General Chemical Canada Limited Salaried Employees Pension Plan - January 4, 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 a Declaration under section 83 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

 Receiver

 

 

NOTICE OF PROPOSAL


I PROPOSE TO MAKE A DECLARATION
under section 83 of the PBA that the Pension Benefits Guarantee Fund applies to the General Chemical Canada Limited Salaried Employees Pension Plan (the “Plan”) Registration Number 695205.

 

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 November 18, 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 $7,456,200. Based on the latest actuarial certification, there is an estimated claim against the Pension Benefits Guarantee Fund of $9,077,000. 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.

  5. Such further and other reasons as may come to my attention.

 

 

YOU ARE ENTITLED TO A HEARING by the Financial Services Tribunal (the “Tribunal”) pursuant to section 89(6) of the PBA. To request a hearing, you must deliver to the Tribunal a written notice that you require a hearing, within thirty (30) days after this Notice of Proposal is served on you.*

YOUR WRITTEN NOTICE must be delivered to:

Financial Services Tribunal
5160 Yonge Street
14th Floor
Toronto, Ontario
M2N 6L9

Attention: The Registrar

 

FOR FURTHER INFORMATION on a Form for the written notice, please see the Tribunal website at www.fstontario.ca or contact the Registrar of the Tribunal by phone  at 416- 590-7294,  toll free at 1-800-668-0128, ext. 7294, or by fax at 416-226-7750.


IF YOU FAIL TO REQUEST A HEARING WITHIN THIRTY (30) DAYS, I MAY CARRY OUT THE PROPOSAL AS DESCRIBED IN THIS NOTICE.

DATED at Toronto, Ontario, this 4th day of January, 2008.



_____________________________________

K. David Gordon
Deputy Superintendent, Pensions

 

* NOTE - Pursuant to section 112 of the PBA any Notice, Order or other document is sufficiently given, served or delivered if delivered personally or sent by regular mail and any document sent by regular mail shall be deemed to be given, served or delivered on the seventh day after the date of mailing.

 
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