AND IN THE MATTER OF a Proposal of the Superintendent of Financial Services to make an Order under section 69 of the PBA, respecting the Pension Plan for Employees of Hastings Inc. Registration Number 349258.
TO:
Hamish Dunlop
Senior Consultant
Morneau Sobeco Partnership Limited
895 Don Mills Road, Suite 700
One Morneau Sobeco Centre
Toronto ON M3C 1W3
Administrator
AND TO:
Sally Leon
Manager, Human Resources
Hastings Inc.
400 Huronia Road
P.O. Box 4200
Barrie ON L4M 4V3Employer
AND TO:
John Barrett
Vice-President
Ernst & Young Inc.
Ernst & Young Tower
222 Bay Street, P.O. Box 251
Toronto ON M5K 1J7
Receiver and Trustee in Bankruptcy
ORDER
NO request for a hearing was delivered to the Financial Services Tribunal within the time prescribed by subsection 89(6) of the PBA in respect of a Notice of Proposal that The Pension Plan for The Employees of Hastings Inc. (the “Plan”) be wound up effective May 10, 2004 inclusive of all member terminations from that date until August 13, 2004, for the following reasons.
REASONS:
There was a cessation or suspension of employer contributions to the pension fund.
The employer failed to make contributions to the pension fund as required by the PBA.
The employer is bankrupt within the meaning of the Bankruptcy and Insolvency Act (Canada).
A significant number of members of the pension plan ceased to be employed by the employer as a result of the discontinuance of all or part of the business of the employer or as a result of the reorganization of the business of the employer.
All or a significant portion of the business carried on by the employer at a specific location was discontinued.
IT IS THEREFORE ORDERED that the Plan be wound up in full effective May 10, 2004 inclusive of all member terminations from that date until August 13, 2004.
DATED at Toronto, Ontario, this 26th day of January, 2007
Tom Golfetto
Director, Pension Plans Branch
by Delegated Authority from
the Superintendent of Financial Services
Financial Services Commission of Ontario