Pension Plan for Unionized Hourly Employees of Waltech Forgings Incorporated - April 16, 2009.

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, in respect of the Pension Plan for Unionized Hourly Employees of Waltech Forgings Incorporated, Registration Number 1042217.

TO:

Hamish Dunlop
Principal
Morneau Sobeco Partnership Limited
895 Don Mills Road
One Morneau Sobeco Centre
Toronto  ON  M3C 1W3

Administrator

AND TO:

Stephen Rogers
President & CEO
Waltec Forgings Incorporated
125 Mason Street
Wallaceburg  ON  N8A 4L9

Employer


AND TO:

Bobby Kofman, MBA, CIRP
RSM Richter
200 King Street West,
Suite 1100
Toronto  ON  M5H 3T4

CCAA Court-appointed Monitor

AND TO:

Jeff Richardson
United Steelworkers of America, Local 9143
234 Eglinton Avenue East, Suite 800
Toronto  ON  M4P 1K7

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 Pension Plan for Unionized Hourly Employees of Waltech Forgings Incorporated, (the “Plan”), Registration Number 1042217.

 

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 June 30, 2006; 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 $2,966,800 determined as at December 31, 2008. 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

  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 16th day of April, 2009.     

__________________________________________               

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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