Voluntary Employees Beneficiary Association of Retirees of Kaiser Aluminum

Submitted by IFS on Fri, 07/01/2005 - 10:00
in

This VEBA was formed through collective bargaining between the Company and the Steelworkers Union to provide retiree medical health benefits. The Company expects to emerge shortly from Chapter 11 and to fund the VEBA with a contribution of newly-issued common stock. The VEBA retained IFS to serve in several interrelated capacities:

  • To act-as an independent fiduciary-- on behalf of the VEBA regarding the Company's application to the U.S. Department of Labor for a prohibited transaction exemption, to permit the proposed contribution of Kaiser stock to the VEBA
  • To serve on an ongoing basis as an investment manager for the VEBA, responsible for managing and disposing of the stock over time, as may be prudent, as well as exercising the associated proxy rights (assuming the stock is in fact contributed)
  • To advise the Board of Trustees regarding investment of cash which the Company also has contributed to the VEBA