The Public Service Management Insurance Plan - Premium Rates effective January 1, 2010
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December 22, 2009
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 lines of insurance effective January 1, 2010.
Background
Each year, the Board of Trustees reviews the financial operation of the Plan. Based on this review, the Trustees make recommendations to 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 4, 2009, the President of the Treasury Board approved the recommendation of the Board of Trustees to continue the premium holiday for the following three lines of employer-paid insurance:
- Executive Plan – Accidental Death and Dismemberment;
- Executive Plan – Dependants' Insurance; and
- Members of Parliament – Accidental Death and Dismemberment.
Further, the President of the Treasury Board approved the recommendation of the Board of Trustees for a 12 month premium holiday for the following two lines of insurance.
- Main Plan – Dependants' insurance;
- Members of Parliament – Post-Retirement Life Insurance; and
In addition, the President of the Treasury Board approved the recommendation of the Board of Trustees for a decrease in the premium rate for the following two lines of employer-paid insurance:
- Executive Plan – Basic Life – 30% premium rate reduction; and
- Judges Plan – Basic Life – 25% premium rate reduction.
Notice to Employees and Premium Rate Chart
These premium holidays will remain in effect from January 1, 2010 until December 31, 2010. The duration of the reduction in premium rates for the two lines of insurance noted above will be reviewed based on experience of the plans. All other lines of insurance remain the same.
Attached is a chart showing the premium rates effective January 1, 2010, 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 2010 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 pay and benefits specialist. Chiefs of Compensation at the corporate level may call Ginette Baker at (613) 946-4336 or at Ginette.Baker@tbs-sct.gc.ca.
W. Davern Jones
Assistant Deputy Minister
Pensions and Benefits Sector
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