Pension Plan for Unionized Hourly Employees of Waltec Forgings Incorporated - March 5, 2008.

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 69 of the PBA, respecting the Pension Plan for Unionized Hourly Employees of Waltec Forgings Incorporated, Registration  Number 1042217;

TO:

Hamish Dunlop
Principal
Morneau Sobeco Partnership Limited
895 Don Mills Road, Suite 700
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 AN ORDER under section 69 of the PBA that the Pension Plan for Unionized Hourly Employees of Waltec Forgings Incorporated, (the “Plan”), be wound up effective June 30, 2006 with such wind up to include the class of Plan members whose employment or Plan membership ended during the period from January 10, 2006 to June 30, 2006.

REASONS:

  • There was a cessation or suspension of employer contributions to the pension fund.

  • The employer failed to make contributions to the pension fund as required by the PBA.

  • A significant number of members of the pension plan ceased to be employed by the employer as a result of the discontinuance of all or part of the business of the employer or as a result of the reorganization of the business of the employer.

  • All or a significant portion of the business carried on by the employer at a specific location was discontinued.

  • All or part of the business was sold and the successor employer has not provided a pension plan for the employees acquired.

  • 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 5th day of March, 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.

 

 
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