During the past five years the ILIP Plan has experienced fairly significant utilization. This has made it necessary to make some prudent financial decisions in order to keep the ILIP Plan funded on a sound basis.
The ILIP Plan renewal negotiations this year have been challenging. Canada Life’s original position included an increase to the Short-Term Disability Plan of 42.8%. Your Trustees felt this was not justified and for the last month have been working with our Plan Administrator and Canada Life to find an acceptable solution. Following our negotiations, Canada Life agreed to reduce their initial position which has resulted in an increase to the Short-Term Disability Plan of 19%. This increase will amount to approximately $30,000 annually. Read Bulletin…
