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 MEC Retirement Plan for Salaried Employees Registration Number 695320.
Morneau Sobeco Partnership Limited
895 Don Mills Road, Suite 700
One Morneau Sobeco Centre
Mahle Engine Components Canada Inc.
165 River Street
Gananoque ON K7G 2P8
John M. Saunders, CA, CIRP
Deloitte & Touche Inc.
800 - 100 Queen Street
Ottawa ON K1P 5T8
Trustee in Bankruptcy
No request requiring a hearing was delivered to the Financial Services Tribunal within the time prescribed by subsection 89(6) of the PBA requesting a Notice of Proposal to make a Declaration that the Pension Benefits Guarantee Fund applies to the MEC Retirement Plan for Salaried Employees (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 PBA, and
- 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
- The Plan was wound up effective December 9, 2005, and
- 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 $1,905,800 as at June 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 21st day of October, 2006
Director, Pension Plans Branch
by Delegated Authority from
the Superintendent of Financial Services