US - The Pension Benefit Guaranty Corporation (PBGC) has become trustee of four Kaiser Aluminum & Chemical pension plans, which have a combined deficit of US$9.5m.
The announcement meant the agency, which has an $18.1bn shortfall, assumed three groups of pension plans in just four days.
The PBGC assumed the latest plans after a federal appeals court affirmed a lower court ruling that upheld a bankruptcy court which found that the company satisfied the legal test for terminating the plans.
The four Kaiser plans, which terminated as of October 10, 2006, are known as the Bellwood Plan, the Los Angeles Extrusion Plan, the Sherman Plan and the Tulsa Plan. The plans have combined assets of $20.1m to cover promised benefits totalling $29.6m.
"The agency expects to be liable for $2.7 million of the $9.5 million shortfall."
The agency also took responsibility for two Venture Holdings pension funds with a combined shortfall of US$12.4m, as well as a $12m pensions shortfall from Foss Manufacturing.
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