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Kingsway Pension Surplus
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KINGSWAY PENSION SURPLUS
This action concerned surplus amounts in the Pension Plan for Employees of
Kingsway Transport Limited ("Plan"). It was
certified on December 4, 2001 by the Honourable Mr. Justice Cumming of
the Ontario Superior Court of Justice. The Application would permit payment of
the surplus to CF Kingsway Inc. and to Plan members, former members, past
members and beneficiaries ("Sharing Group"). For more specific details please
review the Notice of
Application and the
Surplus Sharing Agreement. Remarkably, 94% of the Sharing Group agreed
with the terms of the Agreement.
On January 21, 2002, the Honourable Mr. Justice Nordheimer of the Ontario
Superior Court of Justice issued his
Judgment (Endorsement) allowing the Plan surplus to be shared between
CF Kingsway Inc. and the Sharing Group in an approximate split of 43.7% and
56.3% respectively net of expenses.
On May 1, 2002, Nicholas Le Pan, the Superintendent of the Office of the
Superintendent of Financial Institutions Canada
consented to the distribution of the Plan surplus, valued at
approximately $12,400,000 (plus interest) to CF Kingsway Inc. and to the
Sharing Group. Payments were distributed in August 2002.
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minimum).
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here for downloading.
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