C-228 – CORPaTH

Controversial super-priority pension bill receives royal assent

CORPaTH2023-05-03T14:20:11-07:00May 2nd, 2023|Categories: Retirement|Tags: C-228, canada|

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, [...]

Pension super-priority bill becoming law following Senate vote

CORPaTH2023-03-29T10:49:24-07:00March 29th, 2023|Categories: Defined Benefit Plans|Tags: C-228, canada, pension security|

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 [...]