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  1. #1
    Taking A Stand!!!

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    Default PBGC to Pay Pension Benefits for A&P Grocery Chain Employees

    I know I already have a thread going about this but no matter how I typed it into the search bar, it would not bring it up.

    WASHINGTON — The Pension Benefit Guaranty Corporation will pay retirement benefits for more than 21,000 current and future retirees of the Great Atlantic & Pacific Tea Co., a supermarket chain based in Montvale, N.J., that is commonly known as A&P.

    PBGC is stepping in because A&P has sold the majority of its assets in bankruptcy proceedings and most of the buyers declined to keep the plans going. The three plans that PBGC will assume ended on Nov. 30, 2015.

    The agency will pay all pension benefits earned by A&P retirees up to the legal maximum of $60,136 a year for a 65-year-old.
    PBGC to Pay Pension Benefits for A&P Grocery Chain Employees

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  3. #2
    Retired !

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    Retired - New Penn
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    Default Re: PBGC to Pay Pension Benefits for A&P Grocery Chain Employees

    Only one of the major grocery chain stores, Acme, from my youth is still operational.
    A&P, Food Fair and Penn Fruit all closed. Most a long time ago.

  4. #3
    Taking A Stand!!!

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    Default Re: PBGC to Pay Pension Benefits for A&P Grocery Chain Employees

    Quote Originally Posted by fxstc07 View Post
    Only one of the major grocery chain stores, Acme, from my youth is still operational.
    A&P, Food Fair and Penn Fruit all closed. Most a long time ago.
    I don't think we have had any of those out west here.

  5. #4
    Retired !

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    Default Re: PBGC to Pay Pension Benefits for A&P Grocery Chain Employees

    Quote Originally Posted by ABFwife View Post
    I don't think we have had any of those out west here.
    Acme is Albertson's out west, and they merged with Safeway somewhere along the way. They may not be in NM.

  6. #5
    I Am Rocking Now

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    Default Re: PBGC to Pay Pension Benefits for A&P Grocery Chain Employees

    Quote Originally Posted by fxstc07 View Post
    Only one of the major grocery chain stores, Acme, from my youth is still operational.
    A&P, Food Fair and Penn Fruit all closed. Most a long time ago.
    Food Fair??? I worked for them out of Linden New Jersey for a short time.. My cousin was a store manager for them..

  7. #6
    Taking A Stand!!!

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    Default Re: PBGC to Pay Pension Benefits for A&P Grocery Chain Employees

    We do have Albertsons here. There have been so many mergers that I have lost track of the stores in CA and here. Haven't seen a Safeway here that I remember but we had them in CA. We mostly have Smith's Food and Drug here, a Kroger company.

  8. #7
    I Am Rocking Now

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    Default Re: PBGC to Pay Pension Benefits for A&P Grocery Chain Employees

    PBGC protects the pension benefits of more than 40 million Americans in private-sector pension plans. The agency is directly responsible for paying the benefits of about 1.5 million people in failed pension plans. PBGC receives no taxpayer dollars and never has. Its operations are financed by insurance premiums, investment income, and with assets and recoveries from failed single-employer plans.
    Nice, the PBGC's SEPF is on the hook for the $288 million in A&P's underfunded liabilities. Meanwhile the bankruptcy laws allows A&P to sell off it's assets without paying it's pension obligations. The PBGC will pay the A&P & Pathmark's SEPF retirees up to $60,000 a year. The PBGC will only pay MEPF retirees around $35,000 a year. And we all know who's fault that is. Only congress can set the contribution rates paid into the PBGC by the pensions funds. I'm not sure of the year but about 10 years ago the head of the PBGC asked congress to increase the MEPFs per capita contribute rate. Congress refused saying the MEPFs were in good shape and less likely to fail than the SEPFs. Now the PBGC's SEPF is in good shape and the MEPF is nearly bankrupt.................Some say no bailouts for the union MEPFs. Others say congress created the mess so let them fix it. Well they did by passing the buck and making the MEPF retirees bailout the PBGC.

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  10. #8
    I Am Rocking Now

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    Default Re: PBGC to Pay Pension Benefits for A&P Grocery Chain Employees

    Quote Originally Posted by crazy View Post
    Food Fair??? I worked for them out of Linden New Jersey for a short time.. My cousin was a store manager for them..
    Food Fair was a good job back in the day. I had friends that worked out of that Linden warehouse on Rt. 1 next to GM and the coffee place. Last time I looked it was just a bunch of broken down buildings used to warehouse imported junk.

  11. #9
    Getting In The Groove Now.

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    Default Re: PBGC to Pay Pension Benefits for A&P Grocery Chain Employees

    Check your numbers, I don't think PBGC pays anywhere near $35,000 a year to MEPF retirees.

  12. #10
    I Am Rocking Now

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    Default Re: PBGC to Pay Pension Benefits for A&P Grocery Chain Employees

    Quote Originally Posted by ROADY View Post
    Check your numbers, I don't think PBGC pays anywhere near $35,000 a year to MEPF retirees.
    ROADY you are right. Sorry, I guess it was wishful thinking on my part.................

    PBGC's maximum annual guaranteed benefit for a participant who has:
    30 years of service is $12,870 ($35.75 x 12 months x 30 years)
    20 years of service is $8,580 ($35.75 x 12 months x 20 years)
    10 years of service is $4,290 ($35.75 x 12 months x 10 years)
    I got a call from a 560 friend yesterday who had just heard that old rumor about them cutting us 30%. He claimed it was a done deal and we would be voting soon. I told him it was Potter's local but I wish it were true and I'd welcome a cut of only 30%.

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