Genfast Manufacturing Company Retirement Plan for Salaried Employees - April 30, 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 Genfast Manufacturing Company Retirement Plan for Salaried Employees, Registration Number 697276

TO:

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

Administrator

AND TO:

Wayne Stemmier, Controller
Genfast Manufacturing Company
225 Henry Street
Brantford, ON N3S 7R4

 

Employer

AND TO:

Brad Newton
KPMG Inc.
21 King Street West, Suite 510
Hamilton, ON L8P 4W7

Trustee in Bankruptcy and Receiver and Manager

 

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 Genfast Manufacturing Company Retirement Plan for Salaried Employees (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. The Plan was wound up effective April 5, 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 $3,694,081 as at November 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 30sy  day of April, 2008

 

 

_________________________________________

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

 
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