It means that the company negotiators really screwed up in signing long term retirement contracts. Only business idiots predict future company growth with any accuracy. Labor contracts should always be open for review every year based on profits.
Go to last SVU conf call on Seeking Alpha. Use the key word search and type in pension. There are several highlights. One specifically notes their liabilities. SVU appears to have slightly higher pension obligations than SWY relative to sales or employees. But doesn't seem to be huge difference? Note SWY's market valuation and their pension obligation. Seems like mkt valuations are bigger difference than the pension obligations? SVU also notes they have modified their pension benefits/obligations going forward. SVU is interesting and complicated investment idea. TOL (thinking out loud)