Date: July 20, 2016
From: UBC Human Resources, UBC Faculty Association and Income Replacement Plan Governance Committee
To: Faculty, Academic & Administrative Executives and M&P (High Earners) who are enrolled in the Income Replacement Plan (IRP)
Subject: Income Replacement Plan – Update on Request for Proposal and New Lower Premium Rate
In December of last year, we informed you that as part of our due diligence in overseeing the plan, the Income Replacement Plan (IRP) Governance Committee was engaging in a competitive market review to assess the IRP plan’s offerings to ensure that it remains market competitive and offers comprehensive coverage with access to market-leading disability resources and support services to the plan membership.
As part of University’s competitive public sector tendering process, a Request for Proposal (RFP) was posted on BC BID and managed through UBC’s Supply Management department.
In response to the RFP, proposals were received from three qualified insurance providers, including Sun Life Financial, the incumbent provider.
The proposals were evaluated on the following five assessment categories:
- Financial Proposal
- Claims Management/Rehabilitation/Return To Work (RTW)
- Administrative Support
- Proposal Submission
An IRP Committee composed of members of the IRP Governance Committee and our Benefit Consultant completed a thorough evaluation of the three proposals received. Based on the pre-determined assessment criteria, Sun Life Financial’s proposal ranked the highest among the bidding providers. Sun Life presented a strong financial proposal resulting in cost savings for IRP members and superior disability claims management capabilities.
The IRP Committee presented to the Faculty Association’s Executive Committee their recommendation to maintain the IRP with the incumbent provider, Sun Life Financial. The Executive Committee approved this decision.
Sun Life remains your IRP provider with a new, lower premium rate
The premium rate will decrease by 9% from 1.231% to 1.120% of payroll. The premium reduction will be applied retroactive to January 1, 2016. A credit will appear on your July 31st pay.
Additional Information and Questions
For more information about the IRP, please visit:
- Faculty: http://www.hr.ubc.ca/benefits/irp-dbp/faculty/
- Academic Executives: http://www.hr.ubc.ca/benefits/irp-dbp/academic-executive/
If you have any questions, please contact Stephanie Mah at 604-822-6823 or email@example.com.