Date: Jan. 15, 2015
From: M&P DBP Governance Committee
To: M&P and Administrative Executive Staff Enrolled in the M&P Disability Benefit Plan (DBP)
Subject:DBP Premium Holiday Ending December 2014
The long term disability plan for eligible M&P and Administrative Executive members is called the Disability Benefit Plan (DBP). Your Disability Benefit Plan (DBP) is a mandatory, employee-paid plan that provides a non-taxable monthly income for those who meet the definition of disability, and who have been unable to work for a period of six months (the elimination or qualifying period) as a result of the disability. This monthly income replacement benefit, which is based on a percentage of your income, is paid during the period of disability, up to age 65. This insured plan is administered by Sun Life Financial, with oversight from the DBP Governance Committee. Premiums for this plan are deducted from each of your pay cheques.
M&P and Administrative Executive staff enrolled in the DBP have been on a “premium holiday” for the month of December, 2014. Under this premium holiday you have had DBP plan coverage, but have not had to pay premiums. This one-month premium holiday was put in place because there was a surplus fund from the wind-up of the old self-insured plan.
Your premium holiday concluded at the end of December, 2014. Regular DBP premium deductions resume as of the Jan. 1-15 pay period. The premium rate that applies for 2015 is 1.049% of your earnings, a reduction from the 2014 premium of rate of 1.310%.
On an annual basis, we will continue to review the disability plan to ensure that it meets the needs of our members, and remains financially competitive.
For Additional Information
Detailed information about the DBP Plan can be located on the UBC Human Resources web site:
- M&P: www.hr.ubc.ca/benefits/irp-dbp/management-professional/
- Administrative Executives: www.hr.ubc.ca/benefits/irp-dbp/administrative-executive/spp/
If you have any questions, please contact Stephanie Mah at 604-822-6823 or email@example.com.