Bulletin
Transit – Income Continuance Plan
January 26, 2022
To: All MoveUP members at BC Transit, Coast Mountain Bus & TransLink
The COPE 378 Health Benefit Trust is committed to providing our members a sustainable and affordable Income Continuance (IC) Plan.
The IC Plan, administered by Desjardins Financial, provides a benefit of 50% of your gross monthly salary, paid twice monthly, if you are unable to work due to an illness or injury. 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 and earn at least 75% of your pre-disability salary. Benefits received are non-taxable and begin after 30 calendar days from your date of disability. While on IC, all your group benefit coverage remains in place, and you continue to receive full credit for pensionable service, all without any cost to you.
The IC Plan is funded by member contributions. This results in benefit payments being non-taxable, ensuring that reductions in take-home pay are minimized during disability and times of financial hardship. The current contribution rate is 2.75% of salary and has remained unchanged since decreasing from 3.25% in 2018. Due to the COVID-19 pandemic, other income continuance 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 for the IC Plan will continue to remain unchanged at 2.75% of salary.
The contribution levels will continue to be assessed regularly to ensure that the Plan has sufficient funds to cover disability payments. This may result in changes to future contribution levels. If you have any questions, please contact the Plan administrator at (604) 473-3852.
The Plan also funds an Employee Assistance Program through Homewood Health, and this benefit is available to all members and your families. To access this resource, please visit: www.homewoodhealth.com.