Slater Stainless Corp. - May 7, 2007

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 83 and 89 of the PBA, respecting the Slater Stainless Corp. Pension Plan for Salaried  Members,  (the “Plan”)  Registration Number 979765

TO:                 

Hamish Dunlop
Senior Consultant
Morneau Sobeco Limited Partnership
895 Don Mills Road, Suite 800
One Morneau Sobeco Centre
Toronto, ON M3C 1W3

Administrator

AND TO:        

Paul Davis
Vice President
Slater Stainless Corp.
Markborough Place
6711 Mississauga Road, Suite 202
Mississauga, ON L5N 2W3    

Employer

AND TO:        

Jeff Rosenberg
PricewaterhouseCoopers Inc.
145 King Street West
Toronto, ON M5H 1V8

Receiver

 

DECLARATION

No request requiring a hearing was delivered to the Financial Services Tribunal within the time prescribed by subsection 89(6) of the PBA in respect of a Notice of Proposal to make a Declaration that the Pension Benefits Guarantee Fund applies to the Plan.

I DECLARE pursuant to sections 83 and 89 of the PBA  that the Pension Benefits Guarantee Fund (Guarantee Fund) applies to the Plan for the following reasons:

 

1. The Plan is registered under the PBA, and
   
   
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, and   
   
   
3. The Plan was wound up effective August 30, 2004, and
   
   
4. There are reasonable and probable grounds that the funding requirements of the PBA and    regulations cannot be satisfied. Based on the latest estimate provided by the administrator, there is an estimated claim against the Pension Benefits Guarantee Fund of  $20,652,000 as at December 31, 2006. 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.

 

 

DATED at Toronto, Ontario, this 7th day of May, 2007 

 

___________________________
Tom Golfetto
Director, Pension Plans Branch
by Delegated Authority from
the Superintendent of Financial Services