Quincy, Massachusetts-based Stop & Shop says UFCW Local 1500 has ratified an agreement for the company to make a $229 million investment in retirement benefits for its members.
“We’re pleased this agreement has been ratified as it will improve the security of future retirement benefits for our union associates, while reducing financial risk going forward. This represents a significant investment in our associates who are dedicated to serving our communities every day,” said Gordon Reid, president of Stop & Shop, on Dec. 18.
As part of the agreement, the following actions will occur:
- Stop & Shop will end its participation in the UFCW Local 1500 Pension Fund; and
- Stop & Shop union associates will participate in the Local 1500 Annuity plan, which is intended to sustainably provide future retirement benefits and reduce financial risk to the company.
The agreement covers approximately 8,000 current Stop & Shop associates who are members of UFCW Local 1500.
A neighborhood grocer for more than 100 years, Stop & Shop has a longstanding history of giving back to the neighborhoods it serves with a focus on fighting hunger and pediatric cancer research and care. The Stop & Shop Supermarket Co. is an Ahold Delhaize USA company and employs nearly 58,000 associates and operates over 400 stores throughout Massachusetts, Connecticut, Rhode Island, New York and New Jersey. To learn more about Stop & Shop, visit stopandshop.com.
