LANDOVER, Md., Jan. 1, 2021 /PRNewswire/ -- Giant Food, the leading greater Washington D.C. regional grocery chain, announced that the Company and United Food & Commercial Workers (UFCW) Locals 400 and 27 have fully implemented the parties' pension security agreement that union members ratified on March 5, 2020. As part of the pension security agreement, the Company will make a $800 million investment in past and future pension benefits for its members.
"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 of Giant Food.
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.
The agreement covers approximately 18,000 current Giant Food associates who are members of UFCW Locals 400 and 27.
About Giant Food Giant Food is headquartered in Landover, Md. and operates 164 supermarkets in Virginia, Maryland, Delaware, and the District of Columbia with approximately 20,000 associates. Included within the 164 stores are 153 full-service pharmacies, 82 full-service PNC Banks and 24 Starbucks locations. Giant fits all the ways today's busy customers want to shop - whether in store or online. With 142 Giant Pickup locations and Giant Delivery available to all our market areas in DC, MD, VA and DE, customers have even more convenient options right at their fingertips to get the best product and prices, whenever and however they want it. For more information on Giant, visit: giantfood.com.