Bill S-253 explained in plain English

On September 25, 2018, the Senate convened for a sitting that included routine proceedings, orders of the day, and question period. The sitting began with a moment of silence and expressions of sympathy regarding tornado damage in the Ottawa-Gatineau region. Several senators made statements on various topics including rural museums, Franco-Ontarian Day, Gender Equality Week, National Coaches Week, and the opening of Senator Joyce Fairbairn Middle School. The Senate also received committee reports and tabled documents. The bulk of the sitting involved debates and adjournments on various bills, including Bill C-47 (Arms Trade Treaty), Bill C-59 (national security), Bill S-213 (Senate Speakership), Bill S-244 (Kindness Week), Bill S-246 (Borrowing Authority Act), and Bill S-253 (pension plans). Question Period featured the Minister of Justice and Attorney General addressing inquiries on oral fluid drug screen devices, legalization of cannabis, the notwithstanding clause, expungement of historically unjust convictions, the Ombudsman for Victims of Crime, Indigenous rights framework, mandatory minimum penalties, and the Court Challenges Program. The sitting concluded with further debate on Senate modernization, adoption of a report on forced adoptions, and debate on the Phoenix pay problem.

During the Senate's second reading debate on Bill S-253, an Act to amend the Bankruptcy and Insolvency Act and other Acts and Regulations concerning pension plans, Senator Art Eggleton presented the bill. He highlighted the financial risks faced by pensioners in past corporate bankruptcies, citing the cases of Nortel and Sears Canada. The bill aims to protect pensioners by giving their claims equal footing with owed wages in bankruptcy proceedings and by giving the Superintendent of Financial Institutions the power to restrict dividend payments or share buy-backs if a pension plan is underfunded. The debate included questions and discussions about the bill's potential impact on lenders, the necessity of protecting pensioners, and comparisons to international regulations.

On November 22, 2018, the Senate convened. The sitting included statements on the late Shimun Michel, Sr., visitors in the gallery, World Soils Day, Martin Gray, and the late Gaétan Gervais. Routine proceedings saw committee reports tabled and notices of motions given regarding adjournment and committee meetings. Question Period addressed topics such as the Fall Economic Statement, tariffs, Dubai Expo 2020, greenhouse gas emissions, recidivism rates, official languages, and Canada-Saudi Arabia relations. The Senate then proceeded to Orders of the Day. The adjournment motion was adopted. Third reading was given to Bill C-62, an Act to amend the Federal Public Sector Labour Relations Act. Debate continued on the second reading of Bills C-71 (firearms), S-228 (food and drug marketing to children), S-249 (national strategy for the prevention of domestic violence), S-253 (Bankruptcy and Insolvency Act and pension plans), and S-255 (Emancipation Day). Second reading and referral to committee occurred for Bill C-377 (electoral district name change). Debate was adjourned on Bill C-402 (electoral district name changes). Debate continued on the first report of the Special Senate Committee on Senate Modernization and an inquiry on beneficial ownership transparency. Debate also continued on an inquiry regarding the decimation of Atlantic salmon spawning grounds. A motion was adopted to allow the Standing Senate Committee on Fisheries and Oceans to deposit a report during an adjournment. Debate was adjourned on a motion to authorize the Standing Senate Committee on National Finance to study public assistance to multinational companies. A motion reaffirming the importance of official languages in light of cuts to French services in Ontario was debated. A committee was authorized to meet during a sitting, and a notice of motion regarding a committee meeting was withdrawn. The Senate then adjourned.

This artifact is a record of debate in the Senate on November 22, 2018, concerning Bill S-253, an Act to amend the Bankruptcy and Insolvency Act and other Acts and Regulations (pension plans). During the debate, Senator Lucie Moncion spoke about the bill's purpose to protect pension plan members in case of employer bankruptcy. She explained that the bill proposes to give unfunded pension plan liabilities priority status in bankruptcy proceedings, ahead of secured creditors like banks. However, she raised concerns that this change could negatively impact other creditors, such as salaried workers with claims exceeding $2,000, and potentially destabilize financial markets. She also questioned whether employees fully understand the risks associated with defined benefit pension plans and suggested stricter financing rules and a public insurance fund for these plans. The debate on Bill S-253 was not completed and was adjourned.