By Gideon Scanlon
Source: Benefits Canada
A controversial law giving super-priority to defined benefit pension plan members during plan windups and insolvencies is coming into effect after receiving royal assent from Governor General Mary Simon.
While Bill C-228 received royal assent at the end of April, most of its measures won’t come into force for another four years. However, the requirement that all federally regulated pension plans produce annual reports on plan solvency is now in effect.
Marilyn Gladu, Conservative Member of Parliament for Sarnia-Lambton in Southwestern Ontario and sponsor of the private members bill, is celebrating its passage. “I’m very proud to have succeeded after 20 years and several other attempts to get similar bills passed. Past efforts have included things everyone liked and things not everyone could get behind — I cherry-picked the things we could all get behind.”