November 28, 2004
Public Service Management Insurance Plan (PSMIP) - Premium Holidays
Purpose
The purpose of this notice is to inform plan members and employers
participating under the Public Service Management Insurance Plan (PSMIP) of
premium holidays to six lines of insurance effective January 1, 2005.
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
for the changes necessary to ensure that the plan is financially sound and
continues to operate in the best interest of plan members.
On October 7, 2004, the Treasury Board approved the recommendation of the
Board of Trustees to implement the following premium holidays effective January
1, 2005:
Main Plan
(Employee-paid)
A 12 month premium holiday for Basic Life and Accidental Death and
Dismemberment.
Executive Plan
(employer-paid)
A 12 month premium holiday for Basic Life, Accidental Death and Dismemberment
and Dependants Insurance.
Members of Parliament Plan
(government-paid)
A 12 month premium holiday for Accidental Death and Dismemberment.
Notice to Employees and Premium Rate Chart
The premium holidays apply to the above-noted lines only. The current
premiums for all other PSMIP lines of insurance, including long-term disability
(LTD), will remain in effect for 2005.
Attached is a chart showing the premium rates effective January 1, 2005.
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 National Life during 2005 are in accordance
with the information on the rate chart.
This publication is available via the Treasury Board Web site on Publiservice
and the Internet. To access the site, type one of the following in the address
section of your World Wide Web Browser:
Publiservice access:
http://publiservice.tbs-sct.gc.ca
Internet Access: http://www.tbs-sct.gc.ca
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 Terry Ranger at (613)
941-4463.
Phil Charko
Assistant Secretary
Pensions and Benefits Sector
PUBLIC SERVICE
MANAGEMENT INSURANCE PLAN (PSMIP)
MONTHLY PREMIUM RATES AT JANUARY 1, 2005
* Premium Holiday in effect from January 1,
2005 until December 31, 2005
MAIN PLAN (employee-paid coverage)
|
BASIC LIFE *(premium holiday for 2005)
(Rates per $1,000 of insured salary)
|
|
SUPPLEMENTARY LIFE
(Rates per $1,000 of insured salary)
|
| AGE GROUP |
MALE* |
FEMALE* |
|
AGE GROUP |
MALE |
FEMALE |
Under 31
31-35
36-40
41-45
46-50
51-55
56-60
61-65
66-70
71-75
76-80
81 and over |
0.04
0.04
0.07
0.10
0.17
0.28
0.44
0.51
0.26
0.18
0.28
0.42 |
0.03
0.04
0.04
0.07
0.12
0.20
0.31
0.35
0.20
0.14
0.22
0.33 |
|
Under 31
31-35
36-40
41-45
46-50
51-55
56-60
61-65
66-70
71-75
76-80
81 and over |
0.03
0.03
0.04
0.06
0.10
0.18
0.28
0.34
0.17
0.12
0.19
0.29 |
0.02
0.03
0.03
0.05
0.08
0.13
0.21
0.23
0.13
0.10
0.16
0.24 |
DEPENDANTS'
A. Children only: $0.47 flat rate
B. Spouse & children/spouse only: |
|
|
| AGE GROUP |
MALE |
FEMALE |
|
|
|
|
Under 26
26-30
31-35
36-40
41-45
46-50
51-55
56-60
61-65
66-70
71-80
81 and over |
0.47
0.57
0.75
0.95
1.04
1.22
1.41
1.88
2.82
1.41
2.16
3.20 |
0.47
0.66
0.84
1.04
1.22
1.41
1.88
2.82
4.32
2.16
3.38
5.00 |
|
ACCIDENTAL DEATH & DISMEMBERMENT (AD
& D)*
(premium holiday for 2005)
$0.275/$25,000 unit (maximum 10 units))
LONG-TERM DISABILITY (LTD) (cost-shared coverage)
$1.12 per $1,000 of insured salary.
The Employer pays 85% of the premium ($0.952) for excluded employees and
100% for Executives and equivalents. |
MONTHLY PSMIP PREMIUM RATES AT JANUARY 1, 2005
| EXECUTIVE PLAN (employer-paid coverage) |
| BASIC LIFE*(premium holiday for 2005) |
$0.25 |
per $1,000 of insurance |
| AD & D*(premium holiday for 2005) |
$2.25 |
for $250,000 of insurance |
| DEPENDANTS'*(premium holiday for 2005) |
$1.21 |
Regardless of family status |
| POST-RETIREMENT LIFE |
$1.45 |
per $1,000 of insurance |
|
| MEMBERS OF PARLIAMENT PLAN (government-paid
coverage) |
| BASIC LIFE |
$0.37 |
per $1,000 of insurance |
| AD&D*(premium holiday for 2005) |
$9.13 |
for $250,000 of insurance |
| DEPENDANTS' |
$0.92 |
Regardless of family status |
| POST-RETIREMENT LIFE |
$2.84 |
per $1,000 of insurance |
| JUDGES PLAN (government-paid coverage) |
| BASIC LIFE |
$0.90 |
per $1,000 of insurance |
| AD&D |
$2.50 |
for $250,000 of insurance |
| DEPENDANTS' |
$1.50 |
Regardless of family status |
| POST-RETIREMENT LIFE |
$3.80 |
per $1,000 of insurance |
|
