DCL Hourly Pension Plan Members and DCL Salaried Pension Plan Members
Additionally, the Company’s hourly pension plan (the “Hourly DB Plan”) and salaried pension plan (the “Salaried DB Plan” and together, the “Pension Plans”) have been wound up under supervision of the pension regulator in Ontario, the Financial Services Regulatory Authority (“FSRA”).
All Pension Plan members should by now have elected between an annuity or a lump sum to fully replace pension entitlements. Administration of that process has been carried out by Actuarial Solutions Inc. (“ASI”) and information about the status of each member’s pension can be obtained by contacting them.
There is an outstanding legal question as to the entitlement to the surplus fund in each Pension Plan.
Ursel Phillips Fellows Hopkinson LLP (“UPFH”) has been appointed as Representative Counsel to represent the interests of all members of the Pension Plans in relation to the entitlement to pension plan surplus funds in the Hourly DB Plan and Salaried DB Plan, as applicable. The terms of our appointment are set out in the Representative Counsel Order (January 28, 2025) of the Court which can be found here.
Alvarez & Marsal Canada Inc. was appointed as the monitor (the “Monitor”) in these CCAA proceedings. The Monitor maintains a regularly-updated website where court filings can be accessed here.
We will use this webpage to provide important information for all members of the Pension Plans throughout these CCAA proceedings.
If you are a member of either the Hourly DB Plan or the Salaried DB Plan, and have additional questions about these CCAA proceedings, please email us at DCLPensionPlanMembers@upfhlaw.ca
What’s New
February 5, 2025 Opt-Out Process for Pension Plan Members of 1000156489 Ontario Inc. (f/k/a DCL Corporation) (the “Company”)
As you know, Ursel Phillips Fellows Hopkinson LLP (“UPFH”) has been appointed as Representative Counsel to represent the interests of all members of the Company’s hourly pension plan (the “Hourly DB Plan”) and all members of the Company’s salaried pension plan (the “Salaried DB Plan” and together, the “Pension Plans”) with respect to the question of entitlement to and distribution of surplus funds in each of the Pension Plans. The terms of our appointment are set out in the Representative Counsel Order (January 28, 2025) of the Ontario Superior Court of Justice.
Our mandate as Representative Counsel is to represent the interests of all members of the Pension Plans in relation to the entitlement to pension plan surplus funds in the Hourly DB Plan and Salaried DB Plans, as applicable. In that regard, we will represent your interests in the question of distribution of those surpluses, including to whom and how much is distributed. We will keep you informed as to this process on our webpage.
If you choose to remain in the group represented by UPFH, any legal fees and disbursements incurred on your behalf will be paid out of the surplus funds in the Pension Plans on a pro rata basis. You will have no further obligation to pay for the fees and disbursements of Representative Counsel.
If Representative Counsel is able to secure entitlement to any of the surplus monies for the members of the Hourly DB Plan and Salaried DB Plan, as applicable, through negotiation or litigation, you will be entitled to receive such monies as members of the group which UPFH represents.
If you do not wish to be represented by our firm, you may opt out of this arrangement by completing the Opt-Out Form appended to our February 5, 2025 letter to you and also available here. https://www.alvarezandmarsal.com/DCLCanada
You must return this form to the Monitor on or before March 7, 2025 (30 days from the date of our letter) for the opt-out to be effective.
If you opt out of this Representative Counsel arrangement, you will be solely responsible for representing yourself and/or retaining your own lawyer and paying their fees in this surplus entitlement and distribution process. We will have no legal capacity to represent you or your interests if you opt out.
We would ask you to consider this matter carefully, as opting out can have financial consequences for you.
If you are a member of either the Hourly DB Plan or the Salaried DB Plan, and you have additional questions about these CCAA proceedings, please email us at DCLPensionPlanMembers@upfhlaw.ca.
January 28, 2025 Representative Counsel Order
On January 28, 2025, by Order of the Ontario Superior Court of Justice (the “Court”), Ursel Phillips Fellows Hopkinson LLP (“UPFH”) has been appointed as Representative Counsel to represent the interests of all members of the Hourly DB Plan and Salaried DB Plan with respect to entitlement to and distribution of surplus funds in each of the Pension Plans. The terms of our appointment are set out in the Representative Counsel Order (January 28, 2025) of the Court, available for review here
Representative Counsel has been appointed because there is an outstanding legal question as to the entitlement to the surplus funds in each Pension Plan.
Our mandate as Representative Counsel is to represent the interests of all members of the Pension Plans in relation to the entitlement to pension plan surplus funds in the Hourly DB and Salaried DB Plans, as applicable. In that regard, we will represent your interests in the question of distribution of those surpluses, including to whom and how much is distributed. We will keep you informed as to this process on our webpage.
The Court has ordered Representative Counsel to seek advice and where necessary, instructions from a representative of Teamsters Chemical, Energy and Allied Workers (Local Union NO. 1979) in respect of the Hourly DB Plan, and from a committee of up to three members of the Salaried DB Plan (the “Salaried Committee”) in respect of the Salaried DB Plan. Further details about the members of the Salaried Committee will be forthcoming and will be posted on our webpage.
UPFH will use this site to provide important information for members of the Hourly DB Plan and the Salaried DB Plan throughout these CCAA proceedings. Please check back on this website for updates on this matter.
If you are a member of either the Hourly DB Plan or the Salaried DB Plan, and you have additional questions about these CCAA proceedings, please email us at DCLPensionPlanMembers@upfhlaw.ca
