Columbia House Company - Retirement Plan for Employees of the Columbia House Company
Status Update as of April 2013
The Wind Up Report, which determines the amount of pension benefits payable to members, has been submitted to, and approved by, the Pension Regulator.
The Pension Benefits Guarantee Fund, which tops up pension benefits in underfunded plans for members who meet the necessary criteria, has been declared to apply to the Plan and the Plan has received funding from the Pension Benefits Guarantee Fund.
A claim for the Plan deficit was submitted to the trustee in bankruptcy for DB Media Distribution (Canada) formerly Columbia House Company (the “Company”). In November 2012, the Plan received a recovery from the trustee in bankruptcy based on the claim in the amount of $646,524.
As a result of the receipt of additional funds from the bankrupt estate of the Company, we have prepared and filed an updated Wind Up Report (the “Report”) with the Pension Regulator which was approved in December 2012. The Report took into consideration the additional funds received from the bankrupt estate of the Company. Accordingly, the wind up funded ratio (“WUFR”) at the Wind Up Date increased from 73.42% to 79.59%.
The distribution of benefits to members who have elected a transfer out of the Plan was completed in March 2013.
Benefits for members in receipt of a monthly pension have been purchased with a Canadian insurance company. In January, members were sent a letter advising them of the impact, if any, to the pension they are receiving as a result of the increased WUFR. A subsequent letter was sent to advise members of the name of the insurance company from which their pension was purchased. The insurance company will commence payment of monthly pensions on June 1, 2013.
There are a number of members who remain unpaid from the Plan due to missing current address information or missing documentation. If you believe that you have a pension benefit that has not been paid, please contact our office.
Transfer Election Forms:
Pension Election Forms:
Marriage Breakdown Forms: