The Buffalo News is reporting that Tops Markets will drop a controversial plan that would reward its highest ranking executives with up to $3.6 million in bonuses.
According to the Buffalo News, under the plan, Chairman and CEO Frank Curci would have been paid as much as $1.3 million in bonuses if Tops exceeded its financial targets in bankruptcy. Instead, the newspaper is reporting that money will be used to help fund a new retirement fund that will be established for warehouse workers in Lancaster.
Last week, about 600 warehouse workers for Tops in Lancaster met to discuss a pension agreement where they would no longer be able to participate in the Teamsters Pension Fund going forward. Instead, workers would get a one-time payment that averaged around $25,000 into a retirement account.