Pension Plan for Participating Unions of St. Marys Paper Ltd. - May 15, 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 Pension Plan for Participating Unions of St. Marys Paper Ltd.,  Registration Number 487686;

TO:

Tony Karkheck
Senior Vice-President
PricewaterhouseCoopers Inc.
Mississauga Executive Centre
One Robert Speck Parkway, Suite 1100
Mississauga   ON  L4Z 3M3

Administrator

AND TO:

Gerald Henson
Corporate Controller
St. Marys Paper Ltd.
75 Huron Street
Sault Ste. Marie   ON   P6A 5P4

Employer

AND TO:

Robert Kofman
Senior Vice-President
RSM Richter Ltd.  
200 King Street West, Suite 1900
P.O. Box  48
Toronto  ON  M5H 3T4

Trustee in Bankruptcy and Receiver

AND TO:

Cecil Makowski
Vice-President, Ontario Region
Communications, Energy and Papermakers Union of Canada,
(Locals 133, 67,69 and 47)
5915 Airport Road, Suite 510
Mississauga   ON  L4V 1T1

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 Pension Plan for Participating Unions of St. Marys Paper Ltd., (the “Plan”).

 

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 from March 20, 2007 to April 27, 2007, 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 minimum claim against the Pension Benefits Guarantee Fund as of April 27, 2007 to be $14,907,138. 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 15th day of May, 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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