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 under section 83 of the Act, respecting the Pension Plan for Slater Stainless Corp. Members of the National Automobile, Aerospace, Transportation and General Workers Union (the Plan) Registration Number 0561456.
Morneau Sobeco Limited Partnership
895 Don Mills Road, Suite 700
One Morneau Sobeco centre
Toronto ON M3C 1W3
Vice President, Administration
Slater Stainless Corp.
6711 Mississauga Road, Ste. 202
Mississauga ON L5N 2W3
145 King Street West
Toronto ON M5H 1V8
250 Placer Court
Toronto ON M2H 3M9
NOTICE OF PROPOSAL TO MAKE A DECLARATION
I PROPOSE TO MAKE A DECLARATION under section 83 of the Act that the Pension Benefits Guarantee Fund applies to the Plan for the following reasons and such further reasons that may come to my attention:
- The Plan is registered under the Act, and
- 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
- The plan was wound up effective May 5, 2004 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 as at January 1, 2002 to be $15,625,000. 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.
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
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 5th day of January, 2006.
K. David Gordon
Deputy Superintendent, Pensions