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E a s t e r n   U p d a t e - Tuesday, February 24, 2004

LTD Rates:

March 1, 2004 is the renewal date for our LTD plan with OTIP. Last year due to “experience” (plan usage), we were considered to be at the highest level. This resulted in a premium increase of 9%. This year our experience is in the mid-range (lower) so the increase is 5 %. The premium rate for our flex plans will increase from 1.49% to 1.57% and from 1.68% to 1.76% of salary. The increase is approximately $3.33 per month.

The impact of the rate adjustment based on a salary of $50,000 is outlined below:

Option 1

Current Rate 1.49% x $50,000 = $745.00 ¸ 12 = $62.08
Renewal Rate 1.57% x $50,000 = $785.00 ¸ 12 = $65.42

Difference $3.34 per month

Option 2

Current Rate 1.68% x $50,000 = $840.00 ¸ 12 = $70.00
Renewal Rate 1.76% x $50,000 = $880.00 ¸ 12 = $73.33

Difference $3.33 per month

OECTA Survey

OECTA Provincial will be conducting a survey of beginning teachers to assess the needs of our members and programs which would best meet their needs. This survey will begin on Thursday evening. If you are in your first five years of teaching, you may be contacted by Vector research, the agency conducting the survey.

 
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