FSRA settles enforcement action with Canada Forgings Inc.
The Financial Services Regulatory Authority of Ontario (FSRA) settled an enforcement action with Canada Forgings Inc. relating to the Pension Plan for Salaried Employees, Registration Number 0929687 (Salaried Plan) and Pension Plan for Members of Unifor Local 199, Registration Number 0236240 (Hourly Plan).
Canada Forgings Inc. contravened section 55(2) of the Pension Benefits Act (Act) by failing to remit contributions to the Plans from May 2022 to April 11, 2023.
After a Notice of Intended Decision was issued on April 11, 2023, Canada Forgings Inc. remitted all contributions to the Plans. By June 2, 2023, Canada Forgings brought its contributions fully up to date.
The matter concluded with Minutes of Settlement and without the need for an Order.
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