In the coming days, CBC Pension Plan members will be receiving a notice, either by email or regular mail, advising them they have 30 days from receipt to provide any comments on the surplus distribution to the regulator, the Office of the Superintendent of Financial Institutions (OSFI).
No action is required on your part. This “second notice” advises Plan members that CBC is seeking to release the funds from the plan in order to pay out the members’ surplus share. It is a required part of the process established by OSFI and it gives all Plan members a chance to offer comments should they choose to do so.
It will then be up to OSFI to give approval for the distribution of funds. There is no set time in which that decision has to be made so, while we can anticipate the comment period will end later next month, we cannot say when OSFI will make its decision.
Assuming the surplus payout is approved and the funds are released, there is an additional 40-day hold before they can be distributed. We cannot predict when a payout will occur but it is reasonable to assume it will not be until sometime in late Spring or early summer.
In the meantime, the calculations and planning for the payout are continuing. We will keep you informed as events progress.