Pension Plan for Hourly-Rated Employees of Waltec Engineering 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 Hourly-Rated Employees of Waltec Engineering Incorporated, Registration Number 1042191;

 

TO:

Hamish Dunlop
Principal
Morneau Sobeco Limited Partnership
895 Don Mills Road, Suite 700
One Morneau Sobeco Centre
Toronto  ON 
M3C 1W3

Plan Administrator

 

AND TO:

Linda Rosseel
Human Resources
Waltec Engineering Incorporated
125 Mason Street
Wallaceburg   ON  
N8A 4L9

Employer

 

AND TO:

Bobby Koffman, MBA, CIRP
RSM Richter
200 King Street West
Suite 1100
Toronto  ON  
M5H 3T4

Court-appointed Monitor under the Companies' Creditors Arrangement Act

 

AND TO:

Jeff Richardson
United Steelworkers of America
Local 9143
234 Eglinton Avenue East, Suite 800
Toronto  ON 
M4P 1K7

Union Representative


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 Hourly-Rated Employees of Waltec Engineering Incorporated  (the “Plan”) effective June 30, 2006, inclusive of the class of plan members whose employment or plan membership terminated during the period January 10, 2006 to June 30, 2006.

IT IS THEREFORE ORDERED that the Plan be wound up in full effective June 30, 2006 inclusive of the class of plan members whose employment or plan membership terminated during the period January 10, 2006 to June 30, 2006, for the following reasons:


REASONS:

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

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

  3. A significant number of members of the 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.

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

  5. 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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