Genfast Manufacturing Company Bargaining Unit Pension Plan for Members of United Steelworkers of America - March 3, 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 Genfast Manufacturing Company Bargaining Unit Pension Plan for Members of United Steelworkers of America Registration Number 697284

TO:

Claire Mroz
Manager
PricewaterhouseCoopers Inc.
Mississauga Executive Centre
One  Robert Speck Parkway, Suite 1100
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, Vice-President
KPMG Inc.
199 Bay Street, Suite 3300
Commerce Court West
Toronto, ON M5L 1B2

Trustee in Bankruptcy

AND TO:       

Nicholas Brearton, Senior Vice-President
KPMG Inc.
199 Bay Street, Suite 3300
Commerce Court West
Toronto, ON M5L 1B2

Receiver

AND TO:

Rob Mason, National Representative
United Steelworkers of America Local Union 3767
1031 Barton Street East
Hamilton, ON L8L 3E3

Union Representative

 

NOTICE OF PROPOSAL

I PROPOSE TO MAKE A DECLARATION under section 83 of the PBA  that the Pension Benefits Guarantee Fund applies to the Genfast Manufacturing Company Bargaining Unit Pension Plan for Members of United Steelworkers of America (the “Plan”), Registration Number 697284.

 

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 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 Pension Benefits Guarantee Fund of $7,516,623 as at October 31, 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.

  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 3rd day of March, 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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