The Finance Minister’s private pension reform bill will make it easier for employers to change private pensions while shifting the burden of risk to workers, Kootenay-Columbia Member of Parliament Wayne Stetski said in the House of Commons.
“These changes represent a serious risk to the retirement security of Canadians,” Stetski said. “This proposal was met with an outcry of opposition from my riding of Kootenay-Columbia and from across Canada.”
Stetski’s comments came in response to Bill C-27, government legislation that will allow Defined Benefit Plans in federally regulated businesses to be converted to Target Benefit Plans.
“I have heard from many constituents, especially those working in the mining, forestry, and rail sectors, that this bill will target the pension income for many retirees,” Stetski said. “It’s unacceptable and we will continue to fight it.”
Stetski said he will be holding his second annual “Telephone Town Hall” on pension issues, including Bill C-27 and a private member’s bill by Stetski’s NDP colleague Scott Duvall. Duvall’s bill will ensure workers continue to get their pensions even if their employer declares bankruptcy.
The Telephone Town Hall will take place on Tuesday, February 6, 2018, at 6pm PT/ 7pm MT, hosted by Stetski with MP Scott Duvall as an expert guest.
Stetski finished his statement with a clear message for the government:
“At this special time of year filled with peace, joy and love, the best present the Liberal government could give Canadians is to take Bill C-27, put it in a box, and return it to the Minister of Finance stamped Bah Humbug - Return to Sender. No postage required!”