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(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.
Mr. John A. Rodzik
Chief Operating Officer
National Automotive Radiator Manufacturing Company
2575 Airport Road
Windsor ON N8W 1Z4
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.
IT IS THEREFORE ORDERED to consent to the payment, out of the Plan, to the National Automotive Radiator Manufacturing Company, as at February 1, 2008 in the amount of $1,313,351 [for payments made during the period of May 2007 to October 2007 as indicated in the application] plus interest to the date of payment for the following reasons:
- The 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 commending 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.
DATED at Toronto, Ontario, this 9th day of June, 2008
Director, Pension Plans Branch
by Delegated Authority from
the Superintendent of Financial Services