Sarnia-Lambton's MP wants to ensure seniors who've worked their whole life aren't left with pennies on the dollar on their pension.
Marilyn Gladu introduced Bill C-228, the Pension Protection Act, on Monday. She said it will do three things.
"It requires an annual report on the solvency of a fund to be tabled in the House of Commons. This way we'll have greater transparency and be able to ensure that actions are being taken on those funds that are not solvent."
Gladu said the bill would also create a mechanism to transfer funds into a pension fund that's not solvent to make it solvent.
"And finally, in the event that a business does go bankrupt, there is a priority given to pensions ahead of large creditors and executive bonuses."
Gladu said over the past 10 years, there have been multiple efforts to bring forward private member's bills to address pension protection for workers. She said Liberal MP Ryan Turnbull has put out an e-petition on this topic, and that NDP MP Daniel Blaikie has a private member's bill as well.
"Our hope is that we can get to committee, we can amend the bill, agree on what we can agree on and fix this problem once and for all."
Gladu said she took the good ideas from all of the other bills and put them together in one in the hopes of having a conversation. She also said it was an appropriate time to bring the bill forward following International Workers' Day on Sunday.