C-501 would secure underfunded pension plans throughout bankruptcy proceedings
Pensions and Retirement Security
- See also Retirees.
Court rejects $57-million deal to pay benefits to former and disabled employees until the end of 2010 in exchange for an agreement not to sue Nortel
CLC leader says Finance Minister will face backlash
Amendments provide immediate vesting of pension benefits and organizations with more than 50 employees will be required to have workers on their pension-management committee.
The budget contained no new initiatives around pensions reform and retirement security. Federal government ignores calls for National Pensions Summit, commits to only undertake consultations.
This marks second consecutive quarter of growth, however, the value of pension funds still 7.5 percent below the high reached in the second quarter of 2008.
“A great demographic divide exists between younger Canadians and those who are nearing retirement or already there. Younger Canadians clearly lack confidence in the viability of public and private pensions in the future, while older Canadians are much more confident.” - Nik Nanos of Nanos Research
Most Canadians are worried about their retirement security. NUPGE is pressing the federal government to hold a national summit with a series of radio ads launched this week in the nation's capital.
Deal comes at the price of an acknowledgment that the claims of Nortel pensioners, former employees and employees on Long-term Disability are unsecured, and rank in equal priority to those of all other unsecured creditors, including the bondholders.
Pension funds claw back from losses caused by the economic crisis.