Demutualization Proceeds Update – November 5, 2014
On September 12, 2014 the courts approved the distribution of demutualization proceeds to all eligible members. order_of_j_lederer_sept_12_2014.pdf
However, before the Administrative Trustees will release the demutualization funds, they need to obtain a tax clearance certificate. A clearance certificate certifies that all amounts for which the Legal Representative is, or can reasonably be expected to become, liable under the Income Tax Act at or before the time of distribution have been paid, or that the Minister of National Revenue has accepted security for payment.
These amounts include all income taxes (including provincial and territorial taxes), along with any interest and penalties. The certificate also covers the payment of any outstanding Canada Pension Plan contributions and Employment Insurance premiums, including any associated interest and penalties.
Once the tax clearance certificate has been received by the Administrative Trustees the demutualization cheques will be mailed out. In the meantime, if you have a change of address you need to communicate it to NPT+Ricepoint:
Mail: OPSEU Local 330 Administrator, P.O. Box 3355, London, ON N6A 4K3
Demutualization Proceeds Update – June 27, 2014
The deadline for submission of Personal Statements of Eligibility regarding a share of the demutualization funds for those represented by OPSEU has now passed. Submissions are no longer being accepted.
All completed application forms containing Confirmation and Release Forms and supporting documentation for OPSEU eligible individuals returned to NPT RicePoint are currently being processed in preparation for the final calculation of each individual’s respective share of the funds. Once all calculations are complete, the Administrative Trustees will seek approval by the Ontario Superior Court of Justice to disburse the funds. Details of the court process will be posted on the website below as they become available. Distribution of funds can only commence upon Court approval. Such approval is anticipated in the late summer or early fall.
For mailing address changes, you can send in your updates by mail or email. Please ensure to include your name, both your former and new addresses and your date of birth for identification purposes.
Address details can be found on your Personal Statement of Eligibility, however for convenience, the mailing address is:
NPT+Ricepoint – OPSEU Local 330
P.O. Box 3355, London, ON N6A 4K3
For other information and future updates specific to the court process, please visit the Administrative Trustees website www.scdsb-it.com.
If you are eligible for demutualization proceeds and do not receive your entitlement package by the end of February, you may wish to contact Kim Macpherson, Benefits Counsellor at OPSEU who can check on the status of your package. Kim can be reached at 1-800-268-7376 x5564 or by email at firstname.lastname@example.org.
As a reminder, in order to be eligible for ANY payment of demutualization proceeds you will have to have been participating in the Insurance Trust for Simcoe County District School Board through the period between January 1988 and December 1997. This includes all OPSEU Local 330 members who contributed to the Trust for all or part of the period regardless of their status following this period. It will include individuals who retired during or after this period, individuals whose employment terminated during or after this period and individuals who may now be deceased.
Demutualization funds will continue to be under the care and control of the Administrative Trustees until a further Court Order has been received releasing the funds. This Court Order will not be granted until after the four month Notice of Entitlement period has ended. We expect that payout will not be until late May or early June 2014. If you have moved and would be eligible for distribution of demutualization proceeds as described above, please ensure that you visit the NPT+ Ricepoint website at: