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 MEC Bargaining Unit Pension Plan for Members of United Steelworkers of America, Registration Number 695379.
Morneau Sobeco Partnership Limited
895 Don Mills Road, Suite 700
One Morneau Sobeco Centre
Toronto ON M3C 1W3
Mahle Engine Components Canada Inc.
165 River Street
Gananoque ON K7G 2P8
John M. Saunders, CA, CIRP
Deloitte & Touche Inc.
800 - 100 Queen Street
Ottawa ON K1P 5T8
Trustee in Bankruptcy
Greenridge Plaza, Unit 7
105 Sutherland Drive
Kingston ON K7K 5V6
NOTICE OF PROPOSAL
I PROPOSE TO MAKE A DECLARATION under section 83 of the PBA that the Pension Benefits Guarantee Fund applies to the MEC Bargaining Unit Pension Plan for Members of United Steelworkers of America (the “Plan”), Registration Number 695379.
- 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 9, 2005, and
- 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 Guarantee Fund of $7,885,900 as at June 1, 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.
- 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 17th day of August, 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.