Kroger Pension Takeover a Hit With Union: Schlotman
NEW YORK — In the year since announcing a surprise move to consolidate and take over management of four ailing pension funds, Kroger has seen the condition of those accounts improve slightly and heard from more unions interested in making a similar deal, Kroger’s chief financial officer said in an investment conference here Tuesday.
Will we ever be able to do one of what we did last year? As far as I’m concerned that glass is half-full, if not entirely full,” Michael Schlotman said in remarks at Barclays Retail and Consumer Discretionary Conference Tuesday. The Kroger CFO referred to a deal commenced early in 2012 to contribute $650 million to stabilize underfunded multiemployer pension funds covering 65,000 of its workers in 14 local unions. Those plans have “gotten a little better,” Schlotman said, citing strong market returns last year.
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