The Company wants its employees to have secure retirements. The B&C Pension Fund is in “Critical and Declining Status” and has reported that it likely will not have enough money to pay all of its obligations by 2030. The Company’s proposed retirement plan would provide our employees with an additional source of retirement benefits at retirement:

1. Any vested B&C Pension Fund benefit for service credits already earned; and
2. An Enhanced TIP plan account, funded by Company contributions.

We understand that you may have questions about how your B&C Pension Fund benefits might be affected if the Company were to exit the B&C Pension Fund.

Because the Company does not have any responsibility to administer the B&C Pension Fund, we cannot give you any specific information about your B&C Pension Fund benefits. We also cannot tell you what might happen in the future. You may want to direct your questions to the B&C Pension Fund via the contact information found here. BCTGM International President David Durkee is also the Chairman of the B&C Trust Funds Board of Trustees.

You can also read the current Summary Plan Description (SPD) for the B&C Pension Fund to familiarize yourself with the rules and regulations that govern the Fund, but you should check with the B&C Pension Fund to see if there are any updates to these materials available to you.

It remains the Company’s goal to negotiate in good faith to secure contracts with the BCTGM that continue to provide employees with good wages and benefits, while at the same time allowing the Company to operate as a Best-in-Class organization in the global Consumer Packaged Goods market.