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FELRA & UCFW Pension Plan
The FELRA & UCFW Pension Plan is a jointly trusteed multiemployer defined-benefit plan created through collective bargaining between the Food Employers...
FELRA & UCFW Pension Plan
The FELRA & UCFW Pension Plan is a jointly trusteed multiemployer defined-benefit plan created through collective bargaining between the Food Employers Labor Relations Association (FELRA) and local chapters of the United Food and Commercial Workers (UFCW) union. Headquartered in Sparks, Maryland, the plan covers thousands of unionized grocery workers whose careers were predominantly spent at regional anchor chains like Giant Food and Safeway. As a mature multiemployer plan, its investment strategy is conservative and liability-driven, managed by a board of trustees split evenly between union and employer representatives. Public filings, including PBGC Form 5500 submissions, show the portfolio historically allocated across core fixed income, public equities, and a growing menu of alternative assets. One diversification route is through vehicles like Q-BLK Real Assets II Parallel LP, a global real assets fund that expands exposure beyond traditional stocks and bonds. The plan secured a transformative financial commitment from the PBGC under the Special Financial Assistance Program, created by the American Rescue Plan Act of 2021. This taxpayer-backed capital infusion, awarded to severely underfunded multiemployer plans, effectively recapitalized the trust to pay full promised benefits through at least 2051. In addition to direct investment management, the fund participates in regional healthcare cost-containment initiatives alongside peer union plans through the Health Care Cost Containment Corporation of the Mid-Atlantic Region (HCCCC). The plan's structural distinction is its reliance on a federal insurance bailout rather than organic asset growth. Unlike corporate pensions or single-family offices that answer to a single sponsor, FELRA & UCFW operates under a co-trustee governance model mandated by the Taft-Hartley Act. With the PBGC's Special Financial Assistance now anchoring its liability stream, the board's primary function has shifted from triage to a perpetual preservation mandate, managing a subsidized pool designed to outlast the last retiree's lifespan.
General information
Firm type
Pension Fund
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Sparks
Corporate office
Sparks, MD, United States
Principals
Dyana Forester
Trustee
Jason Chorpenning
Trustee
Sector focus
Frequently asked questions
How is the plan governed and who makes the investment decisions?
The plan is governed by a Board of Trustees with equal representation from the union (UFCW Locals) and the employers (FELRA). Union President Dyana Forester of UFCW Local 400 and President Jason Chorpenning of UFCW Local 27 are publicly known trustees. Investment decisions, including asset allocation and manager selection, are typically made by the full board, often with the guidance of an external investment consultant retained by the trust.
What is the significance of the PBGC Special Financial Assistance for this plan?
The plan was approved for Special Financial Assistance under the American Rescue Plan Act, which provides federal funds to prevent the imminent insolvency of critically underfunded multiemployer pension plans. This infusion means the plan can now pay guaranteed benefits in full through 2051. Because the bulk of liabilities are now federally backstopped, the investment posture shifts toward capital preservation and fixed-income matching rather than return-seeking to close funding gaps.
Which employers contribute to the plan, and how is FELRA structured?
Major contributing employers include Giant Food, LLC and Safeway Inc., both prominent grocery chains in the Mid-Atlantic region. The Food Employers Labor Relations Association (FELRA) acts as the collective bargaining agent for these and other unionized grocers. The plan is a 'jointly trusteed' Taft-Hartley fund, meaning no single employer controls the assets; fiduciary duty is shared by union and management appointees.
Does the plan invest in alternatives or strictly in traditional assets?
While the core of the portfolio historically relies on fixed income and public equities to match liability cash flows, the plan has demonstrated a willingness to allocate to alternatives. It is a known limited partner in Q-BLK Real Assets II Parallel LP, a global mixed-use and real assets fund. The highly subsidized liability structure allows the board to avoid chasing higher-risk, higher-return strategies.
How does the fund coordinate healthcare benefits with the pension plan?
The pension trust operates separately from healthcare funds, but the trustees participate in regional cost-containment efforts. The plan is connected to the Health Care Cost Containment Corporation of the Mid-Atlantic Region (HCCCC), a professional network that negotiates and manages health benefits for UFCW and employer trustees, allowing the related health plan to coordinate bargaining strategies and medical cost management alongside pension administration.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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