The Public Service Management Insurance Plan - Premium Rates Effective January 1, 2016
To: Compensation Managers, Heads of Human Resources, Participating Separate Employers, Pay/pension system administrators
The purpose of this notice is to inform plan members and employers participating in the Public Service Management Insurance Plan (PSMIP) of premium rates effective .
Each year, the PSMIP Board of Trustees reviews the financial operations 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 three lines of insurance:
- Main Plan – Dependents' Insurance
- Main Plan – Accidental Death and Dismemberment
- Main Plan – Long Term Disability
In addition, premiums holidays will begin for the following three lines of insurance:
- Executive Plan – Dependants' Insurance
- Members of Parliament – Basic Life
- Members of Parliament – Accidental Death and Dismemberment
Premium reinstatement at a reduced rate will begin for the following three lines of insurance:
- Main Plan – Basic Life
- Main Plan – Supplementary Life
- Judges Plan – Basic Life
Premium reinstatement at the previous rate will begin for the following line of insurance:
- Executive Plan – Accidental Death and Dismemberment
Premiums reduction will begin for the following two lines of insurance:
- Members of Parliament Plan – Post Retirement Life
- Judges Plan – Post Retirement Life
There will be no changes to the other lines of insurance.
Notice to Members and Premium Rate Chart
The premium holidays for the above-noted lines of insurance will be in effect for 12 months. All other lines of insurance will 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.
Participating employers with their own pay facilities are required to ensure that premiums remitted to Industrial Alliance during 2016 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.
Should you have any questions regarding this notice, please contact the Pensions and Benefits Sector at email@example.com.
Assistant Deputy Minister
Pensions and Benefits Sector
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