Notes to the
consolidated
financial statements
23 Pensions and other post-employment benefits continued
continued
Overview
Business review
Governance
Financials
Investors
Ahold Delhaize Annual Report 2016
January 1, 2017
Jan. 1, 2015
22
1,149
58.3%
669
27
1,080
60.4%
652
Jan. 1, 2015
11
1
61.1%
1
7
3
63.3%
2
Oct. 1, 2015
6
2.9%
6
3.1%
Jan. 1, 2015
7
140
23.1%
32
7
206
19.4%
40
(201)
(44)
July 1, 2015
19
17
21.7%
4
19
22.1%
Jan. 1, 2016
10
172
30.5%
52
8
171
27.1%
46
Jan. 1, 2015
3
113
82.6%
93
3
110
83.5%
92
Jan. 1, 2016
5
0.9%
14
7
0.8%
16
83
865
84
804
If the underfunded liabilities of the multi-employer pension plans are not reduced, either by improved market conditions or collective bargaining
changes, increased future payments by the Company and the other participating employers may result. However, all future increases will be
subject to the collective bargaining process. In 2017, the Company expects its contributions to increase to €88 million. Moreover, if the Company
were to exit certain markets or otherwise cease making contributions to these funds, the Company could trigger a substantial withdrawal liability.
Any adjustment for withdrawal liability will be recorded when it is probable that a liability exists and the amount can be reasonably estimated.
Except for the UFCW Local #338 withdrawal liability payment mentioned above, no other withdrawal payments were incurred or included in the
2016 and 2015 contributions disclosed above. Ahold Delhaize’s risk of increased contributions and withdrawal liabilities may be greater if any of
the participating employers in an underfunded multi-employer plan withdraw from the plan or, due to insolvency, are not able to contribute an
amount sufficient to fund the underfunded liabilities associated with their participants in the plan.
New England Teamsters
Trucking Industry Pension
United Food Commercial
Workers International Union
- Industry Pension Fund
Warehouse Employees’ Union
Local 730 Pension Trust Fund
Date of
latest
information
Annual
contributions
Plan
deficit
Ahold Delhaize’s
proportionate
share of
deficit
Annual
contributions
Plan
deficit
(surplus)
Mid-Atlantic UFCW
Participating Employers
Pension Fund
Ahold
Delhaize’s
participation
Ahold
Delhaize’s
participation
During 2015, Stop Shop reached an agreement with UFCW Local #338 whereby Stop Shop was allowed to withdraw from the pension plan.
The withdrawal occurred in September and resulted in a $12 million (€11 million) withdrawal liability. The settlement of the liability will be made in
installments, with $6 million paid at the time of withdrawal and the second and third installments, of $3 million each, paid in May and October
of 2016.
UFCW Local 1262
Employers Pension Fund
UFCW Local 1500
Pension Plan
Other plans
Total
7,321
8,913
6,477
7,846
January 3, 2016
Ahold Delhaize’s
proportionate
share of
deficit
(surplus)
million, except Ahold Delhaize’s
participation percentages
FELRA UFCW Food
Pension Fund
