IN THE MATTER OF the Pension Benefits Act, R.S.O. 1990, c. P.8, as amended (the “PBA”)
AND IN THE MATTER OF a Proposal by the Superintendent of Financial Services to make an Order under section 78(4) of the PBA consenting to a payment out of the Westinghouse Canada Inc. Consolidated Pension Plan (the Plan), Registration Number 0526632.
CBS Canada Company
One Eglinton Ave. East; Suite 501
Attention: James D. Williams
Vice President, International Tax
NOTICE OF PROPOSAL
I PROPOSE TO MAKE AN ORDER under section 78(4) of the PBA, consenting to the payment out of the Plan to CBS Canada Company, as at July 31, 2007 in the amount of $1,626,420 plus interest to the date of payment.
- CBS Canada Company is the employer as defined in the Plan.
- As a result of the employer continuing to make 2007 contributions to the Plan on the basis of an actuarial report filed as at December 31, 2004, when the new actuarial valuation report as at January 1, 2005 (the “New Report”) was filed in July 2007, such contributions had exceeded those required by the New Report.
- Evidence of the overpayment to the fund has been submitted to the Financial Services Commission of Ontario.
- Such further and other reasons as may come to my attention.
YOU ARE ENTITLED TO A HEARING by the Financial Services Tribunal (the “Tribunal”) pursuant to section 89(6) of the PBA. To request a hearing, you must deliver to the Tribunal a written notice that you require a hearing, within thirty (30) days after this Notice of Proposal is served on you.*
YOUR WRITTEN NOTICE must be delivered to:
Financial Services Tribunal
5160 Yonge Street
Attention: The Registrar
FOR FURTHER INFORMATION on a Form for the written notice, please see the Tribunal website at www.fstontario.ca or contact the Registrar of the Tribunal by phone at 416- 590-7294, toll free at 1-800-668-0128, ext. 7294, or by fax at 416-226-7750.
IF YOU FAIL TO REQUEST A HEARING WITHIN THIRTY (30) DAYS, I MAY CARRY OUT THE PROPOSAL AS DESCRIBED IN THIS NOTICE.
DATED at Toronto, Ontario, this 29th day of May, 2008
K. David Gordon
Deputy Superintendent, Pensions
* NOTE - Pursuant to section 112 of the PBA any Notice, Order or other document is sufficiently given, served or delivered if delivered personally or sent by regular mail and any document sent by regular mail shall be deemed to be given, served or delivered on the seventh day after the date of mailing.