New Bill Will Protect Employee Pensions if Company Declares Bankruptcy

New Bill Will Protect Employee Pensions if Company Declares Bankruptcy
A Sears Canada store in Saint-Eustache, Quebec, in a file photo. The company's collapse in 2017 left retirees with a $133 million shortfall in their company pension plan. The Canadian Press/Ryan Remiorz
Marnie Cathcart
Updated:
The House of Commons passed a private member’s bill on Nov. 23 that will protect employee pensions if a company declares bankruptcy. Sponsored by Conservative MP Marily Gladu, Bill C-228 passed unanimously with a vote of 318 to 0.
The bill was based on a concept that had previously been attempted in multiple legislative attempts over the past several decades, with advocates having sought to amend federal bankruptcy law since 1975.