albertsons has been taken over by a Cerberus-led investment group, and on the eve their third attempt at an IPO, Safeway is attempting to deny the existence of this substantial liability which should be of significant concern to potential investors. These actions are putting nearly 50,000 plan participants at risk of losing their pension.
... No matter how much Safeway wishes it weren’t so, this promise exists in writing, the company is bound by it, and we intend to hold them to it.