November 15, 2017
The Ontario Superintendent of Financial Services has appointed Morneau Shepell Ltd. to take over the continuing administration of Stelco’s five ongoing defined benefit pension plans, effective January 1, 2018.
The appointment of an administrator is one further step required for the successful restructuring of Stelco under the Companies’ Creditors Arrangement Act (CCAA) and an important step in the continued effort to protect pension benefits.
The five pension plans are continuing, and monthly pension payments to retirees will continue without interruption. Morneau Shepell will be in contact with all plan members in the new year.
Stelco and Morneau Shepell will cooperate to ensure the transition of the administration of these pension plans is seamless and a high standard of service will be maintained. Further, as plan administrator, Morneau Shepell will work co-operatively with all stakeholders including Stelco, plan members, and their representatives to ensure commitments made to the pension plans in the restructuring are fulfilled.
Until December 31, 2017, members and retirees of the five plans should continue to direct inquiries about the administration of their individual pension plan entitlements to Stelco’s Benefit Service Centre at
905-577-4488 or toll free at
As of January 1, 2018, members and retirees should direct their inquiries to:
Morneau Shepell Ltd.
895 Don Mills Road, Tower 1
Toronto, Ontario, M3C 1W3
Toll-free at 1-844-650-2820
Morneau Shepell was selected through an open competitive tendering process, conducted in accordance with the requirements of the Ontario government’s procurement policies and reviewed by an independent fairness commissioner.
- Stelco employees, pensioners and other creditors, including the Government of Ontario, approved Stelco’s restructuring plan.
- The affected pension plans provide defined benefit pensions for service up to December 31, 2017 for certain of Stelco’s employees, former employees and retirees.
- Members of the pension plans who are represented by the United Steelworkers will earn pension coverage for service accrued after 2017 under new defined benefit pension plans to be administered by Stelco; all other employees will be entitled to participate in Stelco’s Group RRSP for service after 2017.
- The five affected defined benefit plans are:
- The Stelco Inc. Retirement Plan for USW Local 8782 Members at Lake Erie Works, Registration No. 0698761 (“Lake Erie Bargaining Plan”);
- The Stelco Inc. Retirement Plan for Salaried Employees at Lake Erie Works, Registration No. 0698753 (“Lake Erie Salaried Plan”);
- The Stelco Inc. Retirement Plan for USW Local 1005 Members at Hamilton Works, Registration No. 0354878 (“Hamilton Bargaining Plan”);
- The Stelco Inc. Retirement Plan for Salaried Employees at Hamilton Works, Registration No. 0338509 (“Hamilton Salaried Plan”); and
- The Stelco Inc. Retirement Plan for Employees at the Pickle Line Department of Lake Erie Works, Registration No. 1206457 (the “Pickle Line Plan”).
A Guide to Understanding Your Pension Plan
Pension Benefits Act
FSCO's legislative mandate is to provide regulatory services that protect the public interest and enhance public confidence in the sectors it regulates. FSCO regulates the insurance sector; pension plans; loan and trust companies; credit unions and caisses populaires; the mortgage brokering sector; co-operative corporations in Ontario; and service providers who invoice auto insurers for statutory accident benefits claims. FSCO is accountable to the Minister of Finance.
For media enquiries only:
Financial Services Commission of Ontario
Toll free: 1-800-668-0128, ext. 7795