| File Type: | Pension |
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| File Number: | P0296-2007 |
| File Name: | Joint Retirement Board for Conservative Judaism |
| Act: | Pension Benefits Act |
| Plan Name: | Joint Retirement Board for Conservative Judaism Pension Plan, Registration No. 0307645 |
| Applicant: | Joint Retirement Board for Conservative Judaism, Counsel: J. David Vincent, Ogilvy Renault LLP |
| Respondent: | Superintendent of Financial Services, Counsel: Deborah McPhail |
| Party: |
Paul Kowarsky |
| Panel: |
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File Summary: (Go to latest update) |
On May 18, 2007, the Joint Retirement Board for Conservative Judaism (the “Applicant”), which is the administrator of a multi-employer pension plan (the "Plan"), requested a hearing regarding the Notice of Proposal of the Deputy Superintendent, Pensions, dated April 13, 2007, proposing to make an Order under sections 42 and 87 of the Pension Benefits Act (the "Act") to require the Applicant to transfer certain sums to a specified Locked-in RRSP of Paul Kowarsky, a member of the Plan. The Notice of Proposal states that although Mr. Kowarsky advised his employer, which was a participating employer in the Plan, to transfer the amount in his account in the Plan to the specified RRSP account, he received a cheque made out to him personally for that amount less 30%, which had been transferred to the U.S. Internal Revenue Service. Mr. Kowarsky did not cash this cheque, but an amount equal to the amount of the cheque was subsequently transferred to the specified RRSP account. The sums that would be ordered to be paid to that RRSP account, as contemplated by the Notice of Proposal, are 30% of the amount in Mr. Kowarsky's pension account plus interest and interest on the balance of the amount in that account, which was ultimately paid to the specified RRSP account, for the period during which it was unpaid. The Applicant has asked the Tribunal to allow it time to pay those sums. On May 31, 2007, an application for party status was filed by Mr. Paul Kowarsky. A pre-hearing conference is being scheduled. Updated to June 14, 2007 On June 19, 2007, the Applicant advised that Mr. Kowarsky has now received payment of the balance of his pension entitlement together with accrued interest. The Applicant withdrew the Request for Hearing on the basis that the Superintendent withdraws his Notice of Proposal. The Tribunal is awaiting confirmation of the withdrawal of the Notice of Proposal in order to close its file. Updated to July 20, 2007 On September 13, 2007, the Tribunal was advised that the Superintendent had withdrawn the Notice of Proposal, and the Tribunal closed its file. |
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