Re: Celgar: Pension Plan for Non-Union Employees

more . . . I've forwarded this issue to Dee. MHC

---------------------- Forwarded by Michelle Cash/HOU/ECT on 12/05/2000 11:33
PM ---------------------------
From: Peter del Vecchio on 12/05/2000 09:07 AM
To: "Dean Crawford" <dcrawford@davis.ca<@ENRON
cc: "Brian Hiebert" <BFH@davis.ca<, pdelvec@ect.enron.com, Michelle
Cash/HOU/ECT@ECT
Subject: Re: Celgar: Pension Plan for Non-Union Employees

Dean,

Michelle Cash is responsible for all employment, union and benefits issues.
I will let her make that call.

Thanks,

Peter del Vecchio

"Dean Crawford" <dcrawford@davis.ca<
12/04/2000 08:41 PM

To: <pdelvec@ect.enron.com<
cc: "Brian Hiebert" <BFH@davis.ca<
Subject: Celgar: Pension Plan for Non-Union Employees

Mr. Del Vecchio,
?
We have received materials concerning the pension plan for non-union
employees at Celgar. The company's latest actuarial report disclosed that as
of January 1, 2000:
?
1. The going-concern liabilities exceeded the actuarial value of assets by?
C$1,922,342; and
?
2.? The solvency liabilities exceeds the market value of plan assets by?
C$1,805,819.
?
We have also received the full text of the plan and its amendments.
?
Will you be reviewing these matters internally or shall we retain a local
actuarial firm to perform the due diligence?