Famous Players Limited - March 30, 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(1) of the PBA consenting to a payment out of the Retirement Plan for Salaried Employees of Famous Players Limited and Subsidiary and Affiliated Companies, Registration Number 0552752.

 

TO:                        

CBS Pictures Canada Inc. (Formerly Paramount Pictures (Canada) Inc.)
1515 Broadway Avenue, 45th Floor
New York  NY 10036
USA

 

Attention:             

Ms. Betty Panarella
Vice President Development & Employee Benefits                                                       

 

NOTICE OF PROPOSAL

 

I PROPOSE TO MAKE AN ORDER under section 78(1) of the PBA, consenting to the payment, out of Retirement Plan for Salaried Employees of Famous Players Limited and Subsidiary and Affiliated Companies (the “Plan”), Registration Number 0552752 to CBS Pictures Canada Inc. (Formerly Paramount Pictures (Canada) Inc.), in the amount of $18,423,400 as at September 30, 2006  plus adjustment for interest and expenses to the actual date of payment.

 

I PROPOSE TO MAKE THE ORDER effective only after the applicant satisfies me that all benefits and any other payments to which members, former members, and any other persons entitled to such payments have been paid, purchased, or otherwise provided for.

 

REASONS:

 

  1. CBS Pictures Canada Inc. is the employer as defined in the Plan.

  2. The Plan was wound up, effective December 31, 2001.

  3. As at December 31, 2001 the surplus in the Plan was estimated at $33,582,700.

  4. The Plan provides for payment of surplus to the Employer on the wind up of the Plan.

  5. The application discloses that by written agreement made by the Employer, and 94% of the former members and other persons who are entitled to payments under the plan, the surplus in the Plan at the date of payment, after deduction of wind up expenses is to be distributed:

    a)       50% to the Employer; and

    b)       50% to the beneficiaries of the Plan as defined in the Surplus Distribution Agreement.  

      
  6. The Employer has applied, pursuant to section 78 of the PBA, and section 8(1)(b) of Regulation 909, R.R.O.1990 (Regulation), for consent of the Superintendent of Financial Services to the payment of 50% of the net surplus in the Plan after deducting the expenses related to the wind up of the Plan, together with net earnings or losses thereon.

  7. The application appears to comply with sections 78 and 79(3)(a) and (b) of the PBA and with sections 8(1)(b), 28(5.1) and 28(6) of the Regulation.

  8. 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 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 30th day of March, 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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