Canadian International Fund Management Inc. - August 23, 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 Pension Plan for Employees of Canadian International Fund Management Inc. (the Plan), Registration Number 0964999.

TO:

Canadian International Investment
151 Yonge Street
11th Floor
Toronto  ON  
M5C 2W7

Attention: Lorraine Blair
Vice President, Human Resources

 

NOTICE OF PROPOSAL

 

I PROPOSE TO MAKE AN ORDER under section 78(1) of the PBA, consenting to the payment out of Pension Plan for Employees of Canadian International Fund Management Inc. (the “Plan”), Registration Number 0964999 to Canadian International Investment, in the amount of $119,674 as at February 21, 1995 plus adjustments to the actual date of payment.

I PROPOSE TO MAKE THIS ORDER FOR THE FOLLOWING REASONS:

  1. Canadian International Investment is the employer as defined in the Plan.

  2. The Plan was partially wound up, effective February 21, 1995.

  3. As at February 21, 1995 the surplus in the Plan was estimated at $119,674.

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

  5. The application discloses that by written agreement made by the Employer, and 100% of the active members the surplus in the Plan at the date of payment, is to be distributed:

    a. 100% to the Employer; and

    b. 0% 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 100% of the surplus to be distributed from the Plan.

  7. The application appears to comply with sections 78 and 79(3) of the PBA and with sections 8(1)(b), 28(5), 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 23rd day of August, 2007

 

 

 

 

___________________________

K. David Gordon
Deputy Superintendent, Pensions


 

Copy:  

Donna Wolfe, Cowan Benefits Consulting Limited

 

* 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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