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)