Pension plans at Foothill Ranch-based Kaiser Aluminum Corp. have been taken over by the Pension Benefit Guaranty Corp., the federal agency said Friday.
The pension agency said it is taking over four underfunded plans covering about 900 workers and retirees at Kaiser Aluminum & Chemical Co., a Kaiser unit.
The pensions have combined assets of about $20 million and nearly $30 million in promised benefits.
Pension Benefit Guaranty said it expects to be liable for $2.7 million of shortfall.
Kaiser shapes aluminum into custom pieces for customers, which include aerospace companies, automakers and appliance companies. They use Kaiser’s parts in anti-lock brakes, water heaters and airplane wings.
Decades-old Kaiser last year emerged from four years under bankruptcy reorganization.
Last summer, the company’s shares moved from the over-the-counter exchange to Nasdaq, where they have a market value of about $1 billion.
