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Changes to your LTD Plan

Your Long Term Disability (LTD) Plan Trust Fund continues to perform extremely well. As a result, we are pleased to announce that effective January 1, 2013, premium rates will be reduced by 38 per cent.

The Reduced Rates information sheet is available for download:

How does this change affect me?

After January 1, you’ll notice the amount contributed to the LTD Plan was 38 per cent less than in the previous pay period. You’ll continue to get the same coverage as before, just at a lower cost from now on.

So for a unionized Plan Member making $55,000 a year, here’s how the change affects them. Currently, the Employer and Plan Member would both contribute 1.33 per cent of the salary or $28.13 each pay period. After January 1, the Employer and Plan Member will then contribute 0.82 per cent or $17.35 each pay period. In this case, the Plan Member’s contribution has been reduced by $10.78 each pay period.

And for a non unionized Plan Member making $55,000 a year, here’s how the change affects them. Currently, the Employer and Plan Member would both contribute 1.21 per cent of the salary or $25.60 each pay period. After January 1, the Employer and Plan Member will then contribute 0.75 per cent or $15.87 each pay period. In this case, the Plan Member’s contribution has been reduced by $9.73 each pay period.

Does this change in premiums mean that I was being overcharged?

The 38 per cent reduction in premiums means that the Plan continues to perform well. And because we expect this trend to continue, we no longer need the same amount of money to offer Plan Members the same income protection services.

This change is possible because of two important points: the number of claims; and those who make claims are getting back to work sooner. And that’s good news for all of us.

Is anything else changing?

No. Your Plan will continue to offer the same level of coverage. In 2009, we reduced premiums and also made several positive changes to the Plan. Those changes are still in place and we look forward to continuing to offer a sustainable and competitive plan for our Members for a long time to come.

Why is it costing less to provide the same plan?

We are able to provide Plan Members with the same plan for a lower rate because of two important reasons.

First, people are doing things to keep themselves healthy and well. This may be a result of their own actions, as well as the support of other programs.

Second, people who make claims are returning to work sooner. We invest in programs and work with people to solve problems and help them get back to work again.

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