Conflict exists between provincial/ federal legislation relative to required pension obligations of companies within Canada;
The province of Newfoundland and Labrador grants greater protection for pension plans than federal legislation;
The Companies’ Creditors Arrangement Act (CCAA) protecting companies, to avoid obligations required to meet funding necessary to pay pensions to current and future retirees;
The CCAA federal legislation is insufficient to protect employee pension plans;
It is unjust that the CCAA prevails over the Provincial Pension Acts because of constitutional doctrine of federal paramountcy; and
Insufficient legislation exists to protect retiree benefits (including but not limited to, medical and life insurance benefits).
We, the undersigned, Residents of Newfoundland Labrador, call upon the Government of Canada to: 1. Change federal legislation to ensure that both federal and provincial legislation are harmonious in protecting employee pension plans;
2. Ensure that legislation requires companies to make payments as per contractual obligations;
3. Implement legislation to ensure that pension plan deficiencies be a first priority creditor when companies file for CCAA protection or bankruptcy;
4. Require companies to live up to commitments to provide post-retirement benefits (medical/ life insurance) that were negotiated or part of an employee contract of service, to be maintained per documentation provided in writing, by the company upon employee retirement; and
5. Create legislation to hold foreign parent companies responsible for their Canadian subsidiaries employee debts and responsibilities in the event of the dissolution of the Canadian subsidiary.
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