We are working with John Christie and Michael Demner, consulting actuaries, who have studied records available from various sources and have determined the appropriate step to take for the first distribution of settlement funds.
We are pleased to announce that the first distribution of the settlement proceeds is now under way. The highlights of the findings of the actuaries are:
The “master list” of persons who at any time had an interest in the Western Star Non-Bargaining Pension fund contains 742 names of persons who might be eligible for a distribution
164 former members were eliminated from possible distribution because they and their beneficiaries had no interest in the pension fund as at October 1, 2001, and thus were precluded from sharing
230 beneficiaries will receive cheques in the first distribution, as they are clearly entitled to share and current addresses are available (these persons were still pension fund beneficiaries as at October 2, 2001, and at the relevant class proceeding “residency period” (January 12, 2005 to May 19, 2005) they were BC residents, or they properly opted into the class proceeding)
There are 302 persons who will not receive cheques in the first distribution but might receive cheques in the second distribution. Of this group, 165 persons currently reside in BC and 137 persons currently reside outside BC. To receive a distribution, each of these beneficiaries will need to demonstrate residency in BC during the “residency period”.
Approximately $3,000,000 is being distributed in the first distribution
Approximately $1,300,000 is being held back for the second distribution and for the expenses of distribution
The first cheques will be mailed to the beneficiaries by the end of September, 2009.
We expect the second distribution will be in the first half of 2010.
Each of the 302 possible beneficiaries requiring further investigation will be receiving a letter asking for further information. Some of the addresses that we have in our records may be incorrect. If you believe that you may be entitled to share in the distribution and you do not receive a letter by October 17, 2009, please contact:
Rose Wong
Demner Consulting Services Ltd.
280 – 2025 West 42nd Avenue
Vancouver, B.C.V6M 2B2
Phone: 604-266-2445
Fax: 604-266-1530
wst@demner.com
The $3 million distributed in the first distribution has been divided among the beneficiaries in accordance with the Court Order approving the settlement. For beneficiaries who had not started to receive their pensions, a beneficiary who had long service with Western Star Trucks and was close to retirement will receive a larger distribution than a beneficiary who had shorter service and was further from retirement. For beneficiaries who had started to receive pensions, a beneficiary with a larger pension who was still relatively young will receive a larger distribution than a beneficiary with a smaller pension who was older.
The $1.3 million has been held back from the first distribution in order to provide sufficient funds to pay the second distribution to beneficiaries who require further investigation and to pay the future expenses of administering the settlement. The beneficiaries who have received cheques in the first distribution may be eligible for another cheque in the second distribution, depending on the results of these further investigations.
You can find here a list of potential beneficiaries for whom we do not have a current address. We will be updating this list from time to time as we may discover other invalid addresses. If you see your name on this list or know the current address of someone on the list, please contact Rose Wong using the contact information above.
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