LeGran Canada Inc. Retirement Plan for Salaried Employees - April 25, 2006

IN THE MATTER of the Pension Benefits Act, R.S.O. 1990, c. P.8, as amended (the Act);

AND IN THE MATTER of a Proposal of the Superintendent of Financial Services to make a Declaration under section 83 of the Act, respecting the LaGran Canada Inc. Retirement Plan for Salaried Employees (the Plan), Registration Number 690685.

TO:

Carol St-Onge
President of the Pension Committee
c/o Produits Belt-Tech inc.
386 rue Dorchester
Granby
QC J2G 3Z7

Plan Administrator

AND TO:

Carol St-Onge
Human Resources Director
LaGran Canada Inc.
386 rue Dorchester
Granby QC J2G 3Z7

Employer

AND TO:

Joel Lepine, FSA, FCIA
Mercer Human Resource Consulting
1981 McGill College Avenue
Suite 800
Montreal (Quebec) H3A 3T5

Consultant to the Plan Administrator

AND TO:

Andre Giroux, CA, CIRP
Andre Giroux Inc.
215, rue St-Jacques Ouest
Bureau 1100
Montreal (Quebec) H2Y 1M6

Trustee in Bankruptcy

 

NOTICE OF PROPOSAL TO MAKE A DECLARATION

I PROPOSE TO MAKE A DECLARATION under section 83 of the Act that the Pension Benefits Guarantee Fund applies to the Plan for the following reasons and such further reasons that may come to my attention:

1. The Plan is registered under Quebec’s Supplemental Pension Plans Act, a designated province stipulated under section 1 of the Act, and
   
   
2. The Plan provides defined benefits that are not exempt from the application of the Pension Benefits Guarantee Fund by the Act or the regulations made thereunder, and
   
   
3. The plan was wound up effective March 10, 2005 , and
   
   
4. There are reasonable and probable grounds that the funding requirements of the Act and regulations cannot be satisfied. Based on the latest actuarial certification, there is an estimated claim against the Pension Benefits Guarantee Fund of $127,200. If funds become available from the estate of the employer, the Plan administrator will be required to make an appropriate refund of any allocation amount received by the Plan from the Pension Benefits Guarantee Fund.

YOU ARE ENTITLED TO A HEARING by the Financial Services Tribunal (the Tribunal) pursuant to section 89(6) of the Act, if, within thirty (30) days after the Notice of Proposal is served on you, you deliver to the Tribunal a written notice that you require a hearing. Any notice requiring a hearing shall be delivered to the:

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

Attention: The Registrar

FOR FURTHER INFORMATION, contact the Registrar of the Tribunal by phone at 416- 226-7752, toll free at 1-800-668-0128, ext. 7752, or by fax at 416-226-7750.

IF YOU DO NOT DELIVER TO THE TRIBUNAL, WITHIN THIRTY (30) DAYS FROM THE DATE THIS NOTICE OF PROPOSAL IS SERVED ON YOU, A WRITTEN NOTICE THAT YOU REQUIRE A HEARING, I MAY MAKE THE ORDER PROPOSED HEREIN.

DATED at Toronto, Ontario, this 25th day of April, 2006.

K. David Gordon
Deputy Superintendent, Pensions