The following report has been prepared by the actuaries in charge of the distrubition of funds to identify the remaining steps required to complete the distribution of the Western Star Trucks Pension Plan settlement to eligible beneficiaries of the settlement proceeds.
We have identified the former beneficiaries (or their survivors) of the Western Star Trucks Pension Plan who were entitled to any form of ension benefit as of October 1, 2001.
A distribution of some of the assets was made in 2009.
In 2010 a second distribution was being contemplated until a few of the ineligible members (due to residing outside of BC during the residency period of January 12, 2005 to May 19, 2005 and not having completed an opt-in form) commenced legal action in an attempt to include themselves in the distribution.
This legal action has now been resolved and an additional 5 beneficiaries (and possibly John Box) are now to be included in the final distribution.
The steps to be processed and the expected schedule for completing the final distribution are as follows:
- Determine if John Box is eligible for a distribution. Since his first pension payment was made on February 5, 2002, after the cut-off date of October 1, 2001, we are of the opinion that he is eligible for a distribution.
- Update the list of eligible beneficiaries to include the 5 beneficiaries from the latest court action and John Box, as well as all beneficiaries who have provided satisfactory evidence of residency during the residency period.
- Update the addresses for all eligible beneficiaries.
- Prepare two listings – one of eligible beneficiaries (names and addresses) and one of ineligible beneficiaries (names and addresses) and request that they be posted on the TevlinGleadle website. Comments are to be directed to Michael Demner by email or by phone by August 15, 2012.
- Email beneficiaries who have corresponded by email to advise them of the website listings.
- Update the liabilities of each eligible member to September 1, 2012 (adding interest earned on the fund, net of expenses) and reduce for payments made in the first distribution.
- Estimate the expenses payable out of the fund, including CWT fees, CCI fees and after payment of TevlinGleadle fees as allowed for in the June 28, 2012 judgment.
- Calculate the preliminary distribution amounts for each eligible member.
- Make final data changes based on the responses from beneficiaries.
- Provide a final report to TevlinGleadle on the distribution of the remaining funds.
- Authorize payment by CWT to eligible beneficiaries.
- CWT to prepare and mail out all cheques to beneficiaries by September 30, 2012.
- Follow-up with CWT re returned payments and re-distribute where possible. Western Star Distribution to Beneficiaries Final Payments 2012
- At March 31 2013 any remaining funds after all expenses are to be paid to the United Way of the Central & South Okanagan/Similkameen.
- Steps 1 through 5 are to be completed by July 31 2012.
- Steps 6 through 8 are to be completed by August 15
- Steps 9 through 11 are to be completed by August 31
John M. Christie & Michael D. Demner