IN THE MATTER of the Pension Benefits Act, R.S.O. 1990, c. P.8, as amended (the Act);
AND IN THE MATTER of a Proposal of the Superintendent of Financial Services to make an Order under section 83 and 89 of the Act, respecting the Canadian Drawn Steel Company Inc. Bargaining Unit Pension Plan for Members of United Steelworkers of America (the “Plan”) Registration Number 0988444
David R. Kearney
Morneau Sobeco (Regulatory Services) Inc.
895 Don Mills Road, Suite 700
One Morneau Sobeco Centre
Toronto ON M3C 1W3
Canadian Drawn Steel Inc.
155 Chatham Street
Hamilton ON L8P 2B7
Sack Goldblatt Mitchell
Barristers & Solicitors
20 Dundas Street West, Suite 1130
P.O. Box 180
Toronto ON M5G 2G8
NO request requiring a hearing was delivered to the Financial Services Tribunal within the time prescribed by subsection 89(6) of the Act requesting a Notice of Proposal to make a Declaration that the Pension Benefits Guarantee Fund applies to the Plan.
I DECLARE pursuant to sections 83 and 89 of the Act that the Pension Benefits Guarantee Fund (Guarantee Fund) applies to the Plan for the following reasons:
- The Plan is registered under the Act, and
- The Plan provides defined benefits that are not exempt form the application of the Pension Benefits Guarantee Fund by the Act or the regulations made thereunder, and
- The Plan is winding up in full effective January 31, 2004 pursuant to section 69 of the Act, and
- There are reasonable and probable grounds that the funding requirements of the Act and regulations cannot be satisfied. The administrator has estimated the deficit in the plan at the wind up date to be $1,707,787. If funds become available from the estate of the employer, the administrator will be required to make an appropriated refund of any allocation amount received by the Plan from the Pension Benefits Guarantee Fund.
DATED at Toronto, Ontario, this 10th day of January, 2006.
Director, Pension Plans Branch
by Delegated Authority from
the Superintendent of Financial Services