This excerpt taken from the KALU 10-Q filed Nov 14, 2006.
and Similar Plans.
Pensions and similar plans include:
A commitment to provide one or more defined contribution plan(s)
as a replacement for the five defined benefit pension plans for
hourly bargaining unit employees at four of the Companys
production facilities and one inactive operation (the
Hourly DB Plans). The Hourly DB Plans at the four
production facilities will, as more fully discussed in
Note 8, likely be terminated during the fourth quarter of
2006, effective as of October 10, 2006 pursuant to a court
ruling received in July 2006. It is anticipated that the
replacement defined contribution plans for the production
facilities will provide for an annual contribution of one dollar
ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES
INTERIM CONSOLIDATED FINANCIAL
per hour worked by bargaining unit employee and, in certain
instances, will provide for certain matching of contributions.
A defined contribution savings plan for hourly bargaining unit
employees (the Hourly DC Plan) at all of the
Companys other production facilities (not covered by the
Hourly DB Plans). Pursuant to the terms of Hourly DC Plan, the
Company will be required to make annual contributions to the
Steelworkers Pension Trust on the basis of one dollar per United
Steelworkers (USW) employee hour worked at two
facilities. The Company will also be required to make
contributions to a defined contribution savings plan for active
USW employees that will range from eight hundred dollars to
twenty-four hundred dollars per employee per year, depending on
the employees age. Similar defined contribution savings
plans have been established for non-USW hourly employees subject
to collective bargaining agreements. The Company currently
estimates that contributions to all such plans will range from
$3.0 to $6.0 per year.
A defined contribution savings plan for salaried and
non-bargaining unit hourly employees (the Salaried DC
Plan) providing for a match of certain contributions made
by employees plus a contribution of between 2% and 10% of their
salary depending on their age and years of service.
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