MTW Hourly Pension Plan - October 9, 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 of the Superintendent of Financial Services to make an Order under section 69 of the PBA, respecting the MTW Hourly Pension Plan, Registration Number 1067883.

TO:

Tony Karkheck
Senior Vice-President
PricewaterhouseCoopers Inc.
Mississauga Executive Centre
One Robert Speck Parkway, Suite 1100
Mississauga  ON 
L4Z 3M3

Administrator

AND TO:

Jeffrey Turner
Vice-President, Administration and General Counsel
Metal Technologies Woodstock Corporation
c/o Metal Technologies Inc.
1401 South Grandstaff Drive
Auburn, Indiana 
46706

Employer

AND TO:

Susan Taves
Partner
BDO Dunwoody Limited
501-305 King Street West
Kitchener, ON  
N2G 1B9

Trustee in Bankruptcy

AND TO:

Tony Wolforth
National Representative
CAW Canada, Local 636
205 Placer Court
Toronto, ON 
M2H 3H9

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 MTW Hourly Pension Plan (the “Plan”) effective November 11, 2005 to September 30, 2006 inclusive.

IT IS THEREFORE ORDERED that the Plan be wound up in full effective November 11, 2005 to September 30, 2006 inclusive for the following reasons:

1. The employer failed to make contributions to the pension fund as required by the PBA.
   
   
2. The employer is bankrupt within the meaning of the Bankruptcy and Insolvency Act (Canada).
   
   
3. A significant number of members of the pension plan ceased to be employed by the employer 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.
   
   
4. All or a significant portion of the business carried on by the employer at a specific location was discontinued.

DATED at Toronto, Ontario, this 9th day of October, 2007                 

_______________________________

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