Pension Plan for Hourly Employees of Amcan Castings Limited (Burlington Division) - November 8, 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 83 and 89 of the PBA, respecting the Pension Plan for Hourly Employees of Amcan Castings Limited (Burlington Division) Registration Number 1112267

 

TO:

Sharon Carew
Director
Mississauga Executive Centre
PricewaterhouseCoopers Inc.
I Robert Speck Parkway, Suite 1100
Mississauga, ON L4Z 3M3

Administrator

AND TO:

Kirt Beauchamp
Vice President
Amcan Consolidated Technologies Corp.
10 Hillyard Street
Hamilton, ON L8L 6B1

Employer

AND TO:

A. John Page
President
A. John Page and Associates Inc.
100 Richmond Street West, Suite 447
Toronto, ON M2N 6K8

Trustee in Bankruptcy

AND TO:

Frank Arcuri
President, Local 4153
United Steelworkers Union, Amalgamated Local 4153
1031 Barton Street East
Hamilton, ON L8L 3E3

Union Representative

 


DECLARATION

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 a Declaration that the Pension Benefits Guarantee Fund applies to Pension Plan for Hourly Employees of Amcan Castings Limited (Burlington Division) (the “Plan”).

I DECLARE pursuant to sections 83 and 89 of the PBA  that the Pension Benefits Guarantee Fund (Guarantee Fund) applies to the Plan for the following reasons:

REASONS:

  1. The Plan is registered under the PBA, and

  2. The Plan provides defined benefits that are not exempt form the application of the Pension Benefits Guarantee Fund by the PBA or the Regulations made thereunder, and

  3. A Notice of  Proposal to Order the wind up of the Plan effective September 10, 2007, was issued by the Superintendent on September 4, 2008, and

  4. There are reasonable and probable grounds that the funding requirements of the PBA and regulations cannot be satisfied. Based on the latest actuarial certification, there is an estimated claim against the Guarantee Fund of $285,394 as at July 31, 2008. If funds become available from the estate of the employer, the administrator will be required to make an appropriate refund of any allocation amount received by the Plan from the Pension Benefits Guarantee Fund

 

DATED at Toronto, Ontario, this 8th day of  November, 2008.   

 

 

__________________________________________   

Toni Mancini
Director,(Acting) Pension Plans Branch
by Delegated Authority from
the Superintendent of Financial Services

 
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