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 Decor Products International, a Division of Kleco Corporation Hourly Pension Plan
(the “Plan”) Registration Number 0696864.
David R. Kearney
Morneau Sobeco Limited Partnership
895 Don Mills Road, Suite 700
One Morneau Sobeco Centre
Toronto, ON M3C 1W3
Decor Products International, a Division of Kleco Corporation
140 Bay Street
Midland, ON M5H 3T4
RSM Richter Inc.
200 King Street West
Toronto, ON M5H 3T4
Trustee in Bankruptcy
The National Automobile, Aerospace and Agricultural Implement Workers of Canada (CAW-Canada) Local 1411
P.O. Box 550
Midland, ON L4R 4L3
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 was wound up effective March 8, 2005, 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 $1,110,000. 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 5th day of April, 2006.
Director, Pension Plans Branch
by Delegated Authority from
the Superintendent of Financial Services