OSSTF Benefits Memorandum

To: Eligible OSSTF Education Workers and Long-Term Assignment Education Workers

From: Donna Morrison, Executive Director

September 3, 2021

Renewal of the OSSTF Benefits Plan

This memorandum is to provide notification to eligible members regarding the following renewal action for the OSSTF ELHT Life, Accidental Death and Dismemberment (AD&D), Health and Dental benefits that has been approved by the OSSTF Benefits Board of Trustees, effective September 1, 2021.

 

• A reduction of 4.1% to the Basic Life insurance rate and no change to the Basic AD&D insurance rate: For active members, the Basic Life and Basic AD&D insurance premium are funded through the negotiated FTE funding. This will not impact member contributions, but it will result in a slight decrease to the T4As issued annually for these taxable benefits.

 

While planning for the 2021 renewal, it was discovered that last year’s renewal action for the Basic Life insurance was not implemented. The OSSTF ELHT has received written confirmation that the 2021 renewal rates took into account the actual premiums paid in the 2020/21 Financial Year and were adjusted accordingly. (NOTE: As stated above, for active members, the Basic Life Insurance premium is funded through negotiated FTE funding and is not member paid.)

 

• A reduction of 10% to the current member-paid Optional Life rates and no change to the member-paid Optional AD&D rates: This will result in a slight decrease to the monthly premiums for members who are participating in the Optional Life and Optional AD&D benefits. It is important to note that Optional Life rates are based on 5-year age bands. Each September 1, OTIP updates the database, and if a member or spouse’s age brings them into the next 5-year age band, these premiums will change. OTIP will advise members of this age band rate change. Members and spouses always have the option of reducing or cancelling their Optional Life coverage.
• No change to the member contributions for members participating in the Extended Health Care and/or Dental Care benefits: No change to the member contributions for active members and those on leave who are participating in the health and/or dental benefits.

 

It is important to note that since inception of the OSSTF Benefits Plan, member contributions towards the health and dental benefits have not changed. The OSSTF ELHT Board of Trustees have given approval that they are also being held through the 2021 renewal. The claims experience under these benefits continues to be monitored regularly by the trust and it may be necessary to implement an increase to the member contributions.  If necessary, members will be provided advance notice of any change, but the effective date of the change may be prior to the next scheduled renewal date of September 1, 2022.

 

One of the main principles that guides the OSSTF ELHT Board of Trustees in its work on behalf of plan members is protecting the long-term sustainability of the OSSTF Benefits Plan while also ensuring comprehensive coverage for members and their families. Achieving this balance includes responsible financial management and following the benefits industry’s best practices.

If you have any questions please contact Donna Morrison, Executive Director at OSSTF Benefits, at donna.morrison@osstfbenefits.ca.

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The information in this document is provided by OSSTF Benefits for general information only. OSSTF Benefits endeavours to have all information current and accurate. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, or suitability of the information included. All information is subject to change without notice.

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