NDP seeks broad support to improve pension security

OTTAWA – New Democrat MP John Rafferty (Thunder Bay—Rainy River) is reaching out and seeking the support of Canadians from across the country and from all parties to improve federal pension protection. Bill C-501, his Private Members’ Bill to amend pension security will go to Industry Committee this fall.

“We’ve already had some good discussions with other MPs on the issue, and I am convinced we worked constructively to strengthen pension security in Canada,” said Rafferty. “We want to hear from supporters and opponents alike to help the bill move forward quickly, and with as broad support as possible. We’re committed to getting it right.”

Rafferty has met with concerned Canadians and with various industries regarding his bill and has been encouraged to fight even harder to bring much-needed change to federal legislation.

“We are also hoping to hear from other MPs, caucuses, and the government with ideas they have to improve the situation facing workers whose pension plans are in financial difficulty,” said Rafferty. “I am very hopeful that our conversations will continue and we can get real change for our constituents who are demanding improved pension security in Canada.”

Inspired by the problems experienced by local workers at his riding’s two AbitibiBowater mills and the difficulties faced by workers across Canada in similar straits, Rafferty’s Bill C-501 would grant pension plans “secured debt” status in the event a company entered restructuring, bankruptcy, or liquidation proceedings.