Neenah Paper Canada Ontario Pension Plan - March 24, 2009.

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 Neenah Paper Canada Ontario Pension Plan (the Plan), Registration Number 697953.                     

TO:

Hicks Morley Hamilton Stewart Storie LLP
Toronto-Dominion Tower
66 Wellington Street West
30th Floor, Box 371
Toronto, Ontario
M5K 1K8

Attention:

Ms. Rachel M. Arbour


NOTICE OF PROPOSAL

I PROPOSE TO MAKE AN ORDER under section 78(4) of the PBA, consenting to the payments out of the plan to Neenah Paper Company of Canada, as at August 30, 2006 in the amount of $341,615.11¹ and as at November 30, 2007² in the amount of $2,949,000, plus interest to the date of payment.

REASONS:

  1. Neenah Paper Company of Canada is the employer as defined in the Plan.

  2. As a result of ¹over contributions made by the employer in purchasing the annuities for pensioners and the ²employer making special payments for the months of September, October and November 2006 in accordance with the revised December 31, 2005 funding valuation report, such payments were made subsequent to the wind up of the plan that was in surplus at the time all the benefits were settled.

  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, ON 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 24th day of March, 2009.

____________________________________________

K. David Gordon
Deputy Superintendent, Pensions

Cc.        

Mr. Gary L. Penley
Director, Employee Benefits
Neenah Paper Company of Canada
3460 Preston Ridge Road, Suite 600
Alpharetta GA  30005
U.S.A.

 
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