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Colleges System Demutualization
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NEWS BULLETIN
Mr. Justice Winkler of the Ontario Superior Court approved the
Demutualization Agreement in settlement of the application by
order dated October 22, 2003. The implementation of the settlement has
commenced. The premium holiday for individuals still working in the
Colleges system began on March 1st, 2004. The first round of cash payments for
retirees and for former employees are scheduled to be mailed out at the end of
June or the beginning of July.
There is still some missing data that may delay cash payments where the
administrator does not have SIN or address information for entitled
individuals. The Colleges are working with the Benefits Administrator to get
that information as quickly as possible.
INTRODUCTION
This website has been developed by Koskie
Minsky for the exclusive use of employees and former employees of
any of the Ontario Colleges of Applied Arts and Technology, the CAAT Pension
Plan, the Association of Canadian Community Colleges and the Ontario Colleges
Application Services (the "Employers") who had life insurance coverage under
one or more of Sun Life Assurance Company of Canada Group Insurance Policy
Numbers 50832, 50833 and 50834 and their predecessor policies, 13350-G,
13625-G, 13848-G, 17350-G, and 50625-G (the "policies");
We are happy to report that an agreement in principle was
reached between the College Compensation and Appointments Council, OPSEU and
the Ontario College Administrative Staff Association ("OCASA").
Susan
Philpott of Koskie Minsky was retained to
represent OPSEU with respect an application filed by the College Compensation
and Appointments Council ("the Council") (formerly the Ontario Council of
Regents) in the Ontario Superior Court of Justice. The application was filed as
a class proceeding and relates to the division of proceeds arising from
the demutualization of Sun Life Assurance Company of Canada, which has been the
insurer for the policies provided to employees and retirees of the Ontario
Colleges.
Demutualization is the process by which a mutual insurance company - which is
owned by its participating policyholders is converted to an insurance company -
which is then owned by shareholders. Eligible policyholders of Sun Life were
permitted to select between receiving shares of the new demutualized insurance
company or the cash equivalent of those shares. As the Council is not entitled
to hold shares they elected cash and those funds are currently being held in
trust.
The settlement agreement provides for a sharing of the proceeds between the
employers and all individuals who participated in the policies on January 27,
1998. It also provides for premium holidays for active employees and cash
payments for individuals who are no longer employed. To view the Notice of
Certification which outlines the settlement proposal please
click here. The Notice was published in the Globe and Mail on June 30,
2003 and was also sent to all affected members.
To view of a copy of the Notice of Application please click on the "Court
Documents" button to the left of this page. We are also posting copies of the
Communiques which were mailed to eligible members which outlines the steps
taken before the settlement was reached.
There is also a Question and Answer bulletin at the "FAQ's" button to the left
of this page which you may find helpful.
If you believe you are eligible but are not sure, please call the
Demutualization Information line at 416 620-1277 or 1800 322-5857.
Please ensure that you have provided the Administrator with your current
address if you have recently moved. The Administrator can be reached on the
Demutualization Information line at 416-620-1277 or 1-800-322-5857.
This website is not designed to answer questions about specific situations or
individual entitlements. The information provided on these pages is not legal
advice or a substitute therefor. The contents of this website are subject to
solicitor/client privilege and all rights to that privilege are expressly
claimed and not waived.
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