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 by the Superintendent of Financial Services to make an Order under subsection 78(1) of the Act consenting to a payment out of the Pension Plan for the Employees of Cross & Associates Manufacturing Inc., Registration No. 1063734.
Cross & Associates Manufacturing Inc.
39 Antares Drive
Nepean, ON K2E 7Z1
Attention: Ann Cross
Applicant and Employer
NOTICE OF PROPOSAL
I PROPOSE TO MAKE AN ORDER under s. 78(1) of the Act, consenting to the payment, out of the Pension Plan for the Employees of Cross & Associates Manufacturing Inc., Registration No.1063734 (the Plan), to Cross & Associates Manufacturing Inc. in the amount of $37,260.19 as at May 25, 2002, plus adjustments.
I PROPOSE TO MAKE THIS ORDER FOR THE FOLLOWING REASONS:
Cross & Associates Manufacturing Inc. is the employer as defined in the Plan (the Employer)
The Plan was wound up, effective May 25, 2002
As at May 25, 2002 the surplus in the Plan was estimated at $37,260.19
The Plan provides for payment of surplus to the Employer on the wind up of the Plan.
The application discloses that by written agreement made by the Employer; 73.1% of the members, and 66.6% of the former members that the surplus in the Plan at the date of payment, after deduction of wind up expenses is to be distributed 100% to the Employer.
The Employer has applied, pursuant to section 78 of the Act, and clause 8(1)(b) of the Regulation, for consent of the Superintendent of Financial Services to the payment of 100% of the surplus in the Plan (after adding investment earnings and deducting the expenses related to the wind up of the Plan.)
The application appears to comply with section 78 and subsection 79(3) of the Act and with clause 8(1)(b) and subsections 28(5.1) and 28(6) of the Regulation.
Such further and other reasons as come to my attention.
YOU ARE ENTITLED TO A HEARING by the Financial Services Tribunal (the Tribunal) pursuant to subsection 89(6) of the Act if, within thirty (30) days after this Notice of Proposal is served on you, you deliver to the Tribunal a written notice that you require a hearing.*
Your written notice requiring a hearing must be delivered to:
Financial Services Tribunal
14th Floor, 5160 Yonge Street
Toronto ON M2N 6L9
Attn: The Registrar
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 4th day of July, 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.