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Letter #2 - Generic

This is the second letter that you are free to use or you can create one yourself. It has a generic format that doesn't identify any specific retiree group.

This letter was original prepared by the Air Canada Pionairs Pension Committee and we are using it below with their permission.

Steps:

  • Find your MP
  • Enter MP's Name below
  • Enter MP's email below
  • Enter your information
  • Submit
Letter #2 - Generic Retiree
Please use the link in the left column (Find Your MP) and copy your Member of Parliament's email address (only) in the space below so it will be included in your email letter.
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To: {MP_Name} (will be added from above)
Copy to: Right Hon. Stephen Harper, Hon. Tony Clement, Hon. Jim Flaherty, Hon. Diane Ablonczy and Ted Menzie

I write this letter as a concerned Canadian Pensioner.

The disturbing treatment faced by pensioners of numerous companies, who have sought Company and Creditors Arrangement Act (CCAA) or Bankruptcy and Insolvency Act (BIA) protection, purely for the enrichment of their lenders/bondholders/shareholders, represents a grave injustice to their pensioners whose plans are not even considered as legitimate creditors. We both appreciate that this unfortunately typifies the fate of far too many innocent individuals receiving or expecting benefits, which are in reality, their deferred wages.

In these cases, the situation arises due to a badly underfunded pension plan existing coincident with the company entering into CCAA. Despite pension benefits having a long history of being categorized as deferred compensation, pension funding liabilities have virtually no status under the BIA and the CCAA.

The business world of today has little concern for the debt which it owes to retirees, many of whom developed the companies treating them so poorly. Business leaders seek their own enrichment by entering into the protection of CCAA or BIA and selling their company's assets.

A relatively new product, called credit default swaps (e.g. insurance policies) allows junk bondholders (investors in the companies) to pay for all of their loss from a bankruptcy filing. Enactment of amendments to the BIA providing for recognition of pension plans as secured creditors, while not precluding these swaps, will provide a level playing field, and further encourage industry leaders to take appropriate actions to avoid rather than encourage asset sell offs and bankruptcy.

Please enact revisions to the BIA so as to provide adequate security to those who cannot protect themselves. Your prompt response and acknowledgment that these issues will be addressed in the Budget speech of March 3rd, 2010 would be greatly appreciated, and will enable me to continue to support the efforts your government is undertaking.

Sincerely
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Privacy - Please note that the information provided above is for its intended purpose only (to advise the Government of your concern for Pension Reform) and will not be used by the ACFamily Network in any other way. It is being automatically forwarded to the Pionairs Pension Committee and your government representative. After submitting this form you will be given other options, but they are in no way connected to our combined goal of pension reform and getting the word out to our Government Representatives.
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