I raised two different sets of issues and I'll speak to them.
One set of issues is about how it's drafted. Right now, regardless of whether it's three years or five years, it's set on the basis of a calendar year, as opposed to tying it back to the insolvency date. Right now, upon royal assent.... Four years in, you could have a restructuring process, as I noted in my opening, that would potentially have these new superpriorities imposed upon it midway through restructuring. This is one issue: When does it kick in? Is it a calendar year, or is set against something else?
The other consideration is what degree of runway will allow for planned sponsors to be able to make prudent decisions about the continued growth. If you have a pension solvency deficit and we set new rules about the fact that it's now going to be potentially superprioritized against your access to credit, you may race to try to increase your overall degree of solvency in the plan.
One of the questions is, given that we want to incentivize prudent behaviour on the part of planned sponsors to not invest irresponsibly or invest in high risks to be able to make up planned solvencies, what's the appropriate length of time? That's a consideration for the committee as they think about what the appropriate runway is to get a planned sponsor backup.
As my colleague mentioned, our solvency deficit under pension solvency law federally gives companies a five-year window to be able to make up their deficit.