The Public Service Management Insurance Plan – Premium Rates Effective February 1st, 2014

Background

Each year, the PSMIP Board of Trustees reviews the financial operation of the Plan. Based on this review, the Trustees make recommendations to the President of the Treasury Board regarding premium rates necessary to ensure that the plan is financially sound and continues to operate in the best interest of plan members.

On December 6, 2013, the President of the Treasury Board approved the recommendation of the Board of Trustees to continue the premium holidays for the following seven lines of insurance:

1. Main Plan – Dependants' Insurance;
2. Executive Plan – Basic Life;
3. Executive Plan – Accidental Death and Dismemberment;
4. Executive Plan – Dependants' Insurance;
5. Judges Plan – Basic Life;
6. Members of Parliament – Basic Life (until June 30, 2014); and
7. Members of Parliament – Accidental Death and Dismemberment.

In addition, premium holidays will begin for the following two additional lines of insurance:

8. Main Plan – Accidental Death and Dismemberment; and
9. Supplementary Life.

Notice to Members and Premium Rate Chart

The premium holidays for the first seven above-noted lines of insurance will be in effect for 12 months with the exception of #6 (see above). The eighth and ninth lines of insurance will be in effect for 11 months effective February 1, 2014. All other lines of insurance remain the same.

Please ensure that all members of the Plan are provided with a copy of this bulletin, including the attached monthly premium rates chart

Administrative Information

Participating employers with their own pay facilities are required to ensure that premiums remitted to Industrial Alliance during 2014 are in accordance with the information on the rate chart.

Enquiries about PSMIP

Members with questions about their coverage under the PSMIP should contact their compensation advisor.

Compensation Managers at the corporate level may contact the Pensions and Benefits Sector at Contact Pensions and Benefits Sector by E-mail pbs-spas@tbs-sct.gc.ca.

Bayla Kolk
Assistant Deputy Minister
Pensions and Benefits Sector