Boards of Education
Update on the Simcoe County District School Board
Insurance Trust Wind Up
OPSEU Local 330 - Distribution of surplus and demutualization
October 15, 2012
Distribution of surplus
We are happy to confirm
that over 1,070 cheques have been issued to current and former members of OPSEU
Local 330 who participated in the Simcoe County District School Board Insurance
Trust between January 1, 1977 and September 30, 2006 by NPT+Ricepoint Class
Action Services Inc. earlier this year.
OPSEU continues to attempt
to ensure that anyone who should receive an application package gets one. If you
have not yet provided your contact information, please visit the website
specifically set up for this distribution at:
www.opseulocal330benefitsurplus.com. You will be able to provide your
current mailing address. You can also contact NPT+Ricepoint Class Action
Services Inc. by phone at 1-866-432-5534 or email at
There are just over 400
eligible people that OPSEU is still attempting to locate. If you know of anyone
who is a former OPSEU member at the Simcoe County District School Board who may
have participated in the Insurance Trust please contact them. If they are
unaware of the surplus distribution and feel they are eligible, ask them to
contact NPT+Ricepoint Class Action Services Inc. at the above noted addresses or
We are still
awaiting word from Canada Revenue Agency regarding the tax status of these
payments. If these funds are considered taxable, anyone receiving a payment will
also be provided with the appropriate tax slip for reporting to the Canada
Revenue Agency by NPT RicePoint Class Action Services.
As you may be aware,
there were two pools of
money that needed to be dealt with as a result of the termination of the
Insurance Trust. One allocation was the surplus in the Insurance Trust which is
addressed above. This was the largest pool of money.
The other is
the proceeds that the Insurance Trust obtained as a result of demutualization.
This issue is being dealt with separate and apart from the distribution of all
other assets of the plan.
demutualization proceeds are still under the care and control of the
Administrative Trustees and are expected to be dealt with by the courts this
fall. OPSEU’s share is approximately $600,000 minus any legal and other
administrative expenses payable.
courts have approved the method of distribution of the demutualization proceeds,
including the distribution protocol, the list of eligible former and current
OPSEU members will be provided to the claims administrator (NPT RicePoint Class
Action Services). They will ensure that the proper information is obtained and
the proper payments are made on a timely and efficient basis.
of how amounts will be calculated are not fully finalized; nor are they approved
by the courts. We can tell you generally that 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 1, 1988 and December 27, 1997.
proposed distribution contemplates individual entitlements being calculated
based on the levels of coverage individual Covered Employees had during that
time period. The amount of
the payment receivable will generally be dependent upon how long an OPSEU member
participated in the group benefits plan during the period, and how many benefits
they participated in under the plan (Life Insurance, AD&D, Health, Dental and
Long Term Disability). The longer the participation and the more benefits
participated in, the larger the payment amount.
We will keep
you posted as things progress through the fall and into 2013.