Tops Market Nears Settlement Of Pension Dispute

BUFFALO – Officials are reporting that Tops Markets is finalizing a settlement to a multi-million dollar pension dispute that has been a thorn in the company’s side since 2014.
Any agreement must be approved by a U.S. Bankruptcy Court Judge, but could save the troubled company more than $180 million dollars.
After two days of meeting with a mediator, the settlement could cover retirement funds of about 600 grocery warehouse employees.
The settlement could clear the path for Tops to restructure and recover from bankruptcy. Under the plan, Tops would no longer be liable to pay in excess of $180 million over two decades to meet obligations to the pension fund. Under the plan, Tops will contribute $15 million to help replace pension benefits that warehouse workers would have accrued since the end of 2013.
Tops filed reorganization plans to restructure under Chapter 11 Bankruptcy in February.

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