The PBGC terminated the Kaiser Aluminum pension fund for employees represented by the United Steelworkers of America, retroactive to April 30, according to a Kaiser news release. San Ramon, Calif.-based Kaiser said it was given permission by U.S. Bankruptcy Court in Delaware to shut down its pension plans. Kaiser's steelworker union plan has $301 million in assets and $629 million in liabilities, confirmed Jeffrey Speicher, PBGC spokesman. The company's salaried employees pension plan was taken over by the PBGC last December, and an inactive plan had been taken over by the agency in June.
Scott Lamb, Kaiser spokesman, did not return a call seeking comment on the funded status of the plan.