CORPaTH, a global alliance of pension administrators, trustees and advisers, joins local Unions of the United Food and Commercial Workers in demanding Albertsons delay an anticipated $4 billion dividend to shareholders until the company’s current pension obligations are assessed and fulfilled.
Noting the UFCW has a significant role in applying for billions of dollars in support for its members’ pension plans from the American Rescue Plan Act’s Special Financial Assistance Program, CORPaTH Executive Director Ron Auer said:
“Albertsons, a major employer in the supermarket industry, must use caution to avoid putting its joint Union-Employer pension funds at risk.
“Before this company delivers a huge payout to its shareholders in anticipation of its proposed merger with Kroger Co., Albertsons must re-prioritize and take its workers’ retirement security into account.
“Government support of retirement security must not be exploited by Albertsons as a quick win for shareholders while overlooking obligations to its hardworking employees.”