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 Notice of Intended Decision of the Superintendent of Financial Services to make an Order under section 69 of the PBA, respecting The Pension Plan for Employees of PRACS Institute Canada Scarborough, Registration Number 1151919
Rose Marie Webb
Group Retirement Solutions
25 Water Street South
P.O. Box 396, Stn. KC 6
Waterloo, ON N2J 4A9
PRACS Institute Canada
1290 Ellesmere Road
Scarborough ON M1P 2X9
Vice President, Consulting & Deals
2600-18 York Street
Toronto ON M5J 0B2
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 Intended Decision to make an Order to wind up The Pension Plan for Employees of PRACS Institute Canada Scarborough, Registration Number 1151919 (the “Plan”).
IT IS THEREFORE ORDERED that the Plan be wound up in full effective April 1, 2013, for following reasons:
There was a cessation or suspension of employer contributions to the pension fund.
Failure of employer to make contributions to the pension fund as required by the Act or the Regulations.
The employer is bankrupt within the meaning of the Bankruptcy and Insolvency Act (Canada).
A significant number of members have ceased to be employed by the employer as the result of the discontinuance or reorganization of all or part of business of the employer.
All or a significant part of the business has been discontinued at a specific location.
DATED at Toronto, Ontario, this 25th day of June, 2014.
Original Signed By
Director, Pension Plans Branch
by Delegated Authority from
the Superintendent of Financial Services
© Queen's Printer for Ontario, 2014