A recent Ontario Superior Court decision related to surplus pension assets was a rubber stamp of the monitor’s recommendations, rather than a decision with precedential value impacting pension plan sponsors.

The judge awarded $4.7 million in surplus pension plan funds to former employees of vehicle parts manufacturer Accuride Canada Inc. who lost their jobs at a London, Ont. plant when the company went bankrupt.

According to Unifor Local 427, when Accuride declared bankruptcy and closed the plant, it left workers without access to surplus pension plan funds initially estimated between $2.7 million and $2.9 million. The final surplus amount reached $4.7 million, with an expected payout of around $4 million........

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