July 23, 2020
Pursuant to the agreements in the 2017 Stelco CCAA Plan of Compromise reached between Stelco and its creditors, including salaried retirees, on April 2, 2020, the Financial Services Regulatory Authority (FSRA) issued a Wind Up Order for the Hamilton Salaried Pension Plan as of March 31, 2020. Morneau Shepell, the administrator of the Hamilton Salaried Pension Plan must file a wind up report within 6 months of the Wind Up Order and is currently finalizing the report. Once FSRA has reviewed and approved the wind up report, Morneau Shepell will send active and deferred members an election form within 90 days to those individuals who have not yet retired.
Members of the Hamilton Salaried Pension Plan should have received a notice from the administrator in April advising them of the Wind Up Order.
The Lake Erie Salaried Pension Plan continues to be administered by Morneau Shepell as it continues to receive proceeds from the sale of lands for the benefit of the Stelco pension plans and as a result benefits continue to be paid in full. Once the Lake Erie Salaried Pension Plan reaches full funding, it will also be wound up.
If you have any questions regarding the wind up process please do not hesitate to contact us or Morneau Shepell.