Slater Steel Inc. Pension Plan for Salaried Employees of Slacan Division - June 2, 2006

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 Slater Steel Inc. Pension Plan for Salaried Employees of Slacan Division Registration Number 0489310

TO:

Al Kiel
Partner
Morneau Sobeco Limited Partnership
895 Don Mills Road, Suite 700
One Morneau Sobeco Centre
Toronto, ON M3C 1W3

Administrator

AND TO:

Paul Davis
Vice President
Slater Stainless Corp.
Markborough Place
6711 Mississauga Road, Suite 202
Mississauga, ON L5N 2W3

Employer

AND TO:

Jeff Rosenberg
PricewaterhouseCoopers Inc.
145 King Street West
Toronto, ON M5H 1V8

Receiver

NOTICE OF PROPOSAL

I PROPOSE TO MAKE A DECLARATION under section 83 of the PBA that the Pension Benefits Guarantee Fund applies to the Slater Steel Inc. Pension Plan for Salaried Employees of Slacan Division (the “Plan”) Registration Number 0489310.

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 August 31, 1997, and

  4. There are reasonable and probable grounds that the funding requirements of the PBA and regulations cannot be satisfied. Based on the latest actuarial certification, there is an estimated claim against the Pension Benefits Guarantee Fund of $2,200,000 as at November 1, 2005 . 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.

  5. 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 2nd day of June 2006

K. David Gordon
Deputy Superintendent, Pensions

*NOTE—PURSUANT to section 112 of the Act 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 mailing.

 
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