Calcorp Inc. - April 27, 2007

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, respecting the Pension Plan for Employees of Calcorp Inc. (the “Plan”) Registration Number 996512

 

 

TO:                

David R. Kearney
Principal
Mercer Human Resource Consulting
BCE Place
161 Bay Street, P.O. Box 501
Toronto, ON M5J 2S5

 

Administrator

 

 

AND TO:        

Joseph Calderone
President
Calcorp Inc.
12 Upjohn Road
Toronto, ON M3B 2V9

 

Employer

 

 

AND TO:        

Ira Smith
President
Ira Smith Trustee & Receiver Inc.
4711 Yonge Street 
Suite 1105
Toronto, ON M2N 6K8

 

Trustee in Bankruptcy

 

DECLARATION

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 Plan.

I DECLARE pursuant to sections 83 and 89 of the PBA  that the Pension Benefits Guarantee Fund (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 June 15, 2002, and

There are reasonable and probable grounds that the funding requirements of the PBA and    regulations cannot be satisfied. Based on the latest estimate provided by the administrator, there is an estimated claim against the Pension Benefits Guarantee Fund of $580,553 at January 1, 2007. 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 27th day of April, 2007                    

 

 

 

___________________________
Tom Golfetto
Director, Pension Plans Branch
by Delegated Authority from
the Superintendent of Financial Services


 
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