Food Lion 2012 Annual Report Download - page 133
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DELHAIZE GROUP FINANCIAL STATEMENTS ’12 // 131
Further, during 2012, Delhaize America amended a defined contribution retirement and savings plan offered to
Hannaford executives by closing it for new employees and future services and at the same time offering existing
participants a guaranteed return achieved by an hypothetical investment account. Consequently, the plan
classification changed to a defined benefit plan and the net liability of $28 million (€22 million) was transferred from
other non-current liabilities to pension benefit provisions.
(c) Further, Delhaize America operates unfunded supplemental executive retirement plans (“SERP”), covering a limited
number of executives of Food Lion and Hannaford. Benefits generally are based on average earnings, years of
service and age at retirement. In 2011, Delhaize America decided to discontinue the SERP for Hannaford
executives.
Alfa Beta has an unfunded defined benefit post-employment plan. This plan relates to termination indemnities prescribed by
Greek law, consisting of lump-sum compensation granted only in cases of normal retirement or termination of employment.
All employees of Alfa Beta are covered by this plan.
In Serbia, Delhaize Group has an unfunded defined benefit that provides a lump-sum retirement indemnity upon retirement
of the employee. The plan and the benefit to be provided is subject to the requirements of local law. The benefit is based on
a certain multiple of the average salary upon retirement of the employee.
Super Indo operates an unfunded defined benefit post-employment plan, which provides benefits upon retirement, death and
disability, as required by local law and regulation. All employees of Super Indo that were employed for at least two years are
covered by this plan.