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Zaandam, the Netherlands, January 1, 2021 – Ahold Delhaize today announces the conclusion of negotiations by its U.S. subsidiary, Giant Food, regarding certain of its multi-employer pension plans.
Giant Food, UFCW Locals 27 and 400 (collectively the Union Locals ) and the Pension Benefit Guaranty Corporation ( PBGC ) have reached an agreement on Giant Food s funding obligations with respect to two multi-employer pension plans: the Food Employers Labor Relations Association and United Food and Commercial Workers Pension Fund ( FELRA ) and the Mid-Atlantic UFCW and Participating Employers Pension Fund ( MAP ). As a result of this agreement, the PBGC has approved the combining of MAP into FELRA (the Combined Plan ) and has agreed to provide financial assistance to the Combined Plan following its insolvency, which is currently projected to occur in 2022. The agreement is intended to resolve all of Giant Food s existing liabilities with respect to the FELRA and MAP Plans an