bankruptcy – Benefits Canada.com

Quebec class action raising questions over DB pension liability following plan sponsor reorganization

bwolfe — Thu, 03 Oct 2024 13:00:30 +0000

A recent Quebec Superior Court decision has unleashed uncertainty over the liabilities of companies and their directors when a pension deficit appears in the context of a reorganization. The court authorized a group of defined benefit pension plan members to proceed with a $65 million class action against companies involved in a 2011 reorganization. The […]

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Yellow bankruptcy will have little impact on Canadian workers’ pensions: union

bwolfe — Fri, 04 Aug 2023 13:00:12 +0000

The union representing roughly 350 Canadian employees at Tennessee-based Yellow Corp. says the trucking company’s abrupt closure will have little to no impact on Canadian workers’ pensions. According to a spokesperson at Teamsters Canada, Yellow’s Canadian employees are enrolled in one of four defined benefit pension plans — all of which are fully or almost […]

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ACPM’s top priority for 2023 is amending, blocking passage of pension super-priority bill

Jennifer Paterson — Tue, 10 Jan 2023 17:00:26 +0000

The Association of Canadian Pension Management’s top priority in 2023 is convincing Canada’s senate to amend or block the passage of Bill C-228, according to Ric Marrero, the association’s president and chief executive officer. “Our first priority is to keep monitoring Bill C-228, which is now in the senate. Our members think it would cause […]

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Rejected by courts, U.S. retirees take last shot to save pensions

bwolfe — Fri, 29 Jul 2022 13:00:13 +0000

Dave Muffley thought he had it made when it came to a solid retirement. The Indiana man spent roughly 30 years as a salaried maintenance technician for Delphi Corp. — a subsidiary of General Motors Corp. — and expected to retire with a comfortable income by the time he hit age 62. But when GM […]

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Sears Canada retirees’ group says bankruptcy laws unjust for pensioners

mdunne — Thu, 10 Jun 2021 13:30:26 +0000

Canada’s bankruptcy laws should be changed to avoid future financial hardship for members of other underfunded pension plans, said a court-appointed representative for Sears Canada retirees. Kenneth Eady, a former Sears Canada management employee who now represents 17,000 other pensioners, told MPs on Tuesday that he doesn’t believe it’s fair that Canada’s two bankruptcy laws give banks more protection […]

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Dividend payments, pension deficits among topics in new government consultation

mschmit — Wed, 28 Nov 2018 05:11:39 +0000

The federal government is asking Canadians to weigh in on a consultation paper that tackles issues related to underfunding, insolvency and pension plans. The topics open for comment include that dividend payments, share redemptions and executive compensation packages could be restricted under the Canada Business Corporations Act if a company has a large pension deficit. […]

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Union optimistic U.S. Steel agreement could lead to ‘good final deal’ for retirees

mschmit — Thu, 22 Sep 2016 05:25:35 +0000

The union representing workers at U.S. Steel Canada Inc. is cautiously optimistic a proposed acquisition of the company by a U.S.-based holding company will lead to a “good final deal” for retirees at the struggling steelmaker. “We have been in discussions for quite some time with the province and various potential buyers about a restructuring […]

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Bankruptcy Expert Talks Conditions and Distressed Investing

mschmit — Tue, 09 Mar 2010 07:00:53 +0000

$1 trillion in US distressed debt and close to 18% unemployment rate.

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