The Public Service Management Insurance Plan - Premium Rates effective January 1, 2013

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 January 23, 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; and
7. Members of Parliament - Accidental Death and Dismemberment.

Notice to Employees and Premium Rate Chart

The premium holidays will remain in effect for the 2013 calendar year. The premium holidays apply to the above-noted lines of insurance only. All other lines of insurance remain the same.

The monthly premium rates chart shows the premium rates effective January 1, 2013, 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 2013 are in accordance with the information on the rate chart.

Enquiries about PSMIP

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

Compensation Managers at the corporate level may contact Robert Allard at (613) 941-0288 or by email at Robert.Allard@tbs-sct.gc.ca.

Bayla Kolk
Assistant Deputy Minister
Pensions and Benefits Sector