IN THE MATTER
of the Pension Benefits Act, R.S.O. 1990, c. P.8, as amended (the Act);
AND IN THE MATTER of a Proposal of the Superintendent of Financial Services to make an Order under section 83 and 89 of the Act, respecting the Pension Plan for Hourly Employees of Chun King Canada Inc. (the “Plan”) Registration Number 0597450.
Morneau Sobeco Limited Partnership
895 Don Millls Road, Suite 700
One Morneau Sobeco Centre
Toronto, ON M3C 1W3
Pension Plan Administrator
Chun King of Canada Inc.
1019 Elliot Street West
Windsor ON N9A 5Z8
United Food and Commercial Workers Union Local 459
261 Erie Street
Leamington, ON N8H 3C4
NO REQUEST requiring a hearing was delivered to the Financial Services Tribunal within the time prescribed by subsection 89(6) of the Act requesting a Notice of Proposal to make a Declaration that the Pension Benefits Guarantee Fund applies to 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:
- The Plan is registered under the Act, and
- The Plan provides defined benefits that are not exempt form the application of the Pension Benefits Guarantee Fund by the Act or the regulations made thereunder, and
- The plan was wound up effective December 1, 1991, and
- There are reasonable and probable grounds that the funding requirements of the Act and regulations cannot be satisfied. The administrator has estimated the deficit in the plan at the wind up date to be $209,100. Based on the latest actuarial certification, there is an estimated claim against the Guarantee Fund of $550,000. as at February 1, 2006. 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 9th day of May, 2006.
Director, Pension Plans Branch
by Delegated Authority from
the Superintendent of Financial Services