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The Canadian Press, with files from staff The Canadian Federation of Pensioners is calling for amendments to federal insolvency laws to protect members of defined benefit pensions if the employer is insolvent. The federation, which represents 23 retiree groups with a total of about 300,000 members, renewed its call for legislative changes after the federal budget failed to mention the issue on Monday. The federal government controls Canada’s insolvency laws and could use them to protect people with defined benefit pensions, which are supposed to be guaranteed by the employer, says Michael Powell, president of the CFP, on Tuesday. Canada’s insolvency laws should give pensioners priority over other creditors if a plan is in deficit and the sponsor is insolvent, he said. Private member’s bills C-259 from New Democrat MP Scott Duvall and C-253 from Bloc Quebecois MP Marilene Gill are similar proposals that Powell says he supports. “They’re somewhat different. ....
Retiree group says Liberal budget fails to support pension reform Business Related Yes Government of Canada public pensions web page is shown on Tuesday, January 9, 2018. A national group representing about 300,000 pensioners says the new federal budget fails to mention reforms that are necessary to protect people with defined benefit retirement plans sponsored by employers. THE CANADIAN PRESS TORONTO – The Canadian Federation of Pensioners is calling for amendments to federal insolvency laws to protect members of defined benefit pensions if the employer is insolvent. The federation, which represents 23 retiree groups with a total of about 300,000 members, renewed its call for legislative changes after the federal budget failed to mention the issue on Monday. ....
The federal government controls Canada s insolvency laws and could use them to protect people with defined-benefit pensions, which are supposed to be guaranteed by the employer, CFP president Michael Powell said Tuesday. Canada s insolvency laws should give pensioners priority over other creditors if a plan is in deficit and the sponsor is insolvent, he said Private member s bills C-259 from New Democrat MP Scott Duvall and C-253 from Bloc Quebecois MP Marilene Gill are similar proposals that Powell said he supports. They re somewhat different. But the core component of each is identical, which is extending super priority to the unfunded pension liability in insolvency, Powell said in a phone interview. ....
Retiree group says Liberal budget fails to support pension reform princegeorgecitizen.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from princegeorgecitizen.com Daily Mail and Mail on Sunday newspapers.