UFCW Union Pension Trustees Demand Albertsons Delay $4B Dividend Pending Fulfillment of Pension Obligations
CONCORD, Calif.–(BUSINESS WIRE)–Pension Trustees representing United Food and Commercial Workers (UFCW) Locals 5, 8, 480 and 648 in Northern California and Hawaii demand Albertsons delay an anticipated $4 billion dividend to shareholders.
The UFCW Trustees seek this delay until such time as all pension obligations are assessed and fulfilled.
“The UFCW played a significant role in securing billions of dollars in anticipated pension funding through the American Rescue Plan Act as a means to bolster qualifying pension plans. This government support of retirement security must not be converted into a windfall for shareholders at the expense of essential workers,” said Jacques Loveall, Chairman of the pension fund and President of UFCW 8-Golden State.
“UFCW essential workers put their lives at risk throughout the COVID pandemic and deserve to have their retirement security taken into account prior to dividends being disbursed to shareholders,” Loveall said.
“We have a sacred fiduciary responsibility to safeguard the pensions our members have worked hard over decades to earn,” Loveall said.
“While the fund’s trustees will continue implementing innovative and progressive ideas to meet this responsibility, we insist Albertsons, a major Union employer, use caution to avoid putting the pension fund at possible risk,” Loveall said.
News of the dividend payout comes on the heels of the proposed merger between Kroger and Albertsons, which is slated to close in 2024 should it pass review by government regulators.
UFCW 8-Golden State President