Bill 34 - Employment Pension Plans Amendment Act, 2008
November 3, 2008 - Third Reading
Ms Blakeman: Thank you very much, Mr. Speaker, for the opportunity to speak in third reading to Bill 34, the Employment Pension Plans Amendment Act, 2008. My thanks to the Member for Calgary Nose Hill for providing the additional information that I had requested.
The unions that are involved with multiemployer pension plans in Alberta that would be affected by this particular act include the board of trustees of the labourers pension fund of western Canada; the trustees of the UA Canadian Pipeline Industry national pension plan; General Teamsters, local 362; Bricklayers and Allied Craftworkers of Alberta and Saskatchewan; NDT Management Association, trustees of the boilermakers national pension plan, Canada; Bricklayers and Trowel Trades International. There has not specifically been consultation with them. But what’s happening here in this act is not going to affect them from a member point of view, and it is to protect the security of their particular private-sector pension plan.
Essentially what we’ve got with this act is following with the recommendations from the Canadian Association of Pension Supervisory Authorities, who had developed a proposal to deal with the solution to the Leco case that had come up. These are Alberta’s changes that help us line up with the Canadian Association of Pension Supervisory Authorities’ suggestions. It allows that for a pension plan that’s registered in another jurisdiction, only the administrative and day-to-day funding and investment laws of the jurisdiction will be applied. The laws of Alberta will apply in all other areas, which makes it simpler for our people.
My questions have been answered, and the issues I’ve raised have been addressed, so I’m happy on behalf of my caucus colleagues to recommend third reading for Bill 34. Thank you.
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