LaborPress

Share on facebook
Share on twitter
Share on google
Share on pinterest
Share on linkedin

UFCW & Tops Stores Save Worker Pensions from Collapsing

BUFFALO, N.Y. – In a desperate move to save the pensions of hundreds of employees at Tops stores throughout New York State, Tops supermarket chain, UFCW Local one and store workers,  have agreed to a  reduced retirement package.

The Tops UFCW Local One Pension Fund had been rated “critical” for several years. The fund has diminishing  assets that could run out in just a few years. While the agreement will mean smaller payments in retirement for Tops workers, its hoped the fund will regain solvency. Presently the pension is underfunded by $390 million.

The pension agreement resolution removes a legal hurdle that had been facing the supermarket chain as it tries to emerge from bankruptcy.  Tops will also move to restructure operations and close poor performing stores. With a comprehensive financial plan in place, the company hopes to be more financially viable.

Share on facebook
Share on twitter
Share on google
Share on pinterest
Share on linkedin

YOU MAY ALSO LIKE

Leave a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.