The Staff Benefits Advisory Committee (SBAC) has completed its annual review of the Benefit Plans. We are pleased to report that the financial status of all the plans remains very positive.
The experience of the Health Plan for 2007 was better than anticipated. As the contributions for 2007 were more than sufficient to cover the claims experience for the year, we are pleased to advise that there will be a decrease in the contributions to the Health Plan for 2008.
The contributions for 2007 for the Dental Plan were sufficient to cover the claims experience for the year. Nonetheless, an increase is required to cover the future claims experience, and inflationary trends in dental care.
In its annual review, the Staff Benefits Advisory Committee evaluates the plans with a view to ensure that they are kept current and competitive with other plans. As a result of this review, we are pleased to announce that the combined annual maximum under the Dental Plan will increase from $2,100 to $2,500.
The new MONTHLY contribution rates for employees and pensioners, effective January 1, 2008, will be as follows:
|January 1, 2008||Single||$37.14||$22.65|
Plus 9% sales tax for Quebec residents
As always, the University will match these contribution rates.
Long Term Disability Plan
The results of the analysis of this Plan indicate that the current premiums are sufficient to cover the costs associated with the claims experience. Therefore, the current rate of $0.94 per $100 of monthly earnings will remain in effect for 2008.
Life Insurance Plan
The results of the analysis of the optional life insurance plan indicate that the current premiums are sufficient to cover the costs associated with the claims experience. Therefore, the current rates will remain in effect for 2008.
Any questions concerning the above should be addressed to Pensions and Benefits at (514) 398-4900.
Lynne B. Gervais