IN THE MATTER OF the Pension Benefits Act, R.S.O. 1990, c. P.8, as amended (the “PBA”);
AND IN THE MATTER of a Proposal of the Superintendent of Financial Services to make an Order under section 83 and 89 of the PBA, in respect of the IPCO Corporation Canadian Employees' Retirement Plan, Registration Number 584417;
Morneau Sobeco Partnership Limited
895 Don Mills Road, Suite 700
One Morneau Sobeco Centre
Toronto ON M3C 1W3
Manager, Compensation and Benefits
1025 Westchester Avenue
New York 10604
No request requiring a hearing was delivered to the Financial Services Tribunal within the time prescribed by subsection 89(6) of the PBA in respect of a Notice of Proposal to make a Declaration that the Pension Benefits Guarantee Fund applies to the IPCO Corporation Canadian Employees' Retirement Plan (the “Plan”).
I DECLARE pursuant to sections 83 and 89 of the PBA that the Pension Benefits Guarantee Fund applies to the Plan for the following reasons:
- The Plan is registered under the PBA, and
- The Plan provides defined benefits that are not exempt from the application of the Pension Benefits Guarantee Fund by the PBA or the Regulations made thereunder, and
- The Plan was wound up effective August 1, 1990, and
- There are reasonable and probable grounds that the funding requirements of the PBA and regulations cannot be satisfied. Based on the latest actuarial certification, there is an estimated claim against the Pension Benefits Guarantee Fund of $403,700 as at October 1, 2008. If funds become available from the estate of the employer, the administrator will be required to make an appropriate refund of any allocation amount received by the Plan from the Pension Benefits Guarantee Fund.
DATED at Toronto, Ontario, this 7th day of January, 2009.
Director,(Acting) Pension Plans Branch
by Delegated Authority from
the Superintendent of Financial Services