The Public Service Management Insurance Plan - Premium Rates effective January 1, 2012
Date:
To: Compensation Managers; Heads of Human Resources; Participating Separate Employers; Plan Members
Purpose
To inform plan members and employers participating under the Public Service Management Insurance Plan (PSMIP) of premium decisions regarding seven (7) lines of insurance effective .
Background
Each year, the 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 , the President of the Treasury Board approved the recommendation of the Board of Trustees to continue the premium holidays for the following six lines of insurance:
- Main Plan – Dependants' Insurance
- Executive Plan – Basic Life
- Executive Plan - Accidental Death and Dismemberment
- Executive Plan - Dependants' Insurance;
- Judges Plan – Basic Life and
- Members of Parliament - Accidental Death and Dismemberment.
Further, the President of the Treasury Board approved the recommendation of the Board of Trustee's for a 12 month premium holiday for the following one line of insurance:
Members of Parliament – Basic Life
Notice to Employees and Premium Rate Chart
The premium holidays will remain in effect for the calendar year 2011. The premium holidays and the rate reductions apply to the above-noted lines of insurance only. All other lines of insurance remain the same.
Attached is a chart showing the premium rates effective , for all lines of insurance. Please ensure that all members of the Plan are provided with a copy of this bulletin, including the attached chart.
Administrative Information
Participating employers with their own pay facilities are required to ensure that premiums remitted to Industrial Alliance during 2012 are in accordance with the information on the rate chart.
Enquiries about the PSMIP
Employees with questions about their coverage under the PSMIP should contact their compensation advisor. Chiefs of Compensation at the corporate level may contact Ginette Baker at (613) 946-4336 or by email at Contact Ginette Baker by E-mail : Ginette.Baker@tbs-sct.gc.ca.
Daphne Meredith
Chief Human Resources Officer
Office of the Chief Human Resources Officer
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