Good morning.
Under the legislation governing the provincial plans, in Quebec and Ontario, if a company closes and is nevertheless in good financial shape, but the plan is deficient, meaning the fund is in a deficit position, that becomes a debt of the business, which must cover the amounts promised. That's what's provided for in cases where the company is still in good financial position. If the company is bankrupt, things are different.
In the case of plans covered by federal legislation, if the plan is terminated and is insolvent, it's not a debt of the business. The employer may therefore terminate the plan and not cover the deficit, the guaranteed amounts, even though it is still in decent financial position. If it declares bankruptcy, that's not the same thing. What we're asking is for the situation to be as it is in the provinces, that is to say that, if the plan is fully solvent, it must become a debt of the business where that business terminates the plan.