We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Kroger Co | NYSE:KR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.56 | 1.03% | 54.94 | 55.16 | 54.61 | 54.72 | 2,939,706 | 18:10:10 |
By Josh Beckerman
Kroger Co., Stop & Shop and Albertsons Cos. have tentatively agreed to withdraw from a United Food and Commercial Workers International Union pension plan.
Kroger and Stop & Shop have agreed to transition to a new variable annuity pension plan for 33,000 Kroger workers and 18,000 Stop & Shop employees.
Albertsons workers would transition to another variable annuity pension plan. The changes are subject to ratification by union members.
Kroger said "in an environment where pensions are faced with funding challenges, we are pleased to have reached a tentative agreement that will protect benefits for our associates." The plan would help Kroger "by addressing future pension cost increases and minimizing Kroger's future exposure to market risk associated with the current pension plan."
Kroger expects withdrawal liability and contribution to a transition reserve would total about $760 million after-tax. Stop & Shop, a unit of Ahold Delhaize, expects its total will be about $500 million.
Albertsons expects an after-tax charge of about $213 million for withdrawal liability and expects to pay about $8 million to $9 million to pre-fund a transition reserve.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
July 21, 2020 19:12 ET (23:12 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
1 Year Kroger Chart |
1 Month Kroger Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions