Crown Metal Packaging Canada LP - April 5, 2007

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 by the Superintendent of Financial Services to make an Order under section 78(4) of the PBA consenting to a payment out of the Crown Metal Packaging Canada LP Pension Plan for Hourly Employees (the Plan), Registration Number 0474213.                        

 

 

 

TO:                        

Crown Metal Packaging Canada LP
7900 Keele Street
Concord  ON  L4K 2A3

 

 

Attention:             

Alex Packman
Director, Compensation & Employee Benefits                                                               

 

NOTICE OF PROPOSAL

 

I PROPOSE TO MAKE AN ORDER under section 78(4) of the PBA, consenting to the payment out of the plan to Crown Metal Packaging Canada LP, as at December 28, 2005 in the amount of $1,651,000 plus interest to the date of payment.

 

REASONS:

 

  1. Crown Metal Packaging Canada LP is the employer as defined in the Plan.

  2. As a result of the employer pre-funding the 2006 contributions in December of 2005 on the basis of estimates provided by the Plan actuary, when the new valuation report as at December 31, 2005 was filed, such contributions exceeded those required by the new report.

  3. Evidence of the overpayment to the fund has been submitted to the Financial Services Commission of Ontario.

  4. Such further and other reasons as may come to my attention.

 

In accordance with section 105(1) of the PBA, an extension of the time limit under section 78(4) has been given.

 

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 5th day of April, 2007                            

 

 

___________________________
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.


 
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