Your Benefits Plan

Premiums

The Power Sector Benefit Trust (PSBT) Plan provides Members with excellent coverage from Long-Term Disability coverage to life insurance, from travel assistance to help with finding a specialist. Make sure you are covered when you need it by keeping up to date with your premiums.

How it works

In general, we require a two-month accumulation of funds—collected from payroll deductions—to commence benefits the first day of the next month. One month of funds is necessary to purchase benefits, and the second month of funds is required as an advance payment for the efficient continuation of your benefits coverage.

Click here to learn more and/or to enroll in the PSBT. 

What you need to get started

1) If immediate benefit activation is required before payroll funds are accumulated to reach sufficient funds, a 2-month lump sum payment must be issued to the PowerSector Office.
2) Non-working members* who wish to join the benefit program must submit a cheque to our office for the total amount equaling to six months of premiums. All cheques must be made payable to "The PowerSector Benefit Trust.”
  * A non-working Member is a Member who has had contributions made to the PSBT through a collective agreement or other written arrangement and is no longer on the payroll of the employer that was making the contributions. They are laid off and therefore not working. If a Member returns to work at another employer and contributions start coming in from the new employer, then the Member returns to working member status.

Payment amounts and contribution types:

Employed Member Contributions: Members who have accumulated funds in their benefit account to pay for at least one month's premium (outlined below). In most instances, these Members are working. Or, if not working, have accumulated enough funds in their account to pay the minimum premium coverage while unemployed.

Employed Member Coverage - SINGLE
  Single Age 65 Age 71 Age 75
Premium: $262.52 $175.47 $174.47 $158.23
Employed Member Coverage - FAMILY
  Family Age 65 Age 71 Age 75
Premium: $370.68 $279.10 $277.10 $260.86

 

Pay-Direct Member Contributions: Applicable to Members who do not have sufficient funds in their benefit account but wish to remain on the Plan. Most often, these are Members who have been laid-off work (and are unable to pay through their employed hours account) or are retired. These Members are required to provide the PSBT a cheque for the amount outlined below on a month-to-month basis.

You may notice the premiums below are lower than the employer member premiums. This is because the LTD premium is not included in Pay-Direct Member coverage.

Pay-Direct Member Coverage - SINGLE
  Single Age 65 Age 71 Age 75
Premium: $206.94 $188.31 $187.23 $169.69
Pay-Direct Member Coverage - FAMILY
  Family Age 65 Age 71 Age 75
Premium: $323.75 $300.23 $298.07 $280.53

Excess contributions

Members can request a refund from the Benefit Plan when a Member account has accumulated to an amount greater than nine months of coverage. There are several good reasons to leave your accumulated funds in your Health & Welfare account, rather than withdrawing your funds–it’s beneficial to you and the Membership as a whole.

 

Building a benefits cushion helps you in the event you become unemployed for reasons such as lay-offs, disability or illness, and retirement. Excess funds pay for your future benefit coverage, so you don’t lose sleep at night. And remember, these contributions were made with pre-tax dollars—if you withdraw them, then you will need to pay the personal taxes on them at your current taxation rate! The interest accumulated on the Member balances contributes to the administrative and operating expenses of the Plan. Because of this, the Trustees can keep operating costs of the Plan lower for all Members. And finally—the excess accumulated funds are held in trust for you. If you die, your family can access your account and either withdraw the funds or continue to use them to purchase benefits.

 

Check out the following two videos for more info on this topic.

(If you would still like to withdraw your excess funds, click here for the PSBT Excess Funds form.)