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, as amended (the “PBA”)

AND IN THE MATTER OF a Notice of Intended Decision of the Superintendent of Financial Services to make an Order under section 83 of the PBA,respecting the Registered Pension Plan for Employees of Kraus Canada Inc. Registration Number 0279992

 

TO:

Michelle Courchaine-Jones
Analyst
Morneau Shepell Ltd.
Duke Tower, Suite 301
30 Duke Street West
Kitchener ON  N2H 3W5

Administrator

AND TO:

Tim Burt
VP Finance
Kraus Inc., Kraus Canada Inc. and Strudex Fibres Limited
60 Northfield Drive
Waterloo ON  N2L 0A8

Employer

AND TO:

Michelle Pickett
Senior Vice President, Deals
PricewaterhouseCoopers Inc.
18 York Street, Suite 2600
Toronto ON  M5J 0B2

Trustee in Bankruptcy

 

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 Registered Pension Plan for Employees of Kraus Canada Inc., Registration Number 0279992 (the “Plan”).

I INTEND TO MAKE THE ORDER FOR THE FOLLOWING REASONS:

  1. The Plan is registered under the Pension Benefits Act of Manitoba

  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 June 11, 2012

  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 $320,700 as at  February 1, 2013. 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. The Employer has applied, pursuant to section 78 of the PBA, for consent of the Superintendent of Financial Services to the payment of 100% of surplus distributed from the Plan (after adding investment earnings and deducting expenses).

  6. The application appears to comply with sections 78, 79(3)(a) and (b) and all other applicable requirements under the PBA and Regulation 909, R.R.O 1990, as amended.

  7. 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 21st day of March, 2013. 

Original Signed By

Brian Mills
Deputy Superintendent, Pensions (Acting)

 

1NOTE - 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, 2013