Protection for Private Defined Benefit Pensions

18.8.4 PROTECTION FOR PRIVATE DEFINED BENEFIT PENSIONS

WHEREAS recently Sears, but over time many companies have entered insolvency and legally been able to reduce pension payments , and

WHEREAS as illustrated by the CCPA study “The Lion’s Share” Canadian companies have the capacity to fully fund their pensions, and

WHEREAS there are two levels of legislation in Canada that threaten pension security, pension regulations and insolvency regulations, solutions are required at both levels,

THEREFORE BE IT RESOLVED that the National Pensioners Federation call on the federal government to extend super-priority to the unfunded pension liability in insolvency, and

BE IT FURTHER RESOLVED that the National Pensioners Federation call on the Canadian pension regulators to implement pension insurance programs that cover 100% of any pension loss.

Submitted By the Canadian Federation of Pensioners

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Pensions & Bankruptcy

18.8.3 PENSIONS AND BANKRUPTCY

WHEREAS Canadian workers rely on their pensions and benefits to live and retire with dignity, and

WHEREAS Canada’s current bankruptcy laws allow failing corporations to take money dedicated to employees pensions and benefits and use that money to make bonus and separation payments to CEOs, as well as to pay off banks and investors, and

WHEREAS, in 2015, the Liberal Party of Canada campaigned on improving security for all Canadians, and

WHEREAS at the Liberal 2018 National Convention the Liberal Party of Canada passed a resolution that calls upon the Government of Canada to develop a strategy that would prioritize Employee Pension Plans in the Companies’ Creditors Arrangement Act and the Bankruptcy and Insolvency Act to recognize super-priority for pension debts , and

WHEREAS on November 6, 2017, NDP Member of Parliament Scott Duvall introduced Private Members’ Bill C-384, An Act to amend the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act (pension plans and group insurance programs) to ensure that claims in respect of unfunded liabilities or solvency deficiencies of a pension plan are accorded priority in the event of bankruptcy proceedings. It also provides that an employer has to maintain group insurance programs that provide benefits to or in respect of its employees or former employees,

THEREFORE BE IT RESOLVED that the National Pensioners Federation continue the campaign to pressure the Canadian Government to immediately amend Canadian Bankruptcy Laws to ensure that when corporations file for bankruptcy protection shareholders, banks, creditors and corporate executives are not placed ahead of employees in respect to their rights of any wages, separation payments, bonuses, pensions and benefits, and

BE IT FUTHER RESOLVED that the National Pensioners Federation keep apprised of the status of Private Members’ Bill C-384, an Act to amend the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act, and inform its member associations of such status to enable pressure be put on the Canadian Government to enact it into law.

Submitted by B C Forum (B C Federation of Retired Union Members)

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Bankruptcy Protection

18.8.2 BANKRUPTCY PROTECTION

WHEREAS Canada’s current bankruptcy laws do not protect workers’ pensions and benefits when their company goes bankrupt or undergoes restructuring, and

WHEREAS the Canadian government has been putting well-connected insiders and the corporations they represent first, and asked Canadian workers to settle for less, and

WHEREAS pensions earned by workers are deferred wages and diverting, withholding, or seizing those funds should be illegal, and

WHEREAS Liberal Party members at the Liberal 2018 National Convention in Halifax passed a resolution that calls upon the Government of Canada to develop a strategy that would prioritize Employee Pension Plans in the Companies’ Creditors Arrangement Act and the Bankruptcy and Insolvency Act to recognize super-priority for Pension debts. “Super-priority means pensioners would be among the first creditors to be paid in the event that a company becomes insolvent or declares bankruptcy,

THEREFORE BE IT RESOLVED that the National Pensioners Federation call on the Government of Canada to fix bankruptcy laws so our employee’s pension and health benefits are given the same priority as secured creditors to stop employers from putting shareholders, banks, and creditors ahead of their employees when they file for bankruptcy protection.

Submitted by COSCO of B C

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Expand the Powers of the Financial Services Regulatory Authority

18.8.1 EXPAND THE POWERS OF THE FINANCIAL SERVICES REGULATORY AUTHORITY

WHEREAS the Financial Regulatory Authority of Ontario has a legislative mandate to provide regulatory services that protect the public interest and enhance public confidence in the sectors it regulates; and

WHEREAS this Agency is responsible for good administration of pension plans and to protect and safeguard the pension benefits and rights of pension plan beneficiaries.

THEREFORE BE IT RESOLVED That the National Pensioner’s Federation calls upon the Ontario Government to ensure that the Financial Services Regulatory Authority of Ontario has the following regulatory powers:

  • To block or place conditions on company takeovers, bankruptcy and insolvency process that are deemed to put pension plans at risk;
  • Ensure that any pension plan is funded at 100% prior to paying any secured creditors;
  • Ensure that payment to workers of any termination, severance pay and health benefits owing prior to paying any secured creditors;
  • Ensure prevention of companies from stopping the payment of any retirement benefits during any proceedings under bankruptcy and insolvency processes;
  • Powers to issue punitive fines on company directors and executives in cases of clear wrongdoing; and
  • Ability to claw back directors and executives bonuses after a company pension plan or plans collapse, and

BE IT FURTHER RESOLVED that the N.P.F. develop an action plan to facilitate the above.

Submitted by Unifor Local 222

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Changes to Age of Eligibility for Canada Pension Plan and Old Age Security

Convention: 2017

WHEREAS in early 2017 the Council of Economic Advisors to Federal Finance Minister Bill Morneau stated that the ages of eligibility for Old Age Security (OAS ) and the Canada Pension Plan (CPP) be “should be recalibrated and increased to meet the Canadian reality of an aging society and a considerably longer life expectancy; and

WHEREAS changing the ages of eligibility to OAS and CPP would hurt seniors, put increased pressure on our pension plans, and cause a further downloading of services to the provincial governments; and

WHEREAS the Liberal Party during the 2015 campaign about changing the ages of eligibility to Old Age Security, said: “This will make our most vulnerable seniors even poorer, and Canadians will have to wait two additional years to collect this much-needed money. It will also pass along costs to provincial governments that will have to support low-income seniors. ” ; and

WHEREAS half of the seniors in Canada live on an annual income of $26,000 or less, and any changes to the ages of eligibility for CPP and OAS would plunge many of these seniors into deep poverty,

THEREFORE BE IT RESOLVED that the National Pensioners Federation (NPF) will continue to:
– oppose changes to the age of eligibility for either/ or and both the Canada Pension Plan (CPP) and Old Age Security (OAS) and
– work with our allies to oppose these changes.


Submitted by BC FEDERATION OF RETIRED UNION MEMBERS (BC FORUM) and CONGRESS OF UNION RETIREES OF CANADA

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Bill C-27

Convention: 2017

WHEREAS Bill C-27, an Act to amend the Pension Benefits Standards Act, represents a dangerous and immediate attack on future and current retirees and defined-benefit (DB) pension plans, and sets up a framework for target-benefit (TB) pension plans in the federal private sector; and

WHEREAS Bill C-27 invites employers and other plan sponsors to abandon their pension promises to employees and retirees, and allows employers to persuade individuals to surrender their earned DB plans in exchange for less secure, less stable TB plans, thus downloading virtually all risks brought on by market volatility to workers and retirees; and

WHEREAS Bill C-27 will leave employees at the mercy of employers who want to back out of their pension commitments,

THEREFORE BE IT RESOLVED that the National Pensioners Federation (NPF) continue to work with the Canadian Labour Congress, the Congress of Union Retirees of Canada, the BC Retired Teachers Association, our allies and union affiliates to oppose Bill C-27, an act to amend the Pensions Benefits Standards Act and,

BE IT FURTHER RESOLVED that the NPF continue to educate members and the public on the dangers of Bill C-27.


Submitted by BC FEDERATION OF RETIRED UNION MEMBERS (BC FORUM) and CONGRESS OF UNION RETIREES OF CANADA

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CPP and OAS

Convention: 2017

WHEREAS seniors on fixed income, low income families, and people with a disability do not get a cost of living increase to help them financially and the costs of food, utilities, rent keep on rising and many people throughout the winter cannot afford heating fuel and food,

THEREFORE BE IT RESOLVED that the National Pensioners Federation urge the government to increase the amount of CPP, OAS, and other monies so that people who are on fixed income and low income families or the disabled can live in their homes comfortably.


Submitted by USCO

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Notification of Income Supports

Convention: 2017

WHEREAS many seniors are not aware of income supports to which they may be entitled, either provincial or federal; and

WHEREAS Service Canada sends out T4A slips to every recipient of Canada Pension and/or Old Age Security;

THEREFORE BE IT RESOLVED that the National Pensioners’ Federation urge the Federal and Provincial Governments to collaborate in producing and distributing with the T4A slips an information sheet outlining the following:

• income supports available, such as the Guaranteed Income Supplement, Medical Plan Premium Assistance, Shelter Aid for Elderly Residents, etc.,
• household income required to be eligible for such income support, e.g., under $42,000 or ?,
• contact information to obtain application forms for such income support.


Submitted by COUNCIL OF SENIOR CITIZENS ORGANIZATION of BC

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Canada Pension Plan Benefits Increase

Convention: 2017

WHEREAS the poorest 20% of senior households in Canada had a median wealth of only $15,000,

THEREFORE BE IT RESOLVED THAT the National Pensioners Federation urge the Federal Government to change the formula for increasing all benefits paid through Canada Pension Plan (CPP).


Submitted by COUNCIL OF SENIOR CITIZENS ORGANIZATIONS of B C

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Caregivers Tax Credit Refund

Convention: 2017

WHEREAS the 2017 Federal Budget proposes to combine the Caregiver Credit, the Infirm Dependent Credit and the Family Caregiver Tax Credit into a single new Canada Caregiver Credit that will be effective for the 2017 taxation year, and

WHEREAS this new credit will start to be reduced when the dependant’s net income is above $16,163 in 2017 with a phase-out range up to $23,046, and

WHEREAS caring for a dependent may affect employment income, and

WHEREAS this credit will provide more tax relief to caregivers with higher incomes, and less tax relief to caregivers with lower incomes,

THEREFORE BE IT RESOLVED THAT the National Pensioners Federation urge the Federal Government to make the new combined Caregiver Tax Credit refundable.


Submitted by COUNCIL OF SENIOR CITIZENS ORGANIZATIONS of B C

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