IN THE MATTER OF the Pension Benefits Act, R.S.O. 1990, c. P.8 (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 Retirement Plan for Salaried Employees of MIL Systems Engineering Inc., Registration Number 684902
Groupe Thibault Van Houtte & Associés Ltée
70, rue Dalhousie, Bureau 100
Quebec, Quebec G1K 4B2
Attention: Patrice Van Houtte
Applicant and Trustee in Bankruptcy
Mississauga Executive Centre
One Robert Speck Parkway,
Mississauga ON L4Z 3M3
Attention: Sharon Carew
On or about April 22, 2008 the Superintendent of Financial Services caused to be served on Groupe Thibault Van Houtte & Associés Ltée a Notice of Proposal dated April 22, 2008 to consent, pursuant to section 78(1) of the PBA, to a payment out of the Retirement Plan for Salaried Employees of MIL Systems Engineering Inc., Registration No. 684902, (the “Plan”), to Groupe Thibault Van Houtte & Associés Ltée, in the amount of $522,750.50 as at November 2, 2001, with interest thereon to the date of payment, less 50% of all reasonable costs and expenses incurred by the Plan Administrator, and minus $62,500 representing 50% of a contingency reserve established to cover any unforeseen liabilities.
No notice requiring a hearing was delivered to the Financial Services Tribunal by the Applicant or any other party within the time prescribed by section 89(6) of the PBA.
On July 3, 2008 the Ontario Superior Court of Justice (Commercial List) issued an Order authorizing and directing the Plan Administrator to distribute from the contingency reserve an amount of $62,500 to the trustee in bankruptcy and an amount of $62,500 to the Plan members receiving a 50% share of the Plan surplus.
THE SUPERINTENDENT OF FINANCIAL SERVICES THEREFORE CONSENTS to the payment out of the Plan to Groupe Thibault Van Houtte & Associés Ltée the amount of $585,250.50 as at November 2, 2001 with interest thereon to the date of payment, less 50% of all reasonable costs and expenses incurred by the Plan Administrator.
THIS CONSENT IS EFFECTIVE ONLY AFTER the the Applicant satisfies me that all benefits, benefit enhancements (including benefits and benefit enhancements pursuant to the Surplus Sharing Agreement) and any other payments to which the members and former members of the Plan, and any other persons entitled to such payments under the Plan, have been paid, purchased or otherwise provided for.
DATED at Toronto, Ontario, this 9th day of July, 2008.
Director, Pension Plans Branch
by Delegated Authority from
the Superintendent of Financial Services