Benefits Changes – February 2017
Dec 9, 2016
Every year, we get a renewal package from our benefits provider CSBT. And every year, we have to figure out where in our budget we’ll find the funds to continue to cover the broad range of benefits you appreciate as part of your total compensation. A summary of our benefits coverage is posted in our policies and procedures.
This year’s increase was initially in the range of 16% or almost $90,000 per year across our entire benefits plan. The most significant increase is for Long Term Disability with premiums rising 38%. This benefit provides employees with replacement income if they are off work due to illness or injury after 15 weeks. Due to our aging workforce and physically demanding work, our claims have been significantly higher than average.
Our broker has provided us with a number of options to offset some of the increases with savings in other benefits and we’ll be providing you with more information in the coming weeks about the changes. We’ll be looking for your input on these changes.