Rite Aid has a pension plan that covers its employees. The plan has a total benefit of $1.4 billion, and it provides benefits to about 78,000 employees. The plan is funded by contributions from Rite Aid and by the employees’ salary and bonus contributions.
The plan provides a retirement benefit that is based on the employee’s salary and years of service. The benefit is payable after the employee has completed at least 20 years of service with the company. The plan also provides health insurance coverage for employees and their spouses.
