Over 1.3 million Canadian retirees and their spouses have defined benefit pension plans. These plans are funded by employers and employees and benefits are paid to employees when they retire. Yet, their retirement security is not guaranteed.
CARP, in consultation with the Canadian Labour Congress, Canadian Federation of Pensioners and the National Pensioners Federation asked Prime Minister Trudeau to:
1. Create a Pension Insurance Plan that insures 100% of the pension liability.
2. Amend insolvency legislation (specifically the CCAA and BIA) to extend super-priority to the unfunded liability.