CBC employees and pensioners who participate in the optional life insurance plans are about to get a break. The plans are in a surplus position, so this week the Consultative Committee on Staff Benefits approved a three-month premium holiday, beginning January 1, 2008. This premium holiday follows a 10-per cent rate decrease on the optional life premiums that the CCSB passed at the September meeting.
The Long-Term Disability plan also continues to show improvement. The number of CBC employees drawing LTD has dropped below 290 for the first time in four years. While it’s too early to say exactly why that’s the case, the number of members who are on LTD for stress-related reasons seems to be lower than we’ve seen in recent years. Unions and the CBC have been trying to help employees who are on sick leave at an earlier time to ensure they’re getting proper attention, and this may be helping get people back to work before they have to go on LTD.
On the pension buyback front, the CBC is prepared to allow employees who have contract service under the old SARDEC and UdA agreements in Quebec buy back certain kinds of contract service after 1982. The categories are similar to those under the old ACTRA agreements. The CBC expects the amendment to the pension plan to be in effect by February 1, 2008. If you have any SARDEC or UdA service in your CBC past, keep an ear out for specific details from the corporation.
One final note: each spring, CBC employees who have unused time off in lieu accumulated from the previous year are required to take some or all of that time in cash. Last spring, members of the group RRSP were given the option of directing that money into their RRSPs. Only 13 members took advantage of the opportunity in 2007, and they won’t need to scramble so much for cash as the RRSP deadline approaches. If you find yourself with unused TOIL at the end of this fiscal, you’ll get more value out of your money in the group RRSP than simply taking the cash. The CBC and CCSB will review the group RRSP in the New Year with an eye to finding ways of attracting more participants. Enrolment continues to be low for a selection of plans that’s competitive both on performance and fees.
Your CCSB representatives at the December meeting: