The action, which was not unexpected due to a court ruling in February that stated that the company met the legal requirements for a distress termination, will be retroactive to April 30. The plan picked up by the PBGC covers active and retired workers at certain Kaiser facilities who are represented by the United Steelworkers of America.
This was not the PBGCs first action with regards to Kaiser Aluminum. In December of 2003, the PBGC assumed responsibility for Kaiser’s salaried employee pension plan, and in June of this year assumed responsibility for the inactive pension plan (See PBGC Takes Second Kaiser Plan ).
Kaiser Aluminum ( http://www.kaiseral.com/kaiser/kaisermain.nsf?Open ) is a producer of fabricated aluminum products, alumina, and primary aluminum.