FINANCIAL SERVICES TRIBUNAL
2008 ONFST 5
Decision No. P0265 & P0266-2006-1
Date: 2008/06/23
IN THE MATTER OF the Pension Benefits Act, R.S.O. 1990, c.P.8,
as amended by the Financial Services Commission of Ontario Act, 1997,
S.O. 1997, c.28 (the “Act”);
AND IN THE MATTER OF the Actuarial Report on the Partial Plan
Windup of the Bendix Heavy Vehicle Systems Participation in the
AlliedSignal Canada Inc. Retirement Plan for Salaried Employees
(now the Honeywell ASCa Retirement Plan for Salaried Employees),
Registration Number 0222695 (the “Plan”) as at December 31, 1992;
AND IN THE MATTER OF the letter dated January 1, 2006 from the
Pension Officer, by delegated authority of the Superintendent of Financial
Services, in relation to a request to appoint an administrator pursuant to
Section 71 of the Act in the Honeywell ASCa Retirement Plan for
Salaried Employees (formerly the AlliedSignal Canada Inc. Retirement
Plan for Salaried Employees), Registration Number 0222695 (the “Plan”);
AND IN THE MATTER OF a Hearing in accordance with subsection
89(8) of the Act;
B E T W E E N:
HONEYWELL ASCa INC. and JACQUELINE BRIAND
Applicants
- and -
SUPERINTENDENT OF FINANCIAL SERVICES
Respondent
- and –
THE AFFECTED MEMBERS OF THE PLAN ADDED AS PARTIES TO THE PROCEEDINGS BY THIS ORDER
Parties
BEFORE:
Ralph Scane
Chair of the Panel and Member of the Tribunal
Martin Brown
Member of the Tribunal and of the Panel
David Short
Member of the Tribunal and of the Panel
APPEARANCES:
For the Applicant Honeywell ASCa Inc.:
Mr. David Stamp
For the Applicant Jacqueline Briand:
Mr. Ari Kaplan
For the Superintendent of Financial Services:
Ms. Deborah McPhail
HEARING DATE:
June 23, 2008
ORDER
THIS HEARING was held today as an oral hearing at the office of the Financial Services Tribunal (the “Tribunal”) in the presence of counsel for all parties.
ON READING the submissions filed on behalf of Honeywell ASCa Inc. (“Honeywell”) and on hearing the submissions of counsel for all parties, and on reading the Minutes of Settlement dated June 16, 2008, which have been filed in respect of this hearing ,
The persons listed in Schedule “A” are hereby added as parties to these consolidated proceedings.
The Minutes of Settlement are approved and shall bind all parties.
Honeywell is ordered to, within 10 days from the date of this Order, file with the Superintendent of Financial Services (the “Superintendent”) an Amendment to the Plan to provide for the distribution of surplus in the Plan relating to the December 31, 1992 partial wind-up of the Plan and a Surplus Withdrawal Application as specified in the Minutes of Settlement, and shall, as soon as reasonably practicable after such documents are filed, file a supplementary update reflecting the above and this supplementary update shall be as the effective revision to the partial wind up report as ordered in the Notice of Proposal.
The Superintendent is directed to (i) issue a Notice of Proposal (the “2008 NOP”) proposing to approve the Surplus Withdrawal Application within 60 days from the date Honeywell files the Surplus Withdrawal Application with the Superintendent; and (ii) issue a certificate of registration and notice of registration in respect of the Amendment, within 60 days from the date Honeywell files the Amendment with the Superintendent.
Unless a Request for Hearing in respect of the 2008 NOP is filed within 30 days of the issuance of the 2008 NOP, the Superintendent shall consent to the Surplus Withdrawal Application with an effective date of October 15, 2008.
No costs order is made by the Tribunal in respect of these proceedings.
DATED at Toronto, Ontario, this 23^rd^ day of June, 2008
“Ralph Scane”
Ralph Scane
Chair of the Panel and Member of the Tribunal
“Martin Brown”
Martin Brown
Member of the Tribunal and of the Panel
“David Short”
David Short
Member of the Tribunal and of the Panel
SCHEDULE “A”
LIST OF ADDITIONAL PARTIES
Last Name
First Name
Antonucci
Angelo
Atherton
Al
Benoy
Chris
Bergeron
Estate of Gerry
Blue
Tony
Bowden
Clive
Breier
Frank
Briand
Dan
Byrne
Joanne (formerly known as Joanne Earles)
Colja
Marg
Corin
Rick
Corley
Estate of Victor
Cowan
Gary
Dobbie
John
Forget
Sandy
Gillis
Willard
Goldie
Duncan
Grosvenor
Steve
Hardman
Sue
Hotz
Peter
Hosang
Mike
Khouri
Laura (formerly known as Laura Biduke)
Lee
Gord
Leonard
Cathy
Mainprize
Paul
Marshall
Dennis
Martel
Larry
Martindale
Carl
McCloskey
Ron
McKibbin
Stu
Mimnaugh
Gerry
Oestreich
K
Sharp
Merv
Smith
Lonnie
Stacey
Glen
Stahl
Harold
Strasser
Reini
Sustarsic
Stan
Wong
Ray
Woolley
Tony
Worrall
Jeff
Zimmer
Brian