Pension Plan for Employees of Hastings Inc. - November 21, 2006

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 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 4V3

Employer

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

 

NOTICE OF PROPOSAL

I PROPOSE TO MAKE AN ORDER under section 69 of the PBA that the Pension Plan for Employees of Hastings Inc. (the “Plan”) be wound up effective May 10, 2004, inclusive of all members terminations from that date until August 13, 2004.

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.

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
14th Floor
Toronto, Ontario
M2N 6L9

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 21st day of November, 2006



K. David Gordon
Deputy Superintendent, Pensions

*NOTE—PURSUANT to section 112 of the Act any notice, order or other document is sufficiently given, served, or delivered if delivered personally or sent by first class mail and any document sent by first class mail shall be deemed to be given, served, or delivered on the seventh day after mailing.

 
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