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Highlights from the June 2009 CCSB meeting

CBC employees who pay into the Accidental Death and Dismemberment plan are about to get a break on the premiums. The voluntary plan is in good shape and has a surplus, so at the June meeting of the Consultative Committee on Staff Benefits (CCSB) we approved a premium holiday for existing members. It will run from July 2009 through March 2010.

There will be stability in our premiums for the Long Term Disability plan. After discussions with Great West Life, the CCSB voted to maintain our premiums at the current rate, which is 1.55 per cent of base salary. That will take effect on Oct. 1, 2009 and continue for a year after than date.

It came to our attention that some long-term employees have been told they can opt out of LTD after 35 years. For most people this is not a good idea, seeing as employees can remain in the LTD plan until they turn 65. Anyone considering opting out should talk to a union rep before making any decision.

We were briefed by Debra Alves, managing director and CEO of the CBC Pension Plan, on the fund’s 2008 performance. The past 12 months have been a roller for the economy and financial markets. The CBC plan has experienced that turmoil, but compared to other Canadian pension plans it fared well in 2008. It lost money, but its performance was at the top of the pension fund world. Members of the plan should be receiving a summary of the plan’s 2008 annual report. We encourage you to read it. You also can access the full document at the Pension Administration Centre website or through the CBC intranet.

Still with retirement stuff, the CCSB also was briefed on the performance of our Group RRSP plan during 2008. The equity funds all lost ground as stock markets at home and abroad plummeted in the second half of the year. Our fixed income funds, including the bond fund, had positive results. The overall value of our Group RRSP funds dropped by 18.25 per cent in 2008.

The CCSB has agreed to share the cost of the CBC’s flu vaccine program this year up to a maximum of $25,000. Although we ultimately see it as the Corporation’s responsibility, we are willing to split the cost because we think it’s valuable for employees to have a vaccination program offered through the workplace. Universal accessibility for employees and pensioners at all CBC locations is a condition of our support. Last fall 2,551 people received flu shots through the CBC program.

Your representatives at the June CCSB meeting:
Bob Fisher
Marc-Philippe Laurin
Ralph Legare
Carrie May
Barbara Saxberg
Jon Soper
Gabi Durocher
Dan Oldfield

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