Corrosion Service Company Limited - October 3, 2007

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 Pension Plan for Employees of Corrosion Service Company Limited (the Plan), Registration Number 244905.


TO:

Corrosion Service Company Limited

Attention: Christopher Frazer
V.P. Finance
Corrosion Service Company Limited 
205 Riviera Drive
Markham, ON 
L3R 5J8 

 


NOTICE OF PROPOSAL

I PROPOSE TO MAKE AN ORDER under section 78(1) of the PBA, consenting to the payment out of Pension Plan for Employees of Corrosion Service Company Limited (the “Plan”), Registration Number 244905 to Corrosion Service Company Limited, in the amount of $87,785 as at June 30, 2006 adjusted for investment earnings and expenses to the date of payment.

I PROPOSE TO MAKE THIS ORDER FOR THE FOLLOWING REASONS:

 

  1. Corrosion Service Company Limited is the employer as defined in the Plan.

  2. The Plan was wound up, effective June 30, 2006.

  3. As at June 30, 2006 the surplus in the Plan was estimated at $87,785.

  4. The Plan provides for payment of surplus to the Employer on wind up of the Plan.

  5. The application discloses that by written agreement made by the Employer and 100% of the former members and other persons entitled to payments from the fund, the surplus in the Plan at the date of payment, after deduction of expenses, is to be distributed 100% to the Employer.

  6. The Employer has applied, pursuant to section 78 of the PBA, and section 8(1)(b) of Regulation 909, R.R.O.1990 (Regulation), for consent of the Superintendent of Financial Services for payment to the employer, of 100% of the surplus from the Plan (after adding investment earnings and deducting the expenses related to the wind up of the Plan.)

  7. The application appears to comply with sections 78 and 79(3) of the PBA and with sections 8(1)(b), 28(5), 28(5.1) and 28(6) of the Regulation.

  8. 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
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 3rd day of October, 2007

 

 


___________________________________

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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