Bargaining over the Master Food Agreement has gotten off to a slow start due to pension funding issues which require IRS approval. The Trust Fund attorneys and consultants representing both the Unions and the Companies are working diligently to obtain answers from the IRS and we hope to have guidance in the near future.
Several laws dictate funding status requirements for pension plans and in the case of the UFCW So Cal Food Fund, some of these requirements are old and out dated. But we must have IRS approval to bypass the outdated requirements and apply only the most current standards.
With the recent decline in the investment arena, assuring that our pension plan is adequately funded is your union’s top priority. We are doing everything possible to convince the IRS of this so that we can move forward with the bargaining and address all the important outstanding issues.
It is important to stay strong and united. If you have questions or hear rumors, please contact your Union Representative.