By Gideon Scanlon
Source: Benefits Canada
A bill that provides super-priority to defined benefit pension plan members during plan windups or employer bankruptcies has been passed by the Senate and will become law.
“Now that C-228 has passed, it is up to the government to schedule it for royal assent and then to incorporate it into the [Bankruptcy and Insolvency Act] and [the Companies’ Creditors Arrangement Act],” said Mike Powell, president of the Canadian Federation of Pensioners, an organization that argued in favour of the bill in both the House of Commons and the Senate, in an email to the Canadian Investment Review. “Given the broad support for C-228, I hope they deal with these procedural steps quickly.”