General Chemical Canada Limited Salaried Employees Pension Plan - February 21, 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 General Chemical Canada Limited Salaried Employees Pension Plan Registration Number 695205

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:

H. Scott Ellis
Vice President and General Counsel
General Chemical Industrial Products
120 Eagle Rock Avenue
East Hanover, NJ 07936

Employer

AND TO:

Stephen Funtig
Senior Manager, Financial Advisory
S. Funtig & Associates Inc.
484 Pellissier St., Suite 200
Windsor, ON N9A 4K9

Trustee in Bankruptcy

AND TO:

Michelle Middlemore
Vice President,
Advisory Services
PricewaterhouseCoopers Inc.
Suite 2500, Box 82
Royal Trust Tower TD Centre
Toronto, ON M5G 1G8

 

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 General Chemical Canada Limited Salaried Employees Pension Plan (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:

 

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. The plan was wound up effective November 18, 2005, 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 $9,077,000 as at September 30, 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 21st day of February, 2008.                                      

 

 

 

____________________________

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

 
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