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Decentralized Democracy

House Bill

Bill C-225

44th Parl. 1st Sess.
February 02, 2022
An Act to amend the Bankruptcy and Insolvency Act, the Companies’ Creditors Arrangement Act and the Pension Benefits Standards Act, 1985 (pension plans and group insurance plans)
  • Bill C-225 is an amendment to several existing acts related to bankruptcy, insolvency, and pensions. This bill aims to prioritize claims for unfunded pension plan liabilities in bankruptcy proceedings. It also requires employers to maintain group insurance plans for their employees. Additionally, the bill empowers the Superintendent of Financial Institutions to determine if a pension plan's funding is impaired or if the plan administrator is at risk, and sets out measures to be taken by the employer in such cases. In summary, this bill strengthens protections for pension plans and ensures their priority in bankruptcy proceedings.
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SteelmanSpren in Favour

  • A steelman argument in favor of Bill C-225 is that it prioritizes the claims of pension plans in bankruptcy proceedings and ensures that employers maintain group insurance plans for their employees or former employees. By providing priority to claims in respect of unfunded liabilities or solvency deficiencies of a pension plan, it protects the retirement funds of workers and provides them with greater financial security. This can promote social welfare by preventing the erosion of pension benefits and ensuring that employees receive the benefits they were promised. Additionally, by requiring employers to maintain group insurance plans, it guarantees that employees have access to important benefits for their health and well-being. This can contribute to better financial and physical security for workers, potentially reducing the burden on social welfare systems. Overall, this legislation prioritizes the interests and well-being of employ

SteelmanSpren Against

  • One steelman argument opposing this bill could be that it places an excessive burden on employers and could negatively impact the business environment. By prioritizing claims in respect of unfunded liabilities or solvency deficiencies of a pension plan in the event of bankruptcy proceedings, it places additional financial obligations on employers, potentially leading to increased costs and financial strain on businesses. This could deter investment and hinder economic growth. Furthermore, by requiring employers to maintain group insurance plans for employees, it imposes additional costs and administrative burdens on businesses, especially small and medium-sized enterprises. This could hamper their ability to compete and create jobs. Additionally, the bill grants significant power to the Superintendent of Financial Institutions to determine the funding of a pension plan and set measures for employers. This concentration of power could le
House First Reading
  • Feb. 2, 2022, 2 p.m.
  • In Progress
  • Read