Pension Plan for Salaried Employees of NRI Manufacturing Inc. - January 22, 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 Salaried Employees of NRI Manufacturing Inc. Registration  Number 980870;

 

TO:

David R. Kearney
Principal
Mercer
161 Bay Street
P.O. Box 501
Toronto  ON  
M5J 2S5

Administrator

 

AND TO:

Grant Adam
Human Resources Manager
NRI Manufacturing Inc.
394 Symington Avenue
Toronto  ON 
M6N 2W3

Employer

 

AND TO:

Mitch Vininsky
RSM Richter Inc.
200 King Street West, Suite 1100
Toronto  ON 
M5H 3T4

Receiver and Trustee in Bankruptcy

 

ORDER

No request requiring a hearing was delivered to the Financial Services Tribunal within the time prescribed by subsection 89(6) of the PBA respecting a Notice of Proposal to make an Order to wind up the Pension Plan for Salaried Employees of NRI  Manufacturing Inc. (the “Plan”).

IT IS THEREFORE ORDERED that the Plan be wound up in full effective February 16, 2007 for the following reasons:

  1. There was a cessation or suspension of employer contributions to the pension fund.
  2. The employer failed to make contributions to the pension fund as required by the PBA.
  3. The employer is bankrupt within the meaning of the Bankruptcy and Insolvency Act (Canada).
  4. 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.
  5. All or a significant portion of the business carried on by the employer at a specific location was discontinued.
  6. All or part of the business has been sold and the successor employer did not provide a pension plan for the employees acquired.

 

 

DATED at Toronto, Ontario, this 22nd day of January, 2008        

 

                                                                                                                                               

_______________________________________
Tom Golfetto
Director, Pension Plans Branch
by Delegated Authority from
the Superintendent of Financial Services

 

 

 


 
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