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PBGC tells Kaiser it will take over Kaiser Aluminum inactive pension plan
By Jeff Pines
Washington, July 29 - Kaiser Aluminum Corp. said the Pension Benefits Guaranty Corp. will take over the company's inactive pension plan effective back to June 30.
The plan generally represents retirees who were hourly workers at smaller plants where operations were discontinued several years ago.
In February 2004, Houston-based Kaiser obtained a ruling from the U.S. Bankruptcy Court for the District of Delaware that the company met the legal requirements for a distress termination of the inactive plan and several other plans. The PBGC appealed some portions of that ruling but not with respect to the inactive pension plan.
Discussions between Kaiser and the pension insurer about the other plans continue.
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