Press Release
Thunder Bay-Rainy River MP John Rafferty was joined in Ottawa yesterday by NDP leader Jack Layton to announce the introduction of his private member’s bill (C-501), which would grant “secured” status to pension funds during bankruptcy proceedings and restructurings.
“This bill should end the uncertainty for workers at AbitibiBowater and other companies that are facing financial difficulties,” said Rafferty.
“It will secure their plans if their employer enters bankruptcy or restructuring, and will ensure that they receive their retirement income in full,” he noted.
Layton offered the bill his full support.
“Shoring up Canadians’ retirement security has always been a top priority for New Democrats,” Layton said.
“But a full month after his throne speech committed to help workers on the edge of losing their pensions, Mr. Harper still hasn’t acted,” he charged.
“Just as this bill moves underfunded pensions to the front of the creditor line, John [Rafferty] and other members of our caucus are working hard to move this bill to the front of the line in the House of Commons.”
Rafferty said he introduced C-501 in response to concerns expressed by local AbitibiBowater workers at several town hall meetings the MP hosted late last year.
“We had an unfortunate situation emerge over the past year at the mills in our riding, and those workers came out in great numbers to say that they needed something done to secure their pensions—and fast,” he noted.
“This bill would secure their pensions and retirement income by moving their pension plan to the front of the line in bankruptcy proceedings, and I want to assure them that getting C-501 passed is my number-one priority.”
Rafferty also shared Layton’s optimism that C-501 may be fast-tracked through either the House of Commons’ industry committee or the Senate in short order.
“We’ve lost several weeks due to prorogation, but this bill could be put through committee before the end of April and the Senate shortly thereafter if the other parties agree to move it forward,” Rafferty said.
“Both the Liberals and Conservatives have expressed early support for this bill, so I will be working with them to move C-501 forward as quickly as possible.”
