Total Rewards Dave Muir Director Compensation and Benefits
Total Rewards Dave Muir Director, Compensation and Benefits
Great-West Life to
Events/Programs to Know – Vacation Purchase Plan – Retirement Planning Sessions
Retirement Benefits • Continue Supplemental Health benefits after you retire – Must have at least 10 years of continuous service prior to your retirement to be eligible. – Responsible to pay 100% of the premium cost – If you have over 20 years of continuous service you pay 50% of the premium cost until you turn 75. From age 75 onwards you pay 100% of the premium cost.
Paid Leaves • Witness/Jury Duty – 100% of wages • Bereavement Leave – 4 consecutive work days at 100% of wages in the case of death of a parent, spouse, brother, sister, child, mother-in-law, father-in-law – 1 work day at 100% of wages for brother/sister/son/daughter-in-law, grandparent or grandchild
Paid Leaves • • • Maternity Leave – (after 12 months of full time employment) – 17 weeks at 100% of pay • 2 week EI waiting period at 100% of pay • Top up to 100% of pay above EI for an additional 15 weeks Parental Leave – (after 12 months of full time employment) – Can be up to 37 weeks – 18 weeks at 95% of pay • If a 2 week EI waiting period applies we pay 95% of pay and then top up for additional 16 weeks. If no waiting period we top up for 18 weeks. NOTE: If you take a top up you must return for an equal length of time as the top up at the end of the leave or you are required to repay the entire allowance.
• Healthcare Spending Account Maximums for the HCSA are: (HCSA) April 1, 2019 Full-Time Part-Time $825 $580 • Your HCSA can be used for expenses not covered under the Supplementary Health Plan such as prescribed vitamins or vaccines and can be used to top up payment for services, such as deductibles.
Dental Benefits • The plan reimburses members for eligible dental expenses as follows: – Basic dental services 80% – Major dental services 60% – Orthodontic services 50% • The maximum payout is $1, 500 per calendar year. • Orthodontic benefits (covers the whole family) maximum is a $3, 000 lifetime maximum.
Supplementary Health • Semi-Private Hospital room – 100% coverage • Ambulance service – 100% coverage • Out of Province/country emergency medical coverage – No limit & 100% coverage for you and dependents – Doesn’t cover pre-existing conditions
Supplementary Health • Prescription drug Coverage – 80% co-insurance and a $5, 000 annual maximum. • Medical Benefits – 80% co-insurance for the first $500 and 100% coverage thereafter.
Drug Cards
Drug Cards Benefits – Employees aren’t out of pocket for Drug Claims – Get access to the Drug Utilization Review Program – Get a durable plastic card replacing paper Global Medical Assistance Card and GWL Card
Drug Cards Benefits – Might pay less for prescriptions using the Drug card and will never pay more than if submitting a paper claim • By being linked to GWL Pharmacy Benefits Manager (PBM) system GWL limits what the pharmacy can charge for dispensing fees or any additional charges. – No difference in the formulary using a Drug card versus submitting a paper claim form.
Medical Benefits • Private duty nursing - $5, 000 annual maximum • Breathing equipment, orthopedic equipment, prosthetic equipment, mobility aids and communication aids • Hearing Aids - $700 maximum every 5 years • Diabetic supplies • Wigs for cancer patient undergoing chemotherapy - $200 lifetime maximum
Medical Benefits • Paramedical practitioners - $500 annual maximum for combined services: – – – Acupuncturists Chiropractors Dietitians Massage Therapists Naturopaths Osteopaths Occupational Therapists Physiotherapists/Athletic Therapists Podiatrists Psychologists/Social workers Speech Therapists
Helpful Hints for Remitting Claims • Manitoba Blue Cross (Dental) – Direct Bill – Paper Claim forms • Dentist section must be completed by the Dentist • Great West Life (Sup Health & HCSA) – – Direct Bill Paper Claim Forms Online through Groupnet On your phone with Groupnet App
Group Insurance Benefits Group Life includes: • Basic Life equal to one times your annual salary • Optional Life is available on a voluntary basis up to a maximum of 40 units. Each unit is worth $10, 000. Coverage is also available for your spouse. • Dependent Life is available on a voluntary basis up to a maximum of 5 units. Each unit is worth $3, 000 spouse and $1, 500 for each dependent child.
Accidental Death and Dismemberment Insurance (AD&D) AD&D includes: • Basic coverage of $20, 000 for eligible staff members in the event of accidental death and benefits are payable for specified accidental losses. • Voluntary coverage is available on an optional basis. There are benefits for loss of life caused by an accident or specified accidental losses.
Long Term Disability (LTD) • LTD provides income to eligible staff members who are unable to work due to illness or injury. • Coverage is equal to 60% of your monthly earnings, and is coordinated with other sources such as CPP disability benefits up to 85% of your pre-disability monthly earnings. • The plan pays Pension and Premiums for insurance while you’re on LTD.
Long Term Disability (LTD) • Cost of Living is available each January 1, and is equal to the lesser of 1. 5% and the published CPI inflation rate. Increases are subject to the Plan’s actuary review to ensure that the assets are sufficient.
Employee/Family Assistance Plan • • • The EFAP Program is a confidential counselling service which allows you to discuss your personal problems and concerns in an understanding and professional environment away from your work place. The program is designed to help with personal or work-related issues before they become more serious. Many people feel that their problem is not suitable for the EFAP. Some may feel that their problem is too small or minor to use the service. You are encouraged to use the service for what may be perceived as a minor problem in order to prevent these concerns from increasing. Examples of types of problems or concerns are: achieving personal well-being, managing relationships, addressing workplace challenges, smoking cessation, and nutritional support services.
Employee/Family Assistance Plan Life Happens, Let your EAP Program help. • Call your EAP toll-free, 24 hours a day, seven days a week: 1 -800 -387 -4765 TTY Service: 1 -877 -338 -0275 • Or, visit online counselling at: www. shepellfgi. com/ecounselling online resources at: www. shepellfgi. com
Employee/Family Assistance Plan LIFT Session • 6 week program • 3 – 30 minute Sessions per week • Personalized guidance and monitoring through live web chat • Answer questions related to fitness, nutrition, sleep
Pension Plan Benefits • There are two types of pension plans: defined benefit (DB) that offer the security of a clearly defined benefit and a defined contribution (DC) that offer added flexibility and the prospect of enhanced benefits through superior investment experience. • The hybrid plan provides you with a clearly defined formula based pension and lets you benefit fully from strong investment markets. • When you retire, you receive the greater of the DB or the DC benefits.
Pension Contributions • The Year’s Basic Exemption (YBE) and Year’s Maximum Pensionable Earnings (YMPE) are figures set by the federal government to determine CPP benefits $57, 400 (YMPE) 9% of your Basic Salary above the YMPE 7. 2% of your Basic Salary between the YBE and YMPE. $3, 500 (YBE) 9% of your Basic Salary up to YBE.
Pension Contributions Effective January 1, 2019 Salary Total Employee University Employee Contribution Matching Account $35, 000 2, 583 $5, 166 $65, 000 $5, 132 $10, 264 $95, 000 $7, 832 $15, 664 $125, 000 $10, 532 $21, 064
Earning Interest • Your contributions and matching University contributions are directed to the pension fund. • The Pension fund investments are managed by professional money managers. • The Pension Committee monitors the performance of the various managers. • Each month the income from the investments is distributed to your accounts.
Retirement Benefits • Your retirement benefit is calculated using two different methods: The formula pension takes into account your earnings and service history and is: • 2% of average top 5 years of salary Multiplied by years of credited service less • 0. 7% of your highest average annual basic salary under the YMPE Multiplied by years of credited service The formula is reduced by ¼% for each month you retire before your normal retirement date.
Retirement Benefits • A Plan Annuity is the amount of monthly pension that the total value of your contribution account will provide at your retirement date. • The calculation of the Plan Annuity is based on your age, your life expectancy and long-term interest rates (base rate). These factors fluctuate from month to month so it is impossible to determine your exact monthly pension in advance. • The base rate can have a significant impact on the Plan Annuity. The higher the base rate, the higher the monthly amount.
Termination of Employment • Your benefit in the Plan is vested immediately. If you leave your position with the University, you can receive the total value of your contribution accounts, no matter how long you belonged to the Plan. • You can transfer the total value of your contribution accounts to a Locked-In Retirement Account, your new employer provided transfers are accepted or to purchase an annuity.
If You Die Before Retirement • If you die while you are an active member your survivor will receive a benefit equal to the total value of your contributions accounts.
Relationship Breakdown • Your pension is a family asset. If you and your spouse/common-law partner end your relationship, the pension you built during your relationship will be taken into account when your family assets are divided. • All divorces, legal separations and written agreements involving the splitting of family assets are subject to a 50/50 split of pension credits accumulated during the period of marriage or common-law relationship.
Pension Office • Located at 180 Extended Education on Fort Garry Campus • Kate Plett, Pension Administrator – (204) 474 -8476 – Kate. Plett@umanitoba. ca
Staff Benefits Office • You can contact us by e-mail, phone or visiting our office at Room 137 Education Building. • Dustin Luckwell (Surname A – L) – (204) 474 -8085 or Dustin. Luckwell@umanitoba. ca • Lynne Painchaud (Surname M – Z) – (204) 474 -9771 or Lynne. Painchaud@umanitoba. ca
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