During November of 2006, certain members of the Sunnybrook Superannuation Plan (the “Plan”) were approached by the Plan Sponsor, Sunnybrook Hospital (“Sunnybrook”) regarding a possible sharing of surplus in the Plan between Sunnybrook and Plan members. A committee, named the Sunnybrook Superannuation Plan Surplus Sharing Committee (the “Committee”) was created with a view to negotiating an agreement to share surplus. Plan member representatives on the Committee retained the services of Koskie Minsky LLP to advise them regarding these negotiations.
On March 3, 2009 an agreement was reached to share the surplus in the Sunnybrook Plan. In brief, the agreement provides for a sharing of surplus with 50% to be paid to Sunnybrook and 50% to be paid to Plan members. The agreement also provides for certain benefit enhancements. The agreement is subject to the approval of the Courts and the provincial regulatory authority.
A Notice of Application was filed with the Court, seeking certification of a class proceeding, approval of the agreement, and certain ancillary relief. The Application seeks to certify and approve a settlement in respect of a class of persons comprised of all active members, pensioners, deferred vested members, annuitants and other beneficiaries as at August 16, 2004 inclusive of persons claiming through them.