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(4) of the PBA consenting to a payment out of the National Auto Radiator Manufacturing Company Limited Hourly Employees Pension Plan (the Plan), Registration Number 350249.
National Automotive Radiator Manufacturing Company
2575 Airport Road
Windsor ON N8W 1Z4
Attention: Mr. John A. Rodzik
Chief Operating Officer
NOTICE OF PROPOSAL
I PROPOSE TO MAKE AN ORDER under section 78(4) of the PBA, consenting to the payment out of the Plan to National Automotive Radiator Manufacturing Company, as at February 1, 2008 in the amount of $1,313,351 [for payments made during the period May 2007 to October 2007 as indicated in the application] plus interest to the date of payment.
- National Automotive Radiator Manufacturing Company is the employer as defined in the Plan.
- As a result of the Actuarial Valuation Report as at April 1, 2007 that was filed on February 8, 2008, the employer required contributions commencing April 1, 2007 were eliminated due to the excess surplus position as shown in that report. Therefore, all 2007 employer contributions made in respect of the period commencing April 1, 2007 which were based on the previously filed April 1, 2006 Actuarial Valuation Report, were not required.
- Evidence of the overpayment to the fund has been submitted to the Financial Services Commission of Ontario.
- 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
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 22nd day of April, 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.