PARTIAL PLAN WIND-UP UPDATE
The partial plan windup report, as at June 30, 2005, was completed on March 31, 2006 and filed with the Financial Services Commission of Ontario. Any member of the Canada Life Canadian Employees Pension Plan is entitled to view this document.
This report does not include the treatment of estimated partial wind up surplus, nor does it include the schedule of individual affected member entitlements. In addition, since the amounts were calculated as at June 30, 2005, they could change significantly.
Our committee, along with our lawyers and actuaries are evaluating the report, and we expect this process to take some time. We will not be posting the report on our public website, but will post a summary of the key elements within a few weeks. We will let you know once it is available. It is unlikely that we will be able to answer questions until our review is complete.
The report itself is 41 pages in length, and is probably suitable only for those with a strong actuarial or pensions background. However, as mentioned above, any plan member is entitled to see it, and can obtain a copy in one of the following ways:
1. From the Financial Services Commission of Ontario
You will be required to set up an appointment to view and copy the document (copies are $0.50 per page), and to provide proof of membership in the Canada Life Plan.
Quote Plan number 0354563
Contact
Ms Hae-Jin Kim, Pension Officer, Financial Services Commission of Ontario 5160 Yonge St., 4th floor Box 85 North York, Ontario M2N 6L9 416-226-7876 email jkim@fsco.gov.on.ca
2. From the Canada Life Plan Administrator
3. From CLPENS (electronic copy only)
You may send an email request to us, clpens@rogers.com. The report is only available in pdf format, in English, and is approximately 1.3 MB in size. If you have a dial-up connection, it will take several minutes to download.
Please confirm in your email that you are indeed a member of the plan, or part of the partial windup group.
Addendum to Newsletter 28 April 21, 2006
We have been asked by the Canada Life lawyers through our counsel to post the following wording as an addendum to our newsletter and as a courtesy we have agreed:
The meaning of the second paragraph would be clearer if it were revised as follows:
"This report does not (for privacy reasons) include the appendix of individual affected member pension entitlements. Nor does the report include the treatment of estimated partial wind up surplus, although in the circumstances this is normal. In addition, since the amounts estimated in the report were calculated as at June 30, 2005, they could change significantly."
As reported in earlier newsletters, there has been a partial plan wind-up of the SERP Plan effective January 31, 2005. Those members affected by this partial plan wind-up will have received notification from Canada Life.
The SERP sub-committee has now discussed this partial plan wind-up with our actuarial advisors, Robertson Eadie and our legal advisors, Koskie Minsky. We will be holding a special evening meeting in the next few weeks to update SERP members and determine next steps. Recognizing that not all SERP members will be able to attend the meeting, we will issue a communication to the entire SERP group following the meeting.
If you are not yet on the SERP distribution list and wish to be added, send an email to serpgroup@rogers.com .
Notification of meeting date, time, and locale will follow by email to members on our SERP distribution list.
VOTING MEMBERS APPEAL
As we indicated the partial plan wind-up for the basic plan has been forwarded to the actuarial firm, Robertson Eadie, for an independent actuarial opinion. All this costs money and while we do have a war chest to fund the initial expenditure, more money will be required in the future. We need the support of the membership and we sincerely hope you will give careful consideration to becoming a VOTING MEMBER of CLPENS if you are not already one.
To be eligible to be a voting member requires a one-time initiation fee of $100 plus an annual fee of $25. The annual fee becomes due each year on October 1. To date almost 300 people have contributed $125 to become a voting member. However there are currently 84 original voting members who have yet to renew their membership for 2005-2006 and retain their right to vote. If you have not paid your renewal we would ask you to immediately send a cheque for $25 to the address outlined below. Your ongoing support is necessary and greatly appreciated.
Late last year we asked that anyone with an interest in the Canada Life Canadian Employee Pension Plan to become a VOTING MEMBER. It was met with limited success. We are again appealing for more voting members because without your support we simply won’t have the funds necessary to hire the EXPERT SERVICES needed to win. Depending on how the negotiations between the law firms go, we also envision the need for independent accounting expertise. In order to protect your rights we urge those non-voting members to become voting members by sending your cheque for $125 to:
CLPENS Group P.O. Box 37036 6502 Yonge St. North York, Ont. M2M 4J8DON’T LEAVE IT TO THE "OTHER" GUY TO LOOK AFTER YOUR INTERESTS
MEMBERSHIP UPDATE
President: Wib Antler Vice President: Ed Barrett Secretary and Treasurer: Gary Nummelin Committee Members: Phil Davy, Alex Harvey, David Kidd, Jim Martin, Brian Lynch, Fred TaggartAs of the last Executive Committee meeting there were in excess of 1000 members of CLPENs. The universe of eligible members is over 5000. Please keep getting the message out to anyone you know who hasn’t joined CLPENS. There is strength in numbers!
NOTE: Previous newsletters are available on our website. The Group’s website is www.clpens.com. If you have information or opinions to share with us send your submission to clpens@rogers.com