Workers, that is one thing. Take me, for example. I am 43 years old and I work for the United Steelworkers. If the union declared bankruptcy tomorrow morning, a portion of the pension benefits I would be paid later would be reduced. However, at 43, I would be able to find a new job, to cut back a bit on my expenses, and to change my lifestyle.
For pensioners who are 75, 80 or 85 years old however, it is truly a disaster. When the North Shore was hit, pensioners had to decide to stop taking their prescription drugs, because they could no longer afford them: they had to choose between grocery shopping and buying medicine.
This bill would offer pensioners some security. They are already worried because of the pandemic. In addition, people who have worked for a company for 30 years and have been retired for 20 years are worried about what might happen if the company's financial situation goes bad. A bill like this would offer some security for seniors, who are often among the most vulnerable in our society.