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Pension Plan for Unionized Hourly Employees of Waltec Forgings Incorporated - April 24, 2008.

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 of Financial Services to make an Order under section 69 of the PBA, respecting the Pension Plan for Unionized Hourly Employees of Waltec Forgings Incorporated, Registration  Number 1042217;

TO:

Hamish Dunlop
Principal
Morneau Sobeco Partnership Limited
895 Don Mills Road, Suite 700
One Morneau Sobeco Centre
Toronto  ON  M3C 1W3

Administrator

AND TO:

Stephen Rogers
President & CEO
Waltec Forgings Incorporated
125 Mason Street
Wallaceburg  ON  N8A 4L9

Employer

AND TO:

Bobby Kofman, MBA, CIRP
RSM Richter
200 King Street West,
Suite 1100
Toronto, ON M5H 3T4

CCAA Court-appointed Monitor

AND TO:

Jeff Richardson
United Steelworkers of America, Local 9143
234 Eglinton Avenue East, Suite 800
Toronto  ON  M4P 1K7

Union Representative

 

 

 

ORDER

No request requiring a hearing was delivered to the Financial Services Tribunal within the time prescribed by subsection 89(6) of the PBA respecting a Notice of Proposal to make an Order to wind up the Pension Plan for Unionized Hourly Employees of Waltec Forgings Incorporated, Registration Number 1042217, (the “Plan”).

 

IT IS THEREFORE ORDERED that the Plan be wound up in full effective June 30, 2006  

for the following reasons, with such wind up to include the class of Plan members whose employment or Plan membership ended during the period from January 10, 2006 to June 30, 2006 :

 

  • There was a cessation or suspension of employer contributions to the pension fund.

  • The employer failed to make contributions to the pension fund as required by the PBA.

  • The employer is bankrupt within the meaning of the Bankruptcy and Insolvency Act (Canada).

  • A significant number of members of the pension plan ceased to be employed by the mployer as a result of the discontinuance of all or part of the business of the employer or as a result of the reorganization of the business of the employer.

  • All or a significant portion of the business carried on by the employer at a specific location was discontinued.

  • All or part of the business was sold and the successor employer has not provided a pension plan for the employees acquired.            

 

DATED at Toronto, Ontario, this 24th day of April, 2008.

 

 

___________________________________________

Tom Golfetto
Director, Pension Plans Branch
by Delegated Authority from
the Superintendent of Financial Services



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