Glossary

The following are commonly used terms in relation to the Health & Welfare Plan and Pension Plan. If you have additional questions, please contact the Plan Administrator.

Administrator	D.A. Townley. The Administrator co-ordinates enrolment into the Plans, claims payment, Pension processing and answers all Member questions regarding the Health & Welfare or Pension Plans.
Annuity	Pension income purchased from a life insurance company.
Beneficiary	The person(s)/Estate that you designate to receive Life Insurance, Accident Insurance and/or Pension benefits upon your death.
Co-Insurance	The amount paid by the Member after the deductible has been satisfied on any Extended Health, Vision Care, Dental or Supplemental Travel claim.
Coordination of Benefits	The ability to make a claim for Extended Health Care and/or Dental eligible expenses under your Benefits Plan and your spouse’s benefits plan. This allows you to receive up to 100% reimbursement for an eligible Extended Health Care or Dental expense.
Deductible	The amount of out-of-pocket expense that a Member must incur prior to being eligible for reimbursement on subsequent claims.
Defined Benefit Pension Plan	A type of Pension Plan where the formula that will be used to calculate your Pension benefits is pre-determined. Usually it is tied to your annual earnings while working. For example, the Pension benefit formula used to determine your annual Pension benefit at retirement might be: 50% of your earnings in the year immediately prior to retirement. If you earned $60,000 in your final year of employment, your Pension benefit would be $30,000/year.
Dependent	A dependent for this Plan is defined as: a) The spouse of a covered Member; b) Any unmarried child of a covered Member to age 21, (age 19 for MSP) provided such person is mainly dependent on and living with the covered Member; c) Any unmarried child of a covered Member to age 25 provided the child is in full-time attendance at a recognized school, college, or university; d) Any unmarried mentally or physically handicapped child of a covered Member to any age, provided such person is mainly dependent on and living with the covered Member or the spouse of the covered Member.
Dispensing Fee	The pharmacist’s charge for filling a prescription (also see Professional Fee).
Locked-in Vehicle	Locked-in RRSP or Retirement Account to which you transfer funds from a Registered Pension Plan after you terminate employment. Locked-in means that funds transferred must be used to provide retirement income.
Lowest Cost Alternative Drug	The lowest cost equivalent product that can be legally used to fill the prescription as listed in the Provincial Drug Formulary listing.
Old Age Security	Government provided Pension payable to all Canadians from age 65 based on your years of residence in Canada, and subject to claw-back if your retirement income after age 65 exceeds a certain level.
Paramedical	Services provided by a licensed practitioner including: naturopath, physiotherapist, podiatrist, chiropractor, clinical psychologist or osteopath.
Pension Benefits	The income that you will receive at retirement.
Self- Pay	Mechanism that allows unemployed members to pay monthly premiums out of their pocket and continue to participate in the Benefits Plan for up to twelve months.
Weekly Indemnity	A benefit that pays $573 per week for up to 26 weeks if you are unable to work due to sickness or accident. See Weekly Indemnity for details on this benefit.