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 ofFinancial Services under section 69 of the PBA to Order the wind up of The Individual Pension Plan for Tony Bellisario of Tri-Co Holdings Inc., Registration Number 1067917, effective August 31, 2000;
AND IN THE MATTER OF a Proposal of the Superintendent of Financial Services under section 70 of the PBA to Order that a wind up report for The Individual Pension Plan for Tony Bellisario of Tri-Co Holdings Inc., Registration Number 1067917, effective August 31, 2000, be filed within 60 days of the date of this Notice of Proposal;
AND IN THE MATTER OF a Proposal of the Superintendent of Financial Services under sections 55 and 87 of the PBA to Order Tri-Co Holdings Inc. to remit all outstanding contributions plus interest to The Individual Pension Plan for Tony Bellisario of Tri-Co Holdings Inc., Registration Number 1067917, with respect to the employer contributions owing from January 1, 2000 to August 31, 2000.
Tri-Co Holdings Inc.
Attention: Rudy Pasquini
665 Millway Avenue, Unit 35
Concord, Ontario L4K3T8
Employer and Administrator
NOTICE OF PROPOSAL
I PROPOSE TO ORDER Tri-Co Holdings Inc. to wind up The Individual Pension Plan for Tony Bellisario of Tri-Co Holdings Inc., Registration Number 1067917 (the “Plan”) effective August 31, 2000, pursuant to sections 69(1)(a) and 69(1)(b) of the PBA.
I ALSO PROPOSE TO ORDER Tri-Co Holdings Inc. to file a wind up report effective August 31, 2000, for the Plan, within 60 days from the date of this Notice of Proposal, pursuant to section 70(1) of the PBA.
I ALSO PROPOSE TO ORDER Tri-Co Holdings Inc. to remit all outstanding employer contributions plus interest to the Plan for the period from January 1, 2000 to August 31, 2000, pursuant to sections 55(2) and 87(2)(a) and (c) of the PBA and pursuant to section 4(4) of Regulation 909, R.R.O. 1990 (the “Regulation”).
- Tri-Co Holdings Inc. (“Tri-Co”) is the employer and administrator of the Plan.
- The Plan was established effective January 1, 2000 as a defined benefit pension plan.
- The Plan states in Article 4.1 that on January 1, 2000, the Member Tony Bellisario (the “Member”) shall be required to contribute $33,223 to the Member’s account in the form of a “qualifying transfer” from a “registered retirement savings plan” or a money purchase registered pension plan. This contribution was made.
- The Plan also states in Article 4.5 as follows:
The Company (Tri-Co) shall contribute each year to the Plan, at least
monthly, amounts equal to those certified by the Actuary as being
necessary to provide the benefits accruing in that year and to amortize
any solvency deficiency or unfunded liability in accordance with
Applicable Legislation. Such contributions shall be deposited in the
Pension Fund within thirty (30) days after the last day of the month in
which they are due.
- Tri-Co did not make any contributions to the Plan.
- The Member ceased to be employed by Tri-Co in August of 2000. The funds contributed by the Member have remained in the Plan.
- The PBA states in sections 69(1)(a) and 69(1)(b):
69(1) The Superintendent by order may require the wind up of a pension plan in whole or in part if,
(a) there is a cessation or suspension of employer contributions to the pension fund;
(b) the employer fails to make contributions to the pension fund as required by this Act or the regulations.
- Section 70(1) of the PBA states that the administrator of a pension plan that is to be wound up shall file a wind up report that sets out:
(a) the assets and liabilities of the pension plan;
(b) the benefits to be provided under the pension plan to members, former members and other persons;
(c) the methods of allocating and distributing the assets of the pension plan and determining the priorities for payment of benefits; and
(d) such other information as is prescribed.
- Section 55(2) of the PBA states that an employer required to make contributions under a pension plan shall make the contributions in accordance with the prescribed requirements for funding and shall make the contributions in the prescribed manner and at the prescribed times.
- Section 4(4) of Regulation R.R.O. 1990 (the “Regulation”) states that employer contributions shall be made in monthly instalments within 30 days after the month for which contributions are payable.
- Because Tri-Co has made no contributions to the pension fund, there are grounds to order the Plan wound up.
- 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
Attention: The Registrrar
5160 Yonge Street
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 20 day of March, 2008.
K. David Gordon
Deputy Superintendent, Pensions
Mr. Tony Bellisario
c/o Sentrex Communications
6400 Langstaff Road
*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.