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e-587 (Pension system)

42nd Parliament
Initiated by Benjamin Galipeau from Sept-îles, Quebec, on October 6, 2016, at 10:54 a.m. (EDT)
keywords
Bankruptcy
Bankruptcy and Insolvency Act
Companies Creditors Arrangement Act
Pension guarantees
Preferred creditors
Government Response Tabled

Petition to the Government of Canada

Whereas:
  • The Companies’ Creditors Arrangement Act (CCAA) does not consider the contributors and beneficiaries of pension funds to be priority creditors;
  • The CCAA does not adequately protect employee pension plans and retirees’ benefits;
  • The CCAA protects companies by exempting them from the requirement to have money to pay for the pensions and benefits of retirees and future retirees’;
  • Quebec provides better protection than the CCAA, but this legislation overrides provincial legislation on pensions.
We, the undersigned, citizens of the North Shore, Quebec and Canada, call upon the Government of Canada to:
1. Amend the CCAA and align it with provincial legislation to better protect employee pension plans;
2. Implement legislative provisions under which pension fund deficits would be considered priority creditors when a company is placed under the protection of the CCAA or the Bankruptcy and Insolvency Act (BIA);
3. Require companies to respect their contractual commitments with employees and retirees as per the written documentation provided by the company to these employees and retirees; and
4. Require, under the Act, foreign parent companies to assume responsibility for debts and other obligations affecting employees of their Canadian subsidiaries in the event of the dissolution of one of these subsidiaries.
Manicouagan
Bloc Québécois
Quebec
Petition presented to the House of Commons on October 17, 2017 (Petition No. 421-01711)
Government response tabled on November 30, 2017 (Sessional Paper No. 8545-421-03)
Open for signature : October 6, 2016, at 10:54 a.m. (EDT)
Closed for signature : February 3, 2017, at 10:54 a.m. (EDT)
Province / Territory
Signatures
Alberta
13
British Columbia
32
Manitoba
5
New Brunswick
3
Newfoundland and Labrador
10
Nova Scotia
4
Ontario
448
Quebec
833
Saskatchewan
1
Other Countries
3
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