UFCW Local 400's rejoinder to Albertsons' response to the NY Post article
The public statement issued by Albertsons on January 30, 2020 is inconsistent with the prior statements issued by Albertsons in recent weeks, as it now acknowledges at least some of its pension promises, which it previously denied. But its description of its obligation to fund those pension promises is inconsistent with federal law... The terms of Safeway’s 2012, 2013 and 2016 collective bargaining agreements with UFCW Locals 400 and 27 provide that when the FELRA & UFCW Pension Fund becomes insolvent, the Mid- Atlantic Pension Fund will pay any benefit not paid by the FELRA & UFCW Pension Fund.
... This contractual promise... provides that if participants’ benefits under the FELRA & UFCW Pension Fund are reduced, the Mid-Atlantic Pension Fund will make up the difference – the entire difference... for employees of Albertsons... [and] for all current and former employees of Giant Food and any other former participating company who met its financial obligations to the FELRA Fund... As a contributing employer to the Mid-Atlantic Fund, the only way Albertsons will be able to meet the federal “minimum funding” requirements under federal law will be to significantly increase its contributions to the Mid-Atlantic Fund upon the insolvency of the FELRA & UFCW Pension Fund, in order to fund the benefit promise made through the Mid-Atlantic Fund.