Kroger Reach Deal With 20 Local Unions To Withdraw From UFCW International Union Pension Fund

(RTTNews) - Kroger Co. (KR) Tuesday said it reached a tentative agreement with 20 local unions of the United Food and Commercial Workers to withdraw from the UFCW International Union-Industry Pension Fund, a multi-employer pension plan.

The new deal would allow 33,000 Kroger family of companies' associates across 14 divisions to participate in a new variable annuity pension plan that improves security for future retirement benefits.

The tentative agreement has been approved by Kroger and the National Fund board of trustees. The 20 UFCW local unions representing Kroger family of companies' associates have agreed to present this tentative agreement to their members for ratification.

Kroger continues to expect to exceed the 2020 outlook shared in its April 1 business update for identical sales without fuel, adjusted FIFO operating profit, adjusted EPS and adjusted free cash flow.