Bulletin
CNS/COPE – Long Term Disability Plan
January 18, 2022
To: All MoveUP Members at CNS
The COPE 378 Health Benefit Trust is committed to providing our members a sustainable and affordable long term disability insurance plan (LTD Plan).
The LTD Plan, administered by Desjardins Financial, provides a benefit of 75% of the first $500 of your gross monthly salary, and 50% of the excess in the event you are unable to work due to an illness or injury, up to a monthly maximum. You are covered for 2 years if you are unable to work at your own occupation, and up to age 65 if you are unable to work at any suitable occupation. Benefits received are non-taxable and begin after the exhaustion of your paid sick leave. While on LTD, all your group benefit coverage remains in place, and you continue to receive full credit for pensionable service, all without any cost to you.
After a recent review of the LTD Plan, we are pleased to announce that the monthly maximum benefit is increasing effective January 1, 2022, from $3,500 and $3,000 for ICBC and CNS members respectively, to $4,500. For members employed by the Union, the monthly maximum is $5,000 and will remain unchanged.
The LTD Plan is funded by member contributions. This results in benefit payments being non-taxable, ensuring that reductions in take-home pay is minimized during disability and times of financial hardship. The current contribution rate is 3.25% of salary and has been unchanged since July 2007. Due to the COVID-19 pandemic, other LTD plans are experiencing increased rates. However, given the Plan’s experience over the past few years, we are pleased to report that the contribution rate will continue to remain unchanged at 3.25% of salary.
The contribution levels will continue to be assessed regularly and may result in changes to future contribution levels. If you have any questions, please contact the Plan administrator at (604) 473-3852.
