|
To All Conservative and Liberal Members of Parliament
Re: Bill C-510
On Wednesday, March 23, 2010, New Democratic Member of Parliament John Rafferty (Thunder Bay-Rainy River), tabled Bill C-501, an Act to Amend the Bankruptcy and Insolvency Act, and other acts to protect pensions.
Mr. Rafferty`s C-501 would ensure that underfunded pension plans receive a greater share of assets of bankrupt or restructuring companies by moving pensions up in the priority list of creditors, which would require no revenue from the federal government.
In the past, employees have learned that after many years of contribution to private pension plans, they won`t get the benefits they counted on when they retire, if their employer experiences financial problems.
C-501 as first presented would place employees` pensions ahead of all creditors, including banks, investment firms and venture capitalists. After speaking with MPs from other parties and many stakeholders, it became clear that the bill would probably not pass in the House of Commons. Therefore he has proposed dropping pensions in the priority list to just below banks and primary lenders.
While we regret that employees` pensions are not given a higher priority by some members of parliament, we urge you in the strongest possible terms to support this very important amendment. If passed into legislation, the amended bill would provide seniors, who have contributed to making Canada the greatest place on earth to live, some improved security in their declining years.
Your undivided attention to this important and humane issue is anticipated, and in closing we wish you the best in the year ahead.
Sincerely,
Orville Thacker, President, Joyce Cruickshank, Secretary
 
|