Bill C-501

This is for all your retirees out there who should be very interested in what your Federal government is trying to do. They are trying via this bill to allow pensions that were promised to you, to be relegated to a subordinate claim against the company should that company go into bankruptcy. That means you will have little if any claim against your old employer! I should also point out that there are many underfunded pension plans in existence, and this was brought about by legislation that permitted this to happen!

I have included a copy of a letter for you to use should you feel so inclined, Simply copy the letter and create your own email to your MP in Ottawa. This is a time when "tonnage" will count. I have sent my letter and found out that our MP Rob Anders will be voting against the bill, and I have sent him a follow up email advising him that since he will not support this legislation, I will not be supporting him in the upcoming election. He likely doesn't give a hoot anyway, but it is worth a try. I also told him that I would be spreading his message along to as many of our 240 residents as possible.

You should be concerned, it can affect you!

"Dear _________,

It is my understanding that legislation to reform the Bankruptcy Insolvency Act (Bill C-501) has passed second reading and is ready to go into committee before going to third reading and then on to the Senate.

As you know, C-501 would give pension plans status in CCAA (Bankruptcy) as an unsecured creditor much like a supplier of goods and services. As a pension is a deferred payment for services provided in previous years of employment, it would seem logical and just that it be treated no differently than a supplier.

A study by the “World Economic Forum”published in the Toronto Star the week of September 6, 2010 showed the ranking of the ten top countries in the world for global competitiveness. They are in order Switzerland, Sweden, Singapore, United States, Germany, Japan, Netherlands, Denmark and Canada. All but Singapore, Netherlands and Canada have a similar preferred status of pension funds in bankruptcy or in the case of the United States, a pension insurance fund.

The above study would support a positive relationship between investment and pension protection in bankruptcy.

As my Member of Parliament I would expect you to support Bill C-501. Passing this bill would give Canadians the same pension protection status as most of the countries ahead of us in the global competitiveness study.

Bill C-501 will not only protect the pensions of Canada’s most vulnerable, the elderly, it will not cost the Canadian tax payers a dime.

I, along with my family, friends and all retirees look forward to the support from all concerned Members of Parliament to protect our pensions in the event of bankruptcy.

Yours sincerely,

_________________ "

I sincerely hope you will take your own future into your own hands!
Ross Perigoe