IBT Consolidated Pension Plan

Kroger is the primary contributing employer and the designated named fiduciary, meaning it holds sole investment authority over the plan's assets. This arrangement was established to stabilize retirement benefits for Kroger's union workforce. The plan operates under a shared governance structure where the International Brotherhood of Teamsters appoints half of the Board of Trustees.

Kroger, as named fiduciary, controls asset allocation and manager selection. This deviates from the Taft-Hartley model where union and employer trustees share equal investment authority. The plan's administrator, Darin Torosian, handles operational aspects, but investment decisions flow through Kroger's treasury and benefits teams.

The IBT plan was formed to assume liabilities and participants from the Central States Pension Fund, which faced severe funding shortfalls. In December 2023, it received a Special Financial Assistance grant from the PBGC under the Butch Lewis Act provisions within the American Rescue Plan, enabling the transfer of Central States participants to the new, more stable vehicle.

Known allocations include hedge fund investments and commercial real estate through Level 3 real estate fund commitments. The plan accesses alternatives primarily through fund commitments rather than direct deals or co-investments. No public equity or fixed-income mandates have been disclosed, though those likely exist within the broader portfolio.

The board is evenly split between trustees appointed by the International Brotherhood of Teamsters and trustees representing participating employers, led by Kroger. Specific trustee names have not been publicly disclosed. The governance structure ensures union oversight while preserving Kroger's fiduciary control over investment decisions.