ZOOMER Magazine - - ACTION -

LAST JULY, when Sears Canada an­nounced it would pur­sue bankruptcy pro­tec­tion, one of the first moves the com­pany made was to ditch its un­funded pen­sion obli­ga­tions, leav­ing thou­sands of re­tirees at risk of los­ing their re­tire­ment se­cu­rity and peace of mind. Other com­pa­nies like Nor­tel, Tar­get Canada and In­dalex Canada have all tried sim­i­lar tac­tics to es­cape their pen­sion obli­ga­tions when fac­ing bankruptcy.

To pre­vent more com­pan- ies from fol­low­ing this cyn­i­cal game plan, CARP launched its Put Pen­sion­ers First cam­paign. More than 12,000 Cana­di­ans have signed the pe­ti­tion, call­ing on gov­ern­ments to:

amend the bankruptcy laws so pen­sion­ers rank ahead of se­cured cred­i­tors in pri­or­ity of re­pay­ment of obli­ga­tions.

make com­pany-funded pen­sion in­sur­ance manda­tory for all prov­inces. On­tario re­tirees have some pro­tec­tion. All pen­sion­ers should have at least as much.

Add your name to the pe­ti­tion at­paign/carpde­mands-put-pen­sion­ers-first.

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