The Ontario Superintendent of Financial Services has appointed Morneau Shepell Ltd. to take over the continuing administration of Stelco’s five ongoing defined benefit pension plans, effective January 1, 2018.
The appointment of an administrator is one further step required for the successful restructuring of Stelco under the Companies’ Creditors Arrangement Act (CCAA) and an important step in the continued effort to protect pension benefits.
The five pension plans are continuing, and monthly pension payments to retirees will continue without interruption. Morneau Shepell will be in contact with all plan members in the new year.
Stelco and Morneau Shepell will cooperate to ensure the transition of the administration of these pension plans is seamless and a high standard of service will be maintained. Further, as plan administrator, Morneau Shepell will work co-operatively with all stakeholders including Stelco, plan members, and their representatives to ensure commitments made to the pension plans in the restructuring are fulfilled.
Until December 31, 2017, members and retirees of the five plans should continue to direct inquiries about the administration of their individual pension plan entitlements to Stelco’s Benefit Service Centre at 905-577-4488 or toll free at 1-877-935-9499.
As of January 1, 2018, members and retirees should direct their pension inquiries to:
Morneau Shepell Ltd.
895 Don Mills Road, Tower 1
Toronto, Ontario, M3C 1W3
Toll-free at 1-844-650-2820