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Ontario Court Finds Surplus Must be Transferred on Sale of Business
The recent Ontario Superior Court of Justice decision in Burke v. Governor and Co. of Adventurers of England Trading into Hudson’s Bay raises a number of interesting issues regarding the obligations of employers to transfer a share of any pension surplus on the sale of all or part of its business. In addition, the case may provide some relief to administrators struggling with plan mergers following the ING case (also known as Transamerica).
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