Pension Benefits Amendment Proclaimed

first_img An amendment to the Pension Benefits Act that further protects pension plan members when their employer voluntarily closes was proclaimed today, Dec 21. During the recent legislative session, government introduced an amendment that will ensure all pension plans are fully funded when a company leaves the province or winds down its pension plan. The amendment does not cover companies that close down through bankruptcy or are placed in receivership. “We committed to getting the amendment proclaimed as soon as possible and we’ve done that,” said Mark Parent, Minister of Environment and Labour. “All employees in Nova Scotia working in the private sector and municipal governments will know that legislation is in place to protect them if their pension plan winds down.” The amendment applies to companies that announced closures effective May, 1, 2007. For more information the Pension Benefits Legislation, visit the website at www.gov.ns.ca/enla . ENVIRONMENT/LABOUR–Pension Benefits Amendment Proclaimedlast_img

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