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 SMS Modern Cleaning Services Inc.Pension Plan for Salaried Employees Registration Number 1057561
Ms. Herta Neufeld
Manager, Pension Administration
Penad Pension Services Limited
55 King Street West
Kitchener ON N2G 4W1
Director, Human Resources
SMS Modern Cleaning Services Inc.
777 Supertest Road
Toronto ON M3J 2M9
A. Farber & Partners Inc.
Trustee in Bankruptcy
NOTICE OF PROPOSAL
I PROPOSE TO MAKE A DECLARATION under section 83 of the PBA that the Pension Benefits Guarantee Fund applies to the SMS Modern Cleaning Services Inc.Pension Plan for Salaried Employees (the “Plan”) Registration Number 1057561.
- 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 December 31, 2001, and
- 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 in respect of the Ontario members to be $75,703. Based on the latest actuarial certification, there is an estimated claim against the Pension Benefits Guarantee Fund of $63,254. 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
- 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
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 12th day of August, 2008
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.