Announcement re:  FSCO (Financial Services Commission of Ontario) APPROVAL
(e-mail sent to McMaster Community on September 19, 2002)

We continue to move forward on the pension surplus distribution.  Here is a brief update.   More news will follow as soon as it is available.  While some matters still have to be worked out with Canada Customs and Revenue Agency, we are almost there.

We have received a letter from FSCO enclosing a Notice of Proposal from the Deputy Superintendent with respect to the surplus withdrawal application at McMaster.  If there is no appeal to the Financial Services Tribunal filed, then the Superintendent will issue the Order within 30-45 days.  FSCO has also provided a letter, dated September 5, 2002, consenting to the transfer of assets to Plan 2000.
 

Les Robb on behalf of the Employee Groups
Simon Ouellet on behalf of the University