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;
Morneau Sobeco Limited Partnership
895 Don Mills Road, Suite 700
One Morneau Sobeco Centre
Waltec Engineering Incorporated
125 Mason Street
Bobby Koffman, MBA, CIRP
200 King Street West
Court-appointed Monitor under the Companies' Creditors Arrangement Act
United Steelworkers of America
234 Eglinton Avenue East, Suite 800
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:
- There was a cessation or suspension of employer contributions to the pension fund of the Plan.
- The employer failed to make contributions to the pension fund as required by the PBA.
- 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.
- 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 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
Director, Pension Plans Branch
by Delegated Authority from
the Superintendent of Financial Services