U.S. Cancels Pension Plan At Kaiserby Mary Williams Walsh
New York Times, December 18, 2003
ABSTRACT - Pension Benefit Guaranty Corp says departing salaried employees of Kaiser Aluminum pulled money out of their pension fund so quickly last year that they virtually wiped out assets; cancels pension plan, saying it has to protect what is left for past and future retirees; plan records show 231 salaried employees took $77 million out of plan in 2002 in one-time payments; plan had been paying retirees about $37 million a year until last year; employees apparently began to fear for future when Kaiser filed for Chapter 11 bankrupty protection in February 2002, and those who qualified for retirement pulled all their money out of pension fund while they still had chance.
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