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 by the Superintendent of Financial Services to make an Order under section 78(1) of the PBA consenting to a payment out of the 1057296 Ontario Limited Pension Plan for Leslie Sinka and Christine Sinka (the Plan), Registration Number 1118918.
1665263 Ontario Limited (Successor of 1057296 Ontario Limited)
22 Credit River Road
Erin ON N0B 1T0
Attention: Leslie Sinka
Applicant and Employer
NOTICE OF PROPOSAL
I PROPOSE TO MAKE AN ORDER under section 78(1) of the PBA, consenting to the payment out of the 1057296 Ontario Limited Pension Plan for Leslie Sinka and Christine Sinka (the Plan), Registration Number 1118918 to 1665263 Ontario Limited (Successor of 1057296 Ontario Limited), in the amount of $34,412 as at December 31, 2006 plus adjustments to the actual date of payment.
I PROPOSE TO MAKE THE ORDER effective only after the applicant satisfies me that all liabilities of the pension plan have been paid, purchased or otherwise provided for.
I PROPOSE TO MAKE THIS ORDER FOR THE FOLLOWING REASONS:
- 1665263 Ontario Limited (Successor of 1057296 Ontario Limited) is the employer as defined in the Plan.
- The Plan was wound up, effective December 31, 2006.
- As at December 31, 2006 the surplus in the Plan was estimated at $34,412.
- The Plan provides for payment of surplus to the Employer on wind up of the Plan.
- The application discloses that by written agreement made by the Employer, and all of the members the surplus in the Plan at the date of payment, after deduction of expenses is to be distributed 100% to the Employer.
- The Employer has applied, pursuant to section 78 of the PBA, and section 8(1)(b) of Regulation 909, (Regulation), for consent of the Superintendent of Financial Services to the payment of 100% of the surplus to be distributed to the Employer.
- The application appears to comply with sections 78 and 79(3)(a) & (b) of the PBA and with sections 8(1)(b), 28(5), 28(5.1) and 28(6) of the Regulation.
- Such further and other reasons as 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
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 27th day of June, 2008
K. David Gordon
Deputy Superintendent, Pensions
Copy: Ian Baker, Westcoast Actua
*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.