Kroger National Reclamation Agreement

On May 1, 2017, Kroger announced, along with the University of Kentucky and British athletics, sports and campus marketing partner JMI Sports, a 12-year campus marketing agreement worth $1.85 million per year. The agreement contains the naming rights to Commonwealth Stadium, the university`s football stadium, which is renamed Kroger Field. The agreement makes the University of Kentucky the first southeastern Conference school to enter into a corporate partnership for the naming rights of its football stadium. [52] View original content for multimedia download:www.prnewswire.com/news-releases/kroger-family-of-companies-associates-rat-agreement-with-20-ufcw-local-unions-to-improve-security-and-stability-of-future-pension-benefits-301181893.html In a message to members late Tuesday, UFCW Local 464A President John Niccollai said the agreements with Ahold Delhaize, Albertsons and Kroger would provide $1.84 billion in funding to the national retirement plan. UfcW 464A, based in Little Falls, N.J., has its own pension fund for most of the affiliation, but participates in the national plan for full-time workers at Stop-Shop in Long Island, N.Y., and Acme (Albertsons) in New York and New Jersey. “In an environment where pensions are facing funding issues, we are pleased to have reached an interim agreement that protects benefits for our employees,” Gary Millerchip, Kroger`s chief financial officer, said in a statement. “Our strong financial position allows us to invest in our employees and support our commitment to achieving sustainable and attractive overall returns for shareholders, addressing future pension costs and minimizing Kroger`s future market risk under the current retirement plan.” Supermarket retailers said late Tuesday that UFCW`s retirement plans require UFCW residents to convert to variable retirement plans based on their current national plan. The foundation board of the UFCW National Pension Fund has approved the agreements, while the unions have not yet ratified them.