The University of Waterloo renews benefit rates every May 1st. Participation is mandatory for all eligible full-time and part-time employees. Part-time employees are responsible for a portion of the total rate. For example, a part-time employee that works 3 days per week, year round, would have a FTE (full-time equivalency) of 60% the employee would be responsible for paying 40% of the cost. This cost sharing arrangement continues to apply in retirement for employees who are eligible for post-retirement (life insurance and extended health) benefits.
| Single | Family |
|---|---|
| $71.88* | $229.38* |
*includes taxes
| Single | Family |
|---|---|
| $55.00* | $165.51* |
*includes taxes
Disability benefits are designed to provide you with income continuation during periods of illness or injury.
| Long-term disability |
|---|
| 1.015% of earnings |
*Rates do not include applicable taxes
| Salary | Employee monthly premium rate 1.015% effective May 1, 2023 |
|---|---|
| $35,000 | $29.60 |
| $65,000 | $54.98 |
| $100,000 | $84.58 |
| $125,000 | $105.73 |
| $192,454 | $162.78 |
Coverage for life insurance is available to a maximum of six times an employee’s annual earnings. Basic life insurance of one times earnings is provided for all employees and fully paid for by the University. Employees can elect optional life insurance coverage to a maximum of six times annual earnings when combined with basic life insurance.
| Benefit | Cost sharing | Employee rates | University rates |
|---|---|---|---|
| Basic life (1 x annual earnings) | 100% University paid | Nil | $0.139/$1,000 of coverage per month |
| Additional basic life (1 to 2 x annual earnings) | 66.7% University paid | $0.0463/$1000 of coverage per month |
$0.0927/$1,000 of coverage per month |
| Optional life (1 to 3 x annual earnings) | 0% University paid | Based on age, gender and smoking status (see rate table) | Not applicable |
*Rates do not include applicable taxes
The monthly premium corresponding with coverage of 3 x annual earnings for an employee with annual earnings of $50,000 is $20.85 per month with cost sharing as follows:
| Coverage | Employee monthly premium | University monthly premium | Total premium |
|---|---|---|---|
| Basic: $50,000 | $0.00 | $6.95 | $6.95 |
| Additional basic: $100,000 | $4.63 | $9.27 | $13.90 |
| Optional: $0 | $0.00 | $0.00 | $0.00 |
| Total monthly premiums | |||
| Combined: $150,000 | $4.63 | $16.22 | $20.85 |
The monthly premium corresponding with coverage of 6 x annual earnings for an employee with annual earnings of $50,000 is $39.04 per month with cost sharing as follows:
| Coverage | Employee monthly premium | University monthly premium | Total premium |
|---|---|---|---|
| Basic: $50,000 | $0.00 | $6.95 | $6.95 |
| Additional basic: $100,000 | $4.63 | $9.27 | $13.90 |
| Optional: $150,000 | $18.19 | $0.00 | $18.19 |
| Total monthly premiums | |||
| Combined: $300,000 | $22.82 | $16.22 | $39.04 |
| Age | Male smoker | Male non-smoker | Female smoker | Female non-smoker |
|---|---|---|---|---|
| Less than 24 | $0.0425 | $0.0175 | $0.0175 | $0.012 |
| 24-34 | $0.050 | $0.024 | $0.0277 | $0.0175 |
| 35-39 | $0.0574 | $0.0277 | $0.0351 | $0.024 |
| 40-44 | $0.0777 | $0.0425 | $0.050 | $0.0277 |
| 45-49 | $0.1398 | $0.0638 | $0.0768 | $0.0453 |
| 50-54 | $0.249 | $0.1213 | $0.1277 | $0.0768 |
| 55-59 | $0.4148 | $0.2037 | $0.2037 | $0.1213 |
| 60-64 | $0.600 | $0.300 | $0.3324 | $0.1981 |
| 65-69 | $0.8675 | $0.4343 | $0.5231 | $0.325 |
Effective May 1, 2023, members are required to contribute to the pension plan as follows:
| Benefit | Monthly Rates | Cost Sharing |
|---|---|---|
| Pension – employee contributions only |
|
100% employee paid |
In addition, you are required by law to make Canada Pension Plan contributions. The current Canada Pension Plan contribution rate is 5.70% of earnings between the basic exemption (BE) of $3,500 and the YMPE.
