Lindsay Electronics Inc. - May 24, 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 Bargaining Unit Employees of Lindsay Electronics Inc.,  Registration Number 373910.

 

 

 

TO:                        

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

Administrator

 

 

AND TO:              

Dave Atman
President
Lindsay Electronics Inc.
50  Mary St. W.
Lindsay  ON  K9V 2N6

 

Employer

 

 

AND TO:              

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

 

Trustee in Bankruptcy

 

AND TO:             

Wes Dowsett
United Steelworkers of America on behalf of Local 9211
115 Albert Street
Oshawa  ON  L1H 4R3

Union Representative

 

 

NOTICE OF PROPOSAL

 

I PROPOSE TO MAKE A DECLARATION under section 83 of the PBA  that the Pension Benefits Guarantee Fund applies to the Pension Plan for Bargaining Unit Employees of Lindsay Electronics Inc. (the “Plan”), Registration Number 373910.

 

REASONS:

 

  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 2, 2005; and

  4. There are reasonable and probable grounds that the funding requirements of the PBA and regulations cannot be satisfied. The administrator has estimated the deficit in the Plan at the wind up date to be  $3,187,733; and. 

  5. Based on the latest actuarial certification, there is an estimated claim against the Pension Benefits Guarantee Fund of $2,944,684 as at October 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; and.

  6. Such further and other reasons as may come to my attention.

YOU ARE ENTITLED TO A HEARING by the Financial Services Tribunal (the “Tribunal”) pursuant to section 89(6) of the PBA. To request a hearing, you must deliver to the Tribunal a written notice that you require a hearing, within thirty (30) days after this Notice of Proposal is served on you.*

 

YOUR WRITTEN NOTICE must be delivered to:

 

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

 

Attention: The Registrar

 

 

FOR FURTHER INFORMATION on a Form for the written notice, please see the Tribunal website at www.fstontario.ca or contact the Registrar of the Tribunal by phone  at 416- 590-7294,  toll free at 1-800-668-0128, ext. 7294, or by fax at 416-226-7750.

IF YOU FAIL TO REQUEST A HEARING WITHIN THIRTY (30) DAYS, I MAY CARRY OUT THE PROPOSAL AS DESCRIBED IN THIS NOTICE.

 

DATED at Toronto, Ontario, this  24th day of May, 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 regular mail and any document sent by regular mail shall be deemed to be given, served or delivered on the seventh day after the date of mailing.


 
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