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;
|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.|