LaGran Canada Inc. - June 7, 2006

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 a Declaration pursuant to sections 83 and 89 of the Act, respecting the LaGran Canada Inc. Retirement Plan for Salaried Employees (the Plan), Registration Number 690685.

TO:

Carol St-Onge
President of the Pension Committee
c/o Produits Belt-Tech Inc.
386 rue Dorchester
Granby
QC J2G 3Z7

Administrator

AND TO:

Carol St-Onge
Human Resources Director
LaGran Canada Inc.
386 rue Dorchester
Granby QC J2G 3Z7

Employer

AND TO:

Andre Jr. Landry, FSA, FCIA
Mercer Human Resource Consulting
1981 McGill College Avenue
Suite 800
Montreal (Quebec) H3A 3T5

Consultant to the Administrator

AND TO:

Andre Giroux, CA, CIRP
Andre Giroux Inc.
215, rue St-Jacques Ouest
Bureau 1100
Montreal (Quebec) H2Y 1M6

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 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 applies to the Plan for the following reasons:

  1. The Plan is registered under Quebec’s Supplemental Pension Plans Act, a designated province stipulated under section 1 of the Act, and

  2. The Plan provides defined benefits that are not exempt from the application of the Pension Benefits Guarantee Fund by the Act or the regulations made thereunder, and

  3. The plan was wound up effective March 10, 2005 , and

  4. There are reasonable and probable grounds that the funding requirements of the Act and regulations cannot be satisfied. Based on the latest actuarial certification, there is an estimated claim against the Pension Benefits Guarantee Fund of $127,200. 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 June , 2006


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


 
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