Koskie Minsky LLP represents certain members and former members of the Montreal Trust Pension Plan (2001) (the “Plan”). In February of 2006, an agreement was reached with Montreal Trust to share surplus in the Plan. In brief, the Surplus Sharing Agreement provides for the sharing of the surplus between the Plan member group and Montreal Trust, with 50% of surplus to be paid to the member group, and 50% to be paid to Montreal Trust, subject to certain adjustments, and after applicable legal, actuarial and other expenses have been paid.
In furtherance of the Surplus Sharing Agreement, Montreal Trust filed a Notice of Application in Ontario Superior Court, seeking, among other things, certification of a class proceeding and approval of the Surplus Sharing Agreement. This application was certified as a class proceeding by Order dated June 27, 2006. The Surplus Sharing Agreement was approved by Order dated October 3, 2006.
Montreal Trust’s subsequent application for surplus withdrawal to the applicable provincial pension regulatory authorities has now received the approval of these authorities. It is expected that payments of surplus to members will be made during the summer of 2009.