We are currently moving our web services and information to Canada.ca.

The Treasury Board of Canada Secretariat website will remain available until this move is complete.

The Public Service Management Insurance Plan - Premium Rates effective January 1, 2009

Archived information

Archived information is provided for reference, research or recordkeeping purposes. It is not subject à to the Government of Canada Web Standards and has not been altered or updated since it was archived. Please contact us to request a format other than those available.

Archived

This page has been archived on the Web.

December 5, 2008

To: Compensation Managers
Heads of Human Resources
Participating Separate employers
Plan Members

Purpose

To inform plan members and employers participating under the Public Service Management Insurance Plan (PSMIP) of premium decisions regarding three lines of insurance effective January 1, 2009.

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 regarding premium rates necessary to ensure that the plan is financially sound and continues to operate in the best interest of plan members.

On December 4th 2008, the Treasury Board approved the recommendation of the Board of Trustees to continue the premium holidays for the following three lines of employer-paid insurance.

  1. Executive Plan – Accidental Death and Dismemberment;
  2. Executive Plan – Dependants' Insurance; and
  3. Members of Parliament – Accidental Death and Dismemberment.

As a result, the premium for the Judges Plan Basic Life is re-instated effective January 1, 2009.

Notice to Employees and Premium Rate Chart

The premium holidays will remain in effect for the calendar year 2009. The premium holidays and the rate increase apply to the above-noted lines of insurance only. All other lines of insurance remain the same.

Attached is a chart showing the premium rates effective January 1, 2009, for all lines of insurance. 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 Industrial Alliance during 2009 are in accordance with the information on the rate chart.

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 Robert Allard at (613) 952-5118 or at Robert.Allard@tbs-sct.gc.ca.

Phil Charko

Assistant Secretary
Pensions and Benefits Sector

PUBLIC SERVICE MANAGEMENT INSURANCE PLAN (PSMIP)
MONTHLY PREMIUM RATES AT JANUARY 1, 2009

MAIN PLAN (employee‑paid coverage)

BASIC LIFE

(Rates per $1,000 of insured salary)
AGE GROUP MALE FEMALE
Under 31 0.04 0.03
31-35 0.04 0.04
36-40 0.07 0.04
41-45 0.10 0.07
46-50 0.17 0.12
51-55 0.28 0.20
56-60 0.44 0.31
61-65 0.73 0.50
66-70 0.84 0.62
71-75 0.39 0.32
76-80 0.28 0.22
81 and over 0.42 0.33

SUPPLEMENTARY LIFE

(Rates per $1,000 of insured salary)
AGE GROUP MALE FEMALE
Under 31 0.03 0.02
31-35 0.03 0.03
36-40 0.04 0.03
41-45 0.06 0.05
46-50 0.10 0.08
51-55 0.18 0.13
56-60 0.28 0.21
61-65 0.58 0.40
66-70 0.64 0.49
71-75 0.32 0.25
76-80 0.19 0.16
81 and over 0.29 0.24

DEPENDANTS'

  1. Children only: $0.47 flat rate
  2. Spouse & children/spouse only
(Rates per $1,000 of insured salary)
AGE GROUP MALE FEMALE
Under 26 0.47 0.47
26-30 0.57 0.66
31-35 0.75 0.84
36-40 0.95 1.04
41-45 1.04 1.22
46-50 1.22 1.41
51-55 1.41 1.88
56-60 1.88 2.82
61-65 2.82 4.32
66-70 1.41 2.16
71-80 2.16 3.38
81 and over 3.20 5.00

ACCIDENTAL DEATH & DISMEMBERMENT (AD&D)

$0.275 per $25,000 unit (maximum 10 units)

LONG‑TERM DISABILITY (LTD) (cost-shared coverage)

$1.40 per $1,000 of insured salary.

The Employer pays 85% of the premium ($1.19) for excluded employees and 100% for Executives and equivalents.

MONTHLY PSMIP PREMIUM RATES AT JANUARY 1, 2009

*Premium Holiday in effect from January 1, 2009 until December 31, 2009


EXECUTIVE PLAN (employer‑paid coverage)
BASIC LIFE $0.25 per $1,000 of insurance
AD&D* (premium holiday for 2009) $2.25 for $250,000 of insurance
DEPENDANTS'*(premium holiday for 2009) $1.21 Regardless of family status
POST- RETIREMENT LIFE $1.92 per $1,000 of insurance

MEMBERS OF PARLIAMENT PLAN (government‑paid coverage)
BASIC LIFE $0.55 per $1,000 of insurance
AD&D*(premium holiday for 2009) $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
Date modified: