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.