Toronto District School Board Business and Support Employees Paid-Up Pension Plan
Koskie Minsky LLP has been retained to represent former members and their beneficiaries in respect of a proposed distribution of surplus from the Toronto District School Board Business and Support Employees Paid-up Pension Plan (the “Plan”).
In February of 2005, Koskie Minsky LLP, on behalf of former Plan members, commenced negotiations with the Toronto District School Board (the “TDSB”) with a view to distributing surplus then existing in the Plan to members and former members. A proposal for distribution of surplus has been reached, the terms of which include the following:
• The Plan will be wound up, and annuities purchased to secure benefits for Plan members;
• The expenses of the Plan wind-up will be paid “off the top” out of surplus in the Plan;
• The surplus will be shared between Plan members and the TDSB, with 50% payable to Plan members, and 50% payable to the TDSB;
• The legal and actuarial costs of each side will be paid out of each side’s share of surplus.
The surplus sharing group includes all members and former members of the Plan and any other persons entitled to receive benefits from the Plan on December 31, 2004.
The agreement is conditional upon receiving Court and regulatory approval. In addition, at least 66.66% of eligible sharing group members must vote in favour of the surplus sharing proposal. If all requirements are met, it is not expected that surplus will be distributed before 2010.
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Latest Developments
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October 23, 2012
We are pleased to advise that regulatory consent to the Toronto District School Board’s application for surplus withdrawal has been granted. Most sharing group members should now be in receipt of their surplus share payments. If you have not yet received your payment, please contact us at 1-866-778-7986.
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July 25, 2011
We have been advised by counsel for the Toronto District School Board that the surplus withdrawal application in this matter will be filed very shortly with the Superintendent of Financial Services. We will advise surplus sharing group members through this website when the regulatory process has been completed.
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January 11, 2011
On October 26, 2010,the Financial Services Commission of Ontario approved the wind-up report filed by the Toronto District School Board , subject to regulatory approval of the surplus sharing agreement. The next step in the process is the filing of a Surplus Withdrawal Application, which the parties anticipate will be filed with the regulator during April or May of this year. We will keep sharing group members advised of the progress of this matter through further updates to this website.
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July 7, 2010
We are pleased to advise members of the surplus sharing group that the Court has certified this matter as a class proceeding, and has approved the surplus sharing agreement. Sharing Group members will shortly be receiving a mailing, describing the implications of the decision, including their right to opt out of this class proceeding, should they so wish.
To view a copy of the reasons of Justice Perell, as well as the order approving the surplus sharing agreement, please click on the “documents” link below.
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May 31, 2010
A Notice of Application was filed with the Court, seeking certification of a class proceeding, approval of the surplus sharing agreement, and certain ancillary relief. The Application seeks to certify and approve a settlement in respect of a class of persons including all persons who were entitled to benefits or other payments from the Plan on December 31, 2004, or people claiming through them. The motion for certification as a class proceeding and approval of the surplus sharing agreement will be heard on July 6, 2010 at 10:00 a.m. at the Ontario Superior Court of Justice. To see a copy of the Notice of Certification and Settlement Hearing please click on the documents tab below.
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May 21, 2009
A meeting to discuss the surplus sharing proposal with sharing group members is scheduled for June 16, 2009 at 10:30 a.m., at North York Memorial Community Hall, 5110 Yonge St., Burgundy Room. Sharing Group members are encouraged to attend to ask questions of the member committee, as well as their legal counsel.
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October 23, 2012
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News Releases and Reports
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Documents