Pension Plan for Participating Unions of St. Marys Paper Ltd. - August 27, 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 a Declaration under section 83 of the PBA, respecting the Pension Plan for Participating Unions of St. Marys Paper Ltd., Registration Number 487686;

TO:

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

Administrator

AND TO:

Gerald Henson
Corporate Controller
St. Marys Paper Ltd.
75 Huron Street
Sault Ste. Marie   ON   P6A 5P4

Employer

AND TO:

Robert Kofman
Senior Vice-President
RSM Richter Ltd.  
200 King Street West, Suite 1900
P.O. Box  48
Toronto  ON  M5H 3T4

Trustee in Bankruptcy and Receiver

AND TO:

Cecil Makowski
Vice-President, Ontario Region
Communications, Energy and Papermakers Union of Canada,
(Locals 133, 67,69 and 47)
5915 Airport Road, Suite 510
Mississauga   ON  L4V 1T1

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 the Pension Plan for Participating Unions Employees of St. Marys Paper Ltd., (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 from the application of the Pension Benefits Guarantee Fund by the PBA or the Regulations made thereunder, and

  3. The Plan was wound up effective from March 20, 2007 to April 27, 2007, and

  4. There are reasonable and probable grounds that the funding requirements of the PBA and regulations cannot be satisfied. The administrator has estimated the minimum claim against the Pension Benefits Guarantee Fund as of April 27, 2007 to be $14,907,138. 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 27th day of August, 2008.

 

 

________________________________________

Toni Mancini 
Director (Acting),
Pension Plans Branch 
by delegated authority of the
Superintendenyt of Financial Services

 

 

 
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