Retirement Plan for the Unionized Production and Maintenance Hourly Employees of Johnson & Johnson Medical Products - December 23, 2005

IN THE MATTER OF the Pension Benefits Act, R.S.O. 1990, c. P.8, as amended by the Financial Services Commission of Ontario Act, 1997, S.O. 1997, c.28 (the Act);

AND IN THE MATTER OF a Proposal by the Superintendent of Financial Services to make an Order under subsection 78(1) of the Act consenting to a payment out of the Retirement Plan for the Unionized Production and Maintenance Hourly Employees of Johnson & Johnson Medical Products Registration No. 586966.

TO:

Johnson & Johnson, Inc.
c/o Blake, Cassels & Graydon LLP
Box 25, Commerce Court West
199 Bay Street
Suite 2800
Toronto, Ontario
M5L 1A9

Attention:

Ms. Caroline L. Helbronner

Applicant and Employer

CONSENT

ON or about November 4, 2005 the Superintendent of Financial Services caused to be served on Johnson & Johnson, Inc. a Notice of Proposal dated November 4, 2005 to consent, pursuant to subsection 78(1) of the Act, to payment out of the Retirement Plan for the Unionized Production and Maintenance Hourly Employees of Johnson & Johnson Medical Products., Registration No.586966 (the Plan), to Johnson & Johnson, Inc in the amount of the remaining surplus after the $760,500 payment to the participants.

NO NOTICE requiring a hearing was delivered to the Financial Services Tribunal by the Applicant or any other party within the time prescribed by subsection 89(6) of the Act.

THE SUPERINTENDENT OF FINANCIAL SERVICES THEREFORE CONSENTS to the payment out of the Retirement Plan for the Unionized Production and Maintenance Hourly Employees of Johnson & Johnson Medical Products. Registration No.586966, in the amount of the remaining surplus after the $760,500 payment to the participants.

THIS CONSENT IS EFFECTIVE ONLY AFTER the Applicant satisfies me that all benefits, benefit enhancements (including benefits and benefit enhancements pursuant to the Surplus Distribution Agreement between the applicant and the members, former members, and any other persons entitled to payments from the fund) and any other payments to which the members, former members, and any other persons entitled to such payments have been paid, purchased, or otherwise provided for.


DATED at Toronto, Ontario, this 23rd day of December, 2005.

Tom Golfetto
Director, Pension Plans Branch
by delegated authority from
the Superintendent of Financial Services

 
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