Disclaimer
This is a reproduction of a NOID as issued and is provided for reference purposes only. In the event of an inconsistency, the NOID as issued takes precedence over this reproduction.

 

 
Superintendent of
Financial
Services
 
Ontario Coat of Arms
 
Surintendant des
services
financiers
 

IN THE MATTER OF the Pension Benefits Act, R.S.O. 1990, c. P.8, (the “PBA”);

AND IN THE MATTER a Notice of Intended Decision of the Superintendent of Financial Services to make an Order under section 83 of the PBA,respecting the  Contributory Pension Plan  for Bargaining Unit Employees of Fibrex Insulations, Inc., Registration Number 0353235.

 

TO:

Niranja S. Bahi
Consultant
Morneau Shepell Ltd.
895 Don Mills Road
Suite 700
Toronto ON M3C 1W3

Administrator

AND TO:

Raelene Peseski
Manager, Human Resources
Fibrex Insulations, Inc.
561 Scott Road
Sarnia ON N7T 7L4

Employer

AND TO:

John Adamson
Adamson & Associates Inc.
142 Centre Street
St. Thomas ON N5R 3A3

Trustee in Bankruptcy

AND TO:

Stephen Ferguson
Senior Manager
Alvarez & Marsal Canada Inc.
Royal bank Plaza, South Tower
200 Bay Street, Suite 2900
Toronto ON M5J 2J1

Receiver

AND TO:

Barry E. Wadsworth
Associate counsel
The National Automobile, Aerospace, Transportation & General
Workers Union of Canada (CAW), Local 456 
205 Placer Court
Toronto ON M2H 3H9

Union Representative



NOTICE OF INTENDED DECISION

I INTEND TO MAKE AN ORDER under section 83 of the PBA declaring that the Pension Benefits Guarantee Fund applies to the Contributory Pension Plan  for Bargaining Unit Employees of Fibrex Insulations, Inc., Registration Number 0353235, (the “Plan”).

I INTEND TO MAKE THE ORDER FOR THE FOLLOWING REASONS

  1. The Plan is registered under the PBA.

  2. The Plan provides defined benefits that are not exempt from the application of the Pension Benefits Guarantee Fund by the PBA or the Regulations made thereunder.

  3. The Plan was wound up effective  January 12, 2011.

  4. There are reasonable and probable grounds that the funding requirements of the PBA and regulations cannot be satisfied. Based on the latest actuarial certification, there is an estimated claim against the Pension Benefits Guarantee Fund of $3,206,300 as at June 30, 2012. If funds become available from the estate of the employer, the administrator will be required to make an appropriate refund of any allocation amount received by the Plan from the Pension Benefits Guarantee Fund.

  5. Such further and other reasons as may come to my attention.

YOU ARE ENTITLED TO A HEARING by the Financial Services Tribunal (the “Tribunal”) pursuant to section 89(6) of the PBA. To request a hearing, you must deliver to the Tribunal a written notice that you require a hearing, within thirty (30) days after this Notice of Intended Decision is served on you.1

YOUR WRITTEN NOTICE must be delivered to:

Financial Services Tribunal
5160 Yonge Street
14th Floor
Toronto, Ontario
M2N 6L9

Attention: The Registrar

FOR FURTHER INFORMATION on a Form for the written notice, please see the Tribunal website at www.fstontario.ca or contact the Registrar of the Tribunal by phone  at 416- 590-7294,  toll free at 1-800-668-0128, ext. 7294, or by fax at 416-226-7750.

IF YOU FAIL TO REQUEST A HEARING WITHIN THIRTY (30) DAYS, I MAY CARRY OUT THE INTENDED DECISION AS DESCRIBED IN THIS NOTICE.

DATED at Toronto, Ontario, this     9th    day of      October      , 2012    

Original Signed By

K. David Gordon
Deputy Superintendent, Pensions

1 NOTE - Pursuant to section 112 of the PBA any Notice, Order or other document is sufficiently given, served or delivered if delivered personally or sent by regular mail and any document sent by regular mail shall be deemed to be given, served or delivered on the fifth day after the date of mailing.


© Queen's Printer for Ontario, 2012