Daymonex Limited Hourly Pension Plan Registration Number 0690420

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 Daymonex Limited Hourly Pension Plan Registration Number 0690420

 
 
TO:
David Kearney
Principal
Mercer (Canada) Limited
161 Bay Street, P.O. Box 501
Toronto ON  M5J 2S5
 
                              Administrator
 
 
AND TO:
David Holmes
President
Daymonex Limited
155 Irwin Street
Chatham ON  M7M 5M5
 
                              Employer
 
 
AND TO:
Stephen N. Cherniak
KPMG Inc.
618 Greenwood Centre
3200 Deziel Drive
Windsro ON  N8W 5K8
 
 
                               Trustee in Bankruptcy
 
 
AND TO:
Brian Massender
Canadian Auto Workers Union (Local 127)
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 Daymonex Limited Hourly Pension Plan, Registration Number 0690420 (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 November 3, 2009
  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 $9,587,600 as at September 30, 2011. 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 13th day of February, 2012.
                                                                                                                                               
 
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.

 
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