Pension Plan for Employees of Regal Greetings & Gifts Corporation - October 3, 2006

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 Pension Plan for Employees of Regal Greetings & Gifts Corporation, Registration Number 296616.

TO:

Mark Eagles
Mercer Human Resource Consulting
BCE Place
161 Bay Street, P.O. Box 501
Toronto ON M5J 2S5

Administrator

AND TO:

Kevin Watkinson
Senior VP Finance & CEO
Regal Greetings & Gifts Corporation
7035 Ordan Drive
Mississauga ON L5T 1T1

Employer

AND TO:

G. David Ofir
Senior Manager, Financial Advisory
Deloitte & Touche Inc.
79 Wellington Street West, Suite 1900
Toronto ON M5K 1B9

Receiver

AND TO:

Arif Dhanani
Manager
Deloitte & Touche Inc.
79 Wellington Street West, Suite 1900
Toronto ON M5K 1B9

Trustee in Bankruptcy

DECLARATION

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 Pension Plan for Employees of Regal Greetings & Gifts Corporation (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:

  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 July 22, 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 $1,001,400 as at February 26, 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, and

DATED at Toronto, Ontario, this 3rd day of October, 2006


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


 
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