The Most Frequently Asked Questions

Not by any means.  It is possible at some point in the future for the newly reminted Stelco Inc. to seek and obtain CCAA protection for yet a third time since 2004.  Should this occur, pensions and benefits would be once again place in serious jeopardy.  The financial health of the Canadian steel industry is under constant stress to compete in the new global economy.  
Due to the efforts of SSPO and its expert legal counsel (Koskie Minsky LLP), salaried pensioners managed to survive two Stelco CCAA filings (2004 & 2014) with their pensions intact and retain many of their Medical Benefits.   As we move forward is more important than ever for pensioners to remain united and continue to have a sizeable contingency fund at the ready to protect their interests should the need suddenly arise for yet a third time.    Fortunately, in the past we were able to secure legal funding from Stelco.  However, with Stelco effectively distancing itself from its Pension and Benefits obligations via the 2017 Plan of Arrangement (available for viewing in the Members Area), there is a good likelihood that it will prove extremely difficult to obtain legal funding in the future.
There is significant advantage in being part of a large group like SSPO.  There is strength in numbers, and numbers can generate significant financial resources when and if the need should arise.  A large group of organized stakeholders can make themselves heard by governments and the courts, and effectively make their presence felt whatever the future may hold for Pensions or Benefits.

Yes, more than ever there is a definite need for SSPO to continue to exist well into the future in an annuitized pension environment. In the event of the insolvency of an insurer, SSPO would consult with our expert legal counsel to ascertain what measures could be considered to ensure that the effected plan members are dealt with fairly and equitably.  SSPO has managed to place itself in the unique position of having some significant input into the future well being of our members with respect to their pension and benefits entitlements.  We have to take full advantage of this and continue to build on our past successes.  At the same time it is imperative we maintain the financial resources necessary to allow us to immediately engage expert legal counsel should their be any attempt to undermine the security of the Pensions, Annuities, and Health Benefits of our members.  
SSPO has a very important role to play.  Our mandate includes annuitized and non-annuitized members of the 4 Stelco salaried pension plans (Hamilton, Lake Erie, Stelpipe, & Welland Pipe) and their surviving spouses or partners who are entitled to survivorship pensions and/or health benefits.
SSPO is responsible for appointing trustees to the ELHT and closely monitors it activities.  Our mandate also requires that SSPO continuously monitors Stelco’s adherence to the various Pension & Benefits funding agreements reached inside CCAA.  Namely:  Limited Land Partnership (LLP), Pension Deficit Funding Trust (PDFT) and all other Pension/Benefits funding agreements. SSPO Board Members sit on the Pension Advisory Committee(s), maintain a presence on the Board of Directors of the Canadian Federation of Pensioners and continue to serve as Court Appointed Representatives for the Salaried Retirees & Actives in the 2015 US Steel Canada (Stelco) bankruptcy proceedings which has yet to be officially closed by court due to ongoing discussions regarding the implementation the various agreements as we move forward.  The CCAA agreement (Plan of Arrangement) is available for viewing in the Members Area.
The Stelpipe and Welland Salaried Plans were adequately funded to allow for a windup inside of CCAA with full pension benefits.  This decision to windup was made in early spring of 2017 with annuity payments to those plan members commencing before years end.  Life annuities were purchased from insurance companies for each plan member.  
In 2019, the Hamilton Salaried plan reached full solvency with sufficient adequate funds to allow for a windup of the Plan with full pension benefits.  On March 31st, 2020, the Ontario Pension Regulator, (Finiancial Services Regaltory Authority (FSRA) made the decision to officially wind up the Plan and directed Plan Administrator Morneau Shepell to proceed with a plan windup and mail out a notice of windup to all Members of the Hamilton Salaried Plan. The purchase of life annuities and closing of the plan is scheduled to be completed by December 31, 2020.  
The solvency of the Lake Erie Salaried Plan is much improved since assigned to Morneau Shepell but has yet to reach a fully funded position.  Its ability to do so will be largely dependent upon stable equity and money markets as we move forward.

Should an insurance company become insolvent, their clients with life annuities would be covered by ASSURIS.  To learn more about the protection provided for policy and annuity holders you should visit www.assuris.ca  Although an insolvency is a rare event in the insurance industry, in the event of insolvency ASSURIS provides for 85% of your monthly pension amount.

In accordance with the Stelco Pension Regulation , should the wind-up ratio of a Plan fall below 85% of the initial wind-up ratio (based on a Plans windup solvency as of December 31, 2016), at the Regulators discretion a wind up of a Plan could be ordered.  In the case of the LEW Plan, the Wind-Up Trigger Threshold is set at a 0.702 windup solvency ratio.  
Should Stelco face the prospect of a third CCAA and cease making the annual 10 million dollar aggregate minimum payment to the non-annuitized plans,  as required in accordance with the new Stelco Pension Regulation, the Pension Regulator (FISRA) could at its discretion decide to wind up any remaining Stelco Pension Plan that had yet to be annuitized. (The Stelco Pension Regulation is available for viewing in the Members Area)

In the 1990s, the Province of Ontario made changes to the Pension Benefits Act (Regulation 5.1) to allow large corporations to not fund pension plans on a solvency basis (that funding required to ensure a plan is fully funded on wind up basis).  The government of the day (NDP) assumed that such large companies were simply “too big to fail”.  Stelco took advantage of that regulation and stopped funding the solvency of its 4 Main Pension Plans (Salaried & Bargaining Unit at Hamilton & LEW).  Solvency of the Plans became totally dependent upon their investment returns (Equity and Money markets).  Over time, those investments failed to keep these 4 Plans fully solvent on a windup basis.   Regulation 5.1 was an admittedly a bad regulation.  In 2005, in the midst of Stelco’s first CCAA, and at the urging of SSPO and its legal counsel (Koskie Minsky), the Reg. 5.1 option for Plan Administrators was permanently closed by the Ontario Government.  This closure was made with the intent that no additional Corporations would be allowed to take advantage of the flawed regulation.  
Upon exiting CCAA (2006), the Stelco pension plans were officially removed from the 5.1 Regulation and the company agreed to a 10-year plan of fixed payments aimed at returning the Plans(s) to full solvency by the year 2015.  Unfortunately, over that 10-year period, globally depressed capital markets and stubbornly low interest rates generally served to undermine and/or at the best of time somewhat neutralize those efforts to improve the solvency of the Plans.  Thus, leaving the Plans underfunded when U.S. Steel Canada filed for bankruptcy protection in September 2014.  
The four major Plans remained underfunded when the new Stelco emerged from CCAA protection on June 30, 2017.  A new Stelco Pension regulation was enacted by the Province whereby the Ontario Government relieved Stelco as Administrator of the 4 Major Stelco Plans, and of any responsibility to bring the plans to a fully funded status.  The Plans were placed under the control of (FSRA) Financial Services Regulatory Authority (formerly called FSCO), and temporary administration of the plans was assigned to the Provincial Pension Regulator.  In January of 2018, FSRA appointed Morneau Shepell as Administrator for the Stelco Pension Plans along with a mandate to develop the appropriate investment strategies for each of the Plans aimed at moving them towards full solvency and eventual windup without penalty to Pensioners.  Under the guidance of Morneau Shepell, generally favorable equity and money market conditions matched with a solid investment strategy, and an injection of proceeds from Land Sales, and the settlement of the Carried Interest Agreement, the solvency of all plans improved significantly by December 2019.  The Hamilton Salaried Plan reached full solvency funding in mid 2019.  On March 31, 2020 FSRA (Regulator) gave its official approval to commence with the process of winding up the Hamilton Salaried Plan.
The solvency of the Lake Erie Salaried Plan, and the USW LEW & Hamilton Plans has shown significant improved since assigned to Morneau Shepell but have yet to reach a fully funded position.  Their ability to do so will be largely dependent upon stable equity and money markets as we move forward.

Briefly, within CCAA there is a ‘stay of proceedings’, which prevents creditors from taking action against the company.  This is of limited duration and must be extended frequently. If a company’s restructuring effort fails then the next step is insolvency, at which point the secured creditors, such as banks for example, have first priority over the assets.  The unsecured creditors, including the pensioners and employees get what is left (not including the pension funds which are separate and secure, and safe from harm to the degree that they are funded at the point of liquidation).

Benefits can be reduced or even eliminated, and pension plans (regardless of their solvency funding status) can be wound up during a CCAA process.  How and when this occurs is all part of the negotiations between all claimants and the company.  Claimants are best represented by expert legal counsel who work to achieve the best possible outcome for their client.

We are not an association or union, and as such cannot engage in employee-employer relations.  However, there is a considerable overlap of interests, for active employees who are a members of a Stelco Salaried pension plan. Especially for those close to retirement.  Salaried active employees may want their own group to represent their special employee/employer interests that are not included in the SSPO mandate. 

There is significant advantage in being part of a large group.  There is strength in numbers and numbers can generate significant resources when and if the need should arise.  A large group of stakeholders can also make themselves heard by governments and the courts, and effectively made their presence felt whatever the future may hold.

It is our understanding that provision for the bridging benefit is built into the salaried plans.  As such, it should not be affected when a plan with full solvency funding is wound up.  However, should an underfunded plan be wound up, the bridge portion would likely be reduced proportional to the level of under-funding.  PBGF does not apply to a bridge benefit, so it would not cover the bridge portion of your retirement.

Stelco Pensioners who were employed in Ontario are protected by the Pension Benefits Guarantee Fund (PBGF). The PBGF guarantees that the first $1,500 per month of pension is fully paid.  
To learn more about the PBGF and how it might apply to your situation, click on the following link to the Government of Ontario Website:    https://www.fsrao.ca/consumers/pensions/pension-benefits-guarantee-fund-pbgf

The Federal Government has no responsibility should Stelco Inc. go bankrupt other than to oversee liquidation of the assets through an orderly wind-up of the corporation’s affairs under the Bankruptcy and Insolvency Act ( BIA ) and/or any subsequent CCAA, which may see the corporation restructured and/or sold off in whole or in parts.  Rarely in an insolvency and/or restructuring situation does a purchaser agree to assume huge pension and/or benefit liabilities. 
The Provincial Government would then oversee the parallel wind-up of pension plans in accordance with the Ontario Pension Benefits Act.  Following any wind-up, Ontario resident retirees would be entitled to pension insurance coverage (PBGF) up to $1500 per month max to help offset a portion of the loss of previous monthly pension income.   The PGBF Insurance payout is based on a formula that takes into account the degree of solvency under-funding, does not cover 100% of wind-up losses, and under that formula the insured amount payable to an individual pensioner is capped at $1500 maximum.   Keeping in mind, at last report the PGBF fund currently has insufficient funds to meet 100% of its present obligations without ongoing government cash infusions to keep it solvent.

Comprehensive solvency data and age demographics for pensioners is provided in a Plans Annual Actuarial Reports, prepared by the Administrator on December 31st of each calendar year, and subsequently filed with FSRA no later that September 30th of the following year.   
Due to privacy legislation, Annual Actuarial Reports are posted in the Members Area of the SSPO website, to allow for members in good standing to view the actuarial report that is specific to their own registered plan.   Access is restricted to ensure that a plan report can only be viewed by a member of that plan. 

The Pension assets for the Stelco Hamilton and Lake Erie Pension Plans are managed in a master trust with a separate account for each Plan. 
The Lake Erie investment strategy provides for a diversified mix of large and mid-cap equities, high quality corporate and government bonds and selected smaller investments.  Further details regarding the Investment Strategy is available in the Members Area. Investment mix and strategy are adjusted on an ongoing basis in concert with a Plans windup solvency deficiency.  The plan has its own customized investment and risk strategy relative to its ongoing windup solvency position and current economic climate (Commonly referred to a Dynamic De-risking. With the Hamilton Plan in the process of being wound up its investments plan consists of annuities bonds, and cash on hand.
The Hamilton and LEW PAC’s provide an annual update to plan members through the SSPO annual general meeting and Annual SSPO Newsletter.   PAC updates, SSPO Newsletters, and investment strategies are available for viewing in the Members Area of the SSPO website.
While the SSPO has no direct influence on the investment decisions that are taken, it does retain expert legal counsel for the discussion of pension matters and to ensure compliance with the Province of Ontario Pension Benefits Act and its Regulations, Including the special Stelco Pension Regulation Reg 255/17  (June 30, 2017).  Currently 3 members of the SSPO Board are members of the Pension Advisory Committees.  The SSPO assists the PAC in filling vacant positions with qualified persons. The PAC meets on a quarterly basis with the Administrator of the Plans (Morneau Shepell), in the presence of a representative from the Ontario Pension Regulator (Financial Services  Regulatory Authority) to review and discuss ongoing pension plan performance, investment strategies, and other significant issues surrounding these plans.  SSPO counsel (Koskie Minsky) joins those meetings via teleconference.

The Canadian Federation of Pensioners is a non-profit, volunteer organization of retiree pension groups. The purpose of CFP is to use ‘strength in numbers’ to advocate on behalf of pension groups and retirees for pension security and reform. CFP was founded in 2005 by Stel Salaried Pensioners Organization, Dupont/Invista Pensioners Assoc. and Bell Pension Group and was incorporated in 2010. Today it has grown to over 20 -member pensioner organizations representing in excess of 250,000 pensioners. There are 2 political action committees: one Federal and the other Provincial. Members are urged to visit the CFP Website often:  http://www.pensioners.ca  to update themselves on current CFP activities.  Recent activities and updates provided at SSPO Annual Meetings are available in the Members Area.???????

The Pension Deficit Funding Trust was constituted for the purpose of providing additional deficit funding to the Stelco main Pension Plans as contemplated by the Pension Agreement and the CCAA Plan of Compromise for U.S. Steel Canada, effective June 30, 2017.
The PDFT will receive certain payments from Bedrock (now Stelco Inc.) in accordance with an agreement to distribute certain profits earned by Bedrock (now Stelco Inc.) arising from:  (a) Stelco “Carried Interest Payments”, and (b) the creation of a special purpose entity (LANDCO) for the purpose of holding and monetizing certain land assets to which certain Stelco land assets were transferred and a share of the proceeds are to be transferred and a share of the proceeds from the sale of which will be paid to the Stelco Main Pension Plans (“Pension Land Proceeds”).  
The PDFT will receive, hold, and administer the Carried Interest Payments and the Pension Land Proceeds (the “Penson Deficit Funding Trust”) for the benefit of the four Stelco Main Pension Plans plus the Lake Erie Pickle Line Plan ( a very small plan with less than a dozen members)  The Stelco Main Pension Plans shall be entitled to receive distributions from the Pension Deficit Funding Trust. 
The PDFT is managed by four trustees – one from each of the Main Stelco Pension Plans.  One trustee is appointed by each of the respective Pension Advisory Committees:
Hamilton Salaried Plan (George Hanson), LEW Salaried Plan (Pat Mousseau), Hamilton 1005 Bargaining Unit Plan (Gary Howe – President USW Local 1005), and Lake Erie 8782 Bargaining Unit Plan (Randy Graham -President USW 8782).
The Hamilton and LEW PDFT trustees provide an annual update to the salaried plan members through the SSPO annual general meeting and Annual SSPO Newsletter.   PDFT updates and SSPO Newsletters are available for viewing in the Members Area of the SSPO website.???????efits-guarantee-fund-pbgf

The ELHT is an independent Health Care Trust (HCT) fund created to pay for health care benefits.  Any money contributed to the HCT can only be used to provide health care benefits for eligible retirees and their dependents. Money paid into the Trust cannot be touched in the future by Stelco or its creditors.  
In general terms, an ELHT is an entity that controls a fund held in “trust” for the benefit of plan members.  The Trust is administered by independent trustees (and their agents).  By law, the money must be used to pay post-employment health and welfare benefits.
Stelco (U. S. Steel Canada) provided various post-employment benefits to non-unionized former employees of Stelco ("Stelco Retirees") including inter alia health, dental and life insurance benefits.
As conditions of the Restructuring Transaction it has been agreed that (1) Stelco will cease to provide OPEBs to Stelco Retirees, (2) Stelco will make specified contributions in accordance with the OPEB Funding Agreement to employee life and health trusts ("ELHTs") in respect of OPEBs, and (3) OPEBs will be paid to Stelco Retirees from the ELHTs in accordance with and subject to the terms of the OPEB Agreement.
The Court-Appointed Non-USW Representatives and the Trustees desired to establish the Stelco Salaried ELHT to provide OPEBs that qualify as "designated employee benefits," within the meaning of Subsection 144.1(1) of the Income Tax Act, to eligible Salaried Retirees and Other Retirees and their eligible dependents and beneficiaries;
The Stelco Salaried ELHT shall, subject to funding, provides OPEBs to Non-USW Active and Retiree Beneficiaries, who were entitled, or would have become entitled upon their retirement, to OPEBs provided by Stelco (U. S. Steel Canada) pursuant to any applicable Stelco OPEB Plans as of October 8, 2014.
Funding for the Trust is rooted in the CCAA Plan of Compromise, OPEB and Pension Agreements through “Carried Interest” Agreement and LANDCO Agreements.  A min fixed funding level is guaranteed for the first 10 years, with the potential for minimal funding commencing in year 11 through years 25.
Pursuant to the terms of the OPEB Funding Agreement, fixed contributions shall be made by Stelco for a period of 10 years to the Fund, thereafter which funding of the Trust may not be sufficient to support the payment of Benefits from the Fund. Trustees agree to hold the contributions and all future property acquired by the Trustees in trust for the beneficiaries of the Trust.
In accordance with the Salaried ELHT Bylaws, the Trust is managed by 3 Trustees:  One from the Hamilton Plan, one from the Lake Erie Plan, and were appointed by the Non-USW Representatives from Members of the Pension Plans.   The third and independent Trustee is chosen by the 2 appointed Plan Trustees and is a professional in the field of Health Benefits and not a member of the Pension Plans.  The SSPO Board of Directors is responsible for the Appointment of replacement trustees as required.
The Trustees shall meet at least annually with the SSPO Board to consult on issues related to the Fund and the Benefit Plans and shall otherwise consult with SSPO in making decisions with respect to the Fund and Plans as is necessary, in the sole determination of the Trustees..

The LLP (Limited Land Partnership formerly LANDCO) was created as a special purpose entity for the purpose of holding and monetizing certain land assets and to which certain Stelco land assets were transferred and a share of the proceeds are to be transferred and a share of the proceeds from the sale of which will be paid to the Stelco Main Pension Plans (“Pension Land Proceeds”).  The Land Vehicle shall conduct a sale process on terms acceptable to the Province to maximize value from the Land Assets.  An amount of the Land Proceeds (as defined below) and/or cash flow from the operation of the Land Assets approved by the Board and acceptable to the Province (the “Operating Amount”) shall be available to the Land Vehicle to fund the operating costs of the Land Vehicle. These operating costs may include the reasonable costs of professional property and asset managers retained by the Board to manage and maximize the value of the Land Assets, and expenditures incurred by the MOECC in connection with testing and monitoring.
Trustee/Directors for LANDCO are appointed by the Province until such time as all outstanding provincial loans have been paid.  In the interim, to allow for a pensioner voice, three additional Trustee/Directors with non-voting rights were selected:  one from the Salaried Pensioners appointed by the Salaried Representatives, one appointed by Hamilton Local 1005, and one appointed by LEW USW Local 8782.  However, the Province, the Court and the CCAA Monitor (Ernst & Young) have yet to activate this Board.  On June 30th 2017, the CCAA Court temporarily appointed the Monitor as interim Trustee for the operation of the LLP, and that appointment continues to this day.???????

Terms of reference:
Pension Advisory Committee
(Pension Benefits Act, R.S.O. 1990, CHAPTER P.8
Consolidation Period: From July 1, 2017 to the e-Laws currency date).
Province of Ontario
(Note:  A copy of the Pension Benefits Act is available for review in the Members Area)
The members and retired members of a pension plan, by the decision of a majority of them participating in a vote, may establish an advisory committee in accordance with such conditions and subject to such restrictions as may be prescribed. R.S.O. 1990, c. P.8, s. 24 (1); 2010, c. 9, s. 11 (1, 2).
Rules governing the composition of the advisory committee
1. Each class of employees (Active or Retired) that is represented in the pension plan is entitled to appoint at least one representative to the advisory committee.
2. If there is only one class of employees that is represented in the pension plan, that class is entitled to appoint at least two representatives to the committee.
3. The retired members of the pension plan are entitled to appoint at least two representatives to the committee. 2010, c. 9, s. 11 (3).

Purposes of the advisory committee
(a) to monitor the administration of the pension plan
(b) to make recommendations to the administrator respecting the administration of the pension plan 
(c) to promote awareness and understanding of the pension plan.
 
Duties of the administrator
Examination of records.  The advisory committee or its representative has the right to examine the records of the administrator in respect of the administration of the pension plan and the pension fund and to make extracts from and copies of the records, but this subsection does not apply in respect of information as to the service, salary, pension benefits or other personal information related to any specific person without the person’s prior consent.
 
Costs of the committee
Such costs associated with the advisory committee as may be prescribed are payable out of the pension fund, subject to the prescribed restrictions. 2010, c. 9, s. 11 (7).
The administrator shall do the following things to help them to establish the committee:
1.    Distribute the notice and such other information as may be prescribed to the members and retired members.
2.    Provide such other assistance as may be prescribed. 2010, c. 9, s. 11 (5).
(The Pension Benefits Act is available for viewing in the Members Area)

Certification of Hamilton and Lake Erie PAC’s – December 2017
In accordance with PBA amendments emerging at the conclusion of the U. S. Steel CCAA, the Pension Advisory Committees for the Hamilton Salaried Plan and the Lake Erie Salaried Plan were officially recertified by a vote of all members of their respective Plan.  The vote was conducted in December 2017.  The vote was supervised, conducted and certified through the use of an independent third party agreed to by FSCO, Stelco, and the existing Joint (HW & LEW).   The result being an overwhelming majority in favor of the creation of two distinct PAC’s, in accordance with the PBA:  Hamilton Salaried PAC (2 Actives, 4 Retirees) and LEW Salaried PAC (2 Actives, 3 Retirees).
  
As required, SSPO will work closely with the PAC’s on all matters and assist in seeking out replacement PAC members as may be required to fill future vacancies.
Once an advisory committee has been established, the Administrator has the following duties:
1.    To meet with the committee as required by the regulations.
2.    To provide such assistance to the committee as may be prescribed to help the committee carry out its purposes.
3.    To give the committee or its representative such information as is under the administrator’s control and is required by the committee or the representative for the purposes of the committee. 2010, c. 9, s. 11 (5).
Annual statement of pension benefits
The administrator (Morneau Shepell) of a pension plan shall transmit every 2 years to each member a written statement containing the prescribed information in respect of the pension plan, the member’s pension benefits and any ancillary benefits.
 
Other statements to former members, retired members
When required by the regulations, the administrator of a pension plan shall transmit to each former member and retired member a written statement containing the prescribed information about the pension plan or about his or her pension benefits and any ancillary benefits.

Morneau Shepell is the plan administrator for the Hamilton and Lake Erie Salaried Plans.

The Superintendent (Financial Services Regulatory Authority) may, in prescribed circumstances, appoint an administrator for a pension plan and may terminate the appointment if the Superintendent considers the termination reasonable in the circumstances. 2010, c. 24, s. 2 (2).  
Upon exiting CCAA on June 30, 2017, U. S. Steel Canada (now the new Stelco), was relieved of its position as sponsor and administrator of the Pension Plans.  The role of Administrator was temporarily assumed by FSCO until January 1, 2018 when Morneau Shepell was appointed to that role by the Superintendent of FSCO (since renamed as FSRA).

With the expiry of the Stelco Pension Regulation on December 31, 2015, US Steel Canada funding ceased for the four major Plans.  USSC as Sponsor of the Plans sought and was granted a Court exemption from the normal solvency deficiency funding scheduled to resume January 1, 2016. No contributions were made to the Plans while USSC remained under creditor protection inside of CCAA.   
Under the terms of the 2017 Plan of Compromise, and a New Pension Agreement with the Province, only  minimal contributions by Stelco will be made to the 5 Legacy Plans in accordance with a solvency funding formula established by the Superintendent of the Financial Services Regulatory Authority (formerly FSCO and now FRSA)  consisting of the new Stelco Regulation 255/17 and the Pension Funding Agreement. Copies of these agreements are available in the Members Area.
Annual contribution sources are the Stelco Min Contribution ($10 million) plus a portion of the following:  Corporate Tax Savings, Free Cash Flow, and Carried Interest (land lease payments).  Additional contributions are generated from the net proceeds from LLP land sales.  Stelco minimum contributions for all Legacy Plans combined are $10 million per year for or $833,333 per month. Contributions from all sources are distributed amongst the 5 Legacy Plans in accordance with the Solvency Funding Formula.   The formula is based on the December 31, 2016 solvency deficiency of each of the 5 Legacy Plans (referred to as the initial wind up ratio).  It is used to calculate how the contributions are distributed amongst the Plans.  Contributions to each Plan is based on a percentage of the total aggregate solvency ratio deficiency existing on December 31,2016.  Commencing with 2020, this formula is recalculated on an annual basis based on the windup solvency of each plan as of December 31 of the previous year.   The Hamilton Plan has reached a windup solvency position and as such no longer qualifies for a share of the distribution.   
Should the wind-up ratio of a Plan fall below 85% of the initial wind-up ratio (as of December 31, 2016) for that plan, at the Regulators discretion a wind up of a Plan could be ordered. ???????

Yes.  Widows and Widowers of salaried retirees are represented by SSPO.  Upon the death of a pensioner they automatically qualify for membership in SSPO.  Surviving spouses and partners are advised to contact SSPO to alert us to the passing of their spouse/partner so we can update our records and assign their spouses/partners existing membership account to them. ???????

We are a group working to protect pensioner’s interests, although any successes we have will most certainly be of benefit to ALL who are members of all the salaried plans.  However, any such benefit would apply only AFTER a member retires.  We cannot legally represent anyone who still has an employer-employee relationship, as that gets into the realm of a union and we are not a union.  Our group simply cannot act as your agent with Stelco.  We hope you understand our position and continue to belong to our group as a means of contributing to your future security as a RETIREE with Pension and/or Health Benefits entitlements.???????

1.      If you are a salaried retiree, retired from a plant outside of Ontario, but are a member of an Ontario registered plan, then YES, the Stel Salaried Pensioners Organization will work to protect your pension and benefits. 
2.       If your Stelco pension and benefit plans are tied to a retirement plan/package not registered in Ontario then unfortunately, we are unable to represent you.  It will be necessary for you to pursue other means to protect your interests???????.