Sunnybrook Pension
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.
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Latest Developments
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July 25, 2011
If you are a member of the surplus sharing group in this matter and have not yet received your surplus payment, you are encouraged to contact us at 1-800-286-2266, or sunnybrookpension@kmlaw.ca.
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April 14, 2011
We are pleased to advise that Sunnybrook Hospital has confirmed that the majority of members of the sharing group have now received their surplus payments. If you have not yet received your payment, you are encouraged to contact us at 1-800-286-2266, or sunnybrookpension@kmlaw.ca.
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September 9, 2010
We are pleased to advise that the Superintendent of Financial Services has issued a Notice of Proposal, proposing to consent to the Application for Surplus Withdrawal filed by Sunnybrook. Members of the sharing group should shortly be receiving a package from Sunnybrook Hospital, formally advising them of the Superintendent’s proposed consent. A copy of the Notice of Proposal can be accessed through the “Documents” link below.
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May 31, 2010
By Order dated March 16, 2010, the Honourable Justice Cullity of the Ontario Superior Court of Justice approved the Surplus Sharing Agreement. A copy of the March 16, 2010 Order can be viewed under the “Documents” link below. Sunnybrook Hospital will now file an application with Ontario’s pension regulatory for approval of the surplus withdrawal application. Class members will be advised of the progress of the regulatory approval process through updates to this website.
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December 14, 2009
By Order of the Superior Court of Justice dated December 3, 2009, this matter was certified as a class proceeding. A motion to approve the proposed surplus sharing agreement is scheduled to proceed before the Court on February 11, 2009. To view a copy of the Notice to the Class, please access the “Documents” link below.
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July 15, 2009
On May 4, 2009, the parties brought a motion to certify this application as a class proceeding before the Honourable Mr. Justice Cullity of the Ontario Superior Court. Justice Cullity reserved his decision.
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March 6, 2009
A Notice of Application was filed by Sunnybrook, seeking, among other things, an order certifying the application as a class proceeding, and seeking approval of the surplus sharing agreement.
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July 25, 2011
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News Releases and Reports
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Documents
