To: Eligible OSSTF Education Workers and Long-Term Assignment Education Workers
From: Donna Morrison, Executive Director
July 6, 2022
Renewal of the OSSTF Life Insurance, Accidental Death and Dismemberment and Health and Dental Benefits Plan
The OSSTF Benefits Plan Life Insurance and Health and Dental Benefits provided by Manulife and AD&D (Accidental Death and Dismemberment) Benefits provided by Teachers’ Life, renew effective September 1 of each year. September 1, 2022 is the fifth renewal of the OSSTF Benefits plan.
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.
The OSSTF Benefits Plan is funded by two sources:
The negotiated FTE (Full Time Equivalent) Funding as outlined in the OSSTF Central Agreement for Education Workers: This is the major source of funding for the plan. The current level of FTE funding is $5,655 annually per FTE including retail sales tax.
Member contributions towards the plan: Member contributions toward the health and dental benefits are 6% of the budgeted premium rates for full time members (1.0 FTE) and pro-rated for less than full time members. Since the member contributions have not changed since inception, they no longer represent this proportion of the plan costs. There are also member contributions for members who elect to participate in the Optional Life Benefits and members who are on a leave of absence and elect to continue to participate in the plan.
As the OSSTF Central Agreement for Education Workers expires August 31, 2022, the future FTE funding of the OSSTF ELHT is unknown and will be held at the current levels until a new Central Agreement is ratified.
Taking all these factors into account, the OSSTF Benefits Board of Trustees has approved the September 1, 2022 renewal resulting in an overall increase of 2.7% to the cost of the plan. By line of benefit, the approved renewal action is as follows:
The claims experience of the OSSTF Benefits Plan will continue to be monitored regularly by the trust. It is important to note that based on the evolution of the plan’s claims experience and the status and potential outcome of negotiations of the OSSTF Central Agreement, it may be necessary to implement an increase to the member contributions and/or implement some cost containment changes to the plan. 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, 2023.
If you have any questions please contact Donna Morrison, Executive Director at OSSTF Benefits, at email@example.com.
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