Formerly known as the “TWU-USW Employee Life and Health Plan (ELHP)”; MYUNIONPLAN@Work is your member-funded life and disability insurance plan. The Plan focuses on addressing gaps in your existing benefit coverage.
To provide peace of mind to members and their families during times of need by delivering group benefits with a high degree of security.
MY LIFE PLAN @Work
Lump-Sum Payment = 1 x Annual Earnings, rounded to nearest $1,000 + $2,000
Family Income Security Benefit
Whether you are a one-income or two-income family, your lifestyle was built around a dependable source of income. This benefit provides your loved one(s) with long-term financial support.
Monthly Benefit = 25% of Annual Earnings / 12
If your beneficiary is your spouse, MY UNION PLAN’s FIS benefit will provide a stream of income for their lifetime or ten years, whichever is longer. If your beneficiary is not your spouse, the benefit is payable for ten years.
MY DISABILITY PLAN @Work
Safeguard the life you lead and the people you love, should something happen to you.
Weekly Indemnity (“WI”) Benefit*
This benefit is a top-up to company-provided benefits. In times when the costs of living are so high, and most people are struggling to save, receiving only parts of your income while on disability is just too risky. This benefit is paid out once per month.
Company Benefits + MyDisabilityPlan@Work = similar to pre-disability income net of taxes
There is no need to provide medical evidence of insurability for new union members.
You only need to complete your enrolment form or tick off the box on your union membership form within 60 days of being hired to qualify.
After 60 days, you can still enroll, but you will be required to complete a short medical questionnaire.
THE FINE PRINT
MY UNION PLAN is funded by the members for the benefit of the members, not for the profit of an insurance company.
The current contribution rate is:
1.5% of Salary for Regular Employees
1.2% for Temp and Term Employees (Life Benefits only)
We encourage you to compare those rates to those of insurance companies for similar coverage.
Benefits are non-taxable
Since the cost of benefits is member paid, any benefits paid out are non-taxable to you and your beneficiaries.
After your enrolment in the Plan has been accepted, we will notify your employer to start making payroll deductions. The deduction will show on your payroll statement as “ELH”.
We are a union-sponsored employee benefits plan funded by member contributions to provide group benefits to eligible union members.
The Union appointed Plan Trustees on an annual basis review the financial solvency of the Plan as well as the adequacy of the required contribution rate.
In order to maintain the operation of the Plan on a sound actuarial basis, the Trustees have the right to change the contribution rate as required to achieve this goal. It is important to note that since the current form of the Plan commenced in 1985, there has only been one contribution rate increase. In 2003, the rate was increased from 1.2% to 1.5% of pay.