Pension Plan for the Employees of Hallmark Technologies Inc. and Affiliated Companies - April 1, 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 the Employees of Hallmark Technologies Inc. and Affiliated Companies Registration Number 392266

TO:

Hamish Dunlop
Principal
Morneau Sobeco Limited Partnership
895 Don Mills Road, Suite 700
One Morneau Sobeco Centre
Toronto, ON M3C 1W3

Administrator

 

AND TO:


Hallmark Technologies Inc.
Bob Mohri
Vice President, Finance and CFO
2187 Huron Church Road, Box 7040
Windsor, ON N9C

Employer

 

AND TO:

 

Grant Thornton Limited
Royal Bank Plaza  
Jan Oros
Analyst
19th Floor, South Tower
200 Bay Street, Box 55
Toronto, ON M5J 2P9

Trustee in Bankruptcy


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 the Employees of Hallmark Technologies Inc. and Affiliated Companies (the “Plan”).

 

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

 

  1. REASONS:

    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. The Plan was wound up effective February 14, 2007, 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 $4,851,400 as at February 14, 2007. 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  1st day of April, 2008.                     

 

__________________________________________

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

 


 
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