Changes to Your Plan
Since December 2003, The LTD Plan has improved from a deficit of $35.3 million to a surplus of $16.6 million in December 2008. As a result, the Nova Scotia Public Service Long Term Disability Plan Trust Fund together with your Employer and the NSGEU have decided to lower premiums and extend benefits.
Changes to the Plan include a 25% reduction in premium rate payments, and extended benefits from age 60 to 65 and over. These changes mean you get to keep more of your salary while still making a minimal contribution to your continued financial security, and for those who wish to remain in the workforce longer; the Plan will continue to provide them with benefits. Other changes to the Plan include:
- Covered salary has been increased from $120,000 to $175,000
- Coverage beyond age 63 is limited to two years of benefits
- Benefits are increased from 65% to 70% after three years in receipt of LTD
- Rehabilitation income deducted is reduced from 50% to 35% after five years in receipt of LTD (i.e. employees get to keep more of what they make when participating in a rehabilitation employment program, up to 100% of salary)
- The 80% All Source Maximum (employee's total income from all sources, used when determining benefits) has increased to 90% after five years in receipt of LTD
With these substantial improvements in the LTD Plan we're on our way to realizing our vision of being the best national provider of income protection and wellness services, and providing you with confidence and value to approach whatever change or phase of life that you might be in.
Still have questions? Visit our FAQ page for additional information.