Ortech Corporation (the Plan) - October 17, 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(4) of the PBA consenting to a payment out of the Retirement Plan for Employees of Ortech Corporation (the Plan), Registration Number 294777.  

                    

TO:

Ortech Corporation
c/o Ministry of Economic
Development & Trade
5th Floor – 56 Wellesley Street West
Toronto ON 
M7A 2E7

Attention: Mr. Neil McCallum
Governor

 

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 Ortech Corporation, as at September 2000 in the amount of $304,000 plus interest to the date of payment.

REASONS:

  1. Ortech Corporation is the employer as defined in the Plan.

  2. As a result of the employer making provisional contributions to the pension fund in September 2000 with respect to the full wind up of the Plan effective March 31, 1999, when the addendum to the wind up report was filed, such provisional contributions were no longer required.

  3. Evidence of the overpayment to the fund has been submitted to the Financial Services Commission of Ontario.

  4. Such further and other reasons as may come to my attention.

  5. In accordance with section 105(1) of the PBA, an extension of the time limit under section 78(4) has been given.

 

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.1

 

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 17th day of October, 2007                          

 

 

___________________________

K. David Gordon
Deputy Superintendent, Pensions

 


COPY:

Mr. Nilesh T. Patel, Towers Perrin HR Services

 
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