Ivaco Inc. - March 6, 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 a Declaration under section 83 of the PBA, respecting the Pension Plan for Designated Hourly Rated Employees of Ivaco Inc. (the “Plan”)  Registration Number 407130

 

TO:                 

Tony Karkheck
Senior Vice-President
PricewaterhouseCoopers Inc.
One Robert Speck Parkway, Suite 1100
Mississauga ON L4Z 3M3

Administrator

 

 

AND TO:        

Andre Cromp, Director
Employees Benefits
1 Place Alexis Nihon, Suite 1501
3400 de Maisonneuve Ouest
Montreal PQ H3Z 3B8

 

Employer

 

 

AND TO:        

Jeff Kerbel
Ernst & Young
Ernst & Young Tower
222 Bay Street, P.O. Box 251
Toronto, ON M5K 1J7

 

Court Appointed Monitor

 

 

AND TO:        

Ken Neumann
United Steelworkers of America
 234 Eglinton Avenue East, Suite 800
Toronto, ON M4P 1K7

 

Union Representative


  

NOTICE OF PROPOSAL TO MAKE A DECLARATION

 

I PROPOSE TO MAKE A DECLARATION under section 83 of the PBA that the Pension Benefits Guarantee Fund applies to the Plan for the following reasons and such further reasons that may come to my attention:

  1. The Plan is registered under the PBA, and

  2. 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

  3. The Plan was wound up effective December 1, 2004, and

  4. 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 $155,000 as at December 31, 2006. 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.

YOU are entitled to a hearing by the Financial Services Tribunal (the Tribunal) pursuant to section 89(6) of the Act, if, within thirty (30) days after the Notice of Proposal is served on you,  you deliver to the Tribunal a written notice that you require a hearing. *

Any notice requiring a hearing shall be delivered to the:

 

Financial Services Tribunal
5160 Yonge Street
14th Floor
Toronto, Ontario
M2N 6L9

 

Attention: The Registrar

 

FOR FURTHER INFORMATION, contact the Registrar of the Tribunal by phone  at 416- 226-7752,  toll free at 1-800-668-0128, ext. 7752, or by fax at 416-226-7750.

IF YOU DO NOT DELIVER TO THE TRIBUNAL, WITHIN THIRTY (30) DAYS FROM THE DATE THIS NOTICE OF PROPOSAL IS SERVED ON YOU,  A WRITTEN NOTICE THAT YOU REQUIRE A HEARING, I MAY MAKE THE ORDER PROPOSED HEREIN.

 

 

DATED at Toronto, Ontario, this 6th day of March 2007 

 

__________________________
K. David Gordon
Deputy Superintendent, Pensions

*     NOTE - Pursuant to section 112 of the PBA any Notice, Order or other document is sufficiently given, served or delivered if delivered personally or sent by first class mail and any document sent by first class mail shall be deemed to be given, served or delivered on the seventh day after the date of mailing.


 
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