Memo: 2020 Income Replacement Plan Premium Rate Change (January 14, 2020)

On Jan. 8, HR issued a memo: 2020 Income Replacement Plan Premium Rate Change

The long-term disability plan for Faculty Association members, Academic & Administrative Executives, and M&P staff enrolled in the Faculty Pension Plan (FPP) is called the UBC Income Replacement Plan (“IRP”). This is a mandatory, employee-paid plan that provides a monthly income should you become unable to work due to illness or disability, once you have passed the qualifying period.

In 2020, the IRP premium rate will decrease from 1.487% to 1.190% of earnings. The new premium rate will be implemented on the first pay cheque after January 1st.

See all HR memos at http://www.hr.ubc.ca/memos/.