Lindsay Electronics Inc. - July 10, 2007

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 Bargaining Unit  Employees of Lindsay Electronics Inc., Registration Number 373910.

 

 

TO:                        

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

 

Administrator

 

 

AND TO:              

Dave Atman
President
Lindsay Electronics Inc.
50 Mary Street West
Lindsay   ON  K9V 2N6

 

Employer

 

 

AND TO:              

Ira Smith
Ira Smith Trustee & Receiver Inc.
4711 Yonge Street,  Suite 1105
Toronto  ON  M2N 6K8     

 

Trustee in Bankruptcy

 

 

AND TO:              

Wes Dowsett
United Steelworkers of America on behalf of Local 9211
115 Albert Street,
Oshawa   ON   L1H 4R3

 

Union Representative

 

DECLARATION

 

No request for a hearing was delivered to the Financial Services Tribunal within the time prescribed by subsection 89(6) of the PBA in respect of a Notice of Proposal to make a Declaration that the Pension Benefits Guarantee Fund applies to the Pension Plan for Bargaining Unit Employees of Lindsay Electronics Inc. (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 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 December 2, 2005; 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 deficit in the Plan at     the wind up date to be $3,187,733; and

  5. Based on the latest actuarial certification, there is an estimated claim against the Pension Benefits Guarantee Fund of $2,944,684 as at October 31, 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 10th day of July, 2007                             

 

 

 

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



 
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