C-225An 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)

What it does

• Gives priority in bankruptcy and CCAA cases to unpaid pension plan amounts tied to unfunded liabilities, solvency deficits, and certain terminated plans.
• Bars insolvent employers from changing, cancelling, or stopping contributions to group sickness or accident insurance, group term life insurance, or private health services plans for employees or former employees.
• Lets the Superintendent of Financial Institutions decide that a pension plan’s funding is impaired, or that the administrator is at risk, and requires notice to the employer and plan members.
• Requires employers to tell the Superintendent, within five business days, about certain decisions, transactions, or events that could worsen a pension plan’s solvency deficiency.
• Requires an employer to make extra payments to a plan within 30 days after an impaired-funding finding, unless the Superintendent extends the deadline or sets a payment schedule.