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.
Extended health
| Single | Family |
|---|---|
| $78.95* | $251.90* |
*includes taxes
Dental
| Single | Family |
|---|---|
| $62.25* | $187.34* |
*includes taxes
Long-term disability*
Disability benefits are designed to provide you with income continuation during periods of illness or injury.
| Long-term disability |
|---|
| 1.167% of earnings |
*Rates do not include applicable taxes
Example of rates on salary:
| Salary | Employee monthly premium rate 1.167% effective May 1, 2024 |
|---|---|
| $35,000 | $34.04 |
| $65,000 | $63.21 |
| $100,000 | $97.25 |
| $125,000 | $121.56 |
| $192,454 | $187.16 |
Life insurance*
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 | $0.146/$1,000 of coverage per month |
| Additional basic life (1 to 2 x annual earnings) | 66.7% University paid | $0.0486/$1000 of coverage per month |
$0.0974/$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
Example 1: Employee earns $50,000 per year and elects 3 x annual earnings coverage
The monthly premium corresponding with coverage of 3 x annual earnings for an employee with annual earnings of $50,000 is $21.90 per month with cost sharing as follows:
| Coverage | Employee monthly premium | University monthly premium | Total premium |
|---|---|---|---|
| Basic: $50,000 | $0.00 | $7.30 | $7.30 |
| Additional basic: $100,000 | $4.86 | $9.74 | $14.60 |
| Optional: $0 | $0.00 | $0.00 | $0.00 |
| Total monthly premiums | |||
| Combined: $150,000 | $4.86 | $17.04 | $21.90 |
Example 2: Employee (male, age 50, non-smoker) earns $50,000 per year and elects 6 x annual earnings coverage
The monthly premium corresponding with coverage of 6 x annual earnings for an employee with annual earnings of $50,000 is $43.80 per month with cost sharing as follows:
| Coverage | Employee monthly premium | University monthly premium | Total premium |
|---|---|---|---|
| Basic: $50,000 | $0.00 | $7.30 | $7.30 |
| Additional basic: $100,000 | $4.86 | $9.74 | $14.60 |
| Optional: $150,000 | $21.90 | $0.00 | $21.90 |
| Total monthly premiums | |||
| Combined: $300,000 | $26.76 | $17.04 | $43.80 |
| 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 |
Pension
Effective May 1, 2024, members are required to contribute to the pension plan as follows:
| Benefit | Monthly Rates | Cost Sharing |
|---|---|---|
| Pension – employee contribution rate |
|
The University funds the balance of the cost of the pension benefit you earn under the pension plan, as determined by the plan's Actuary |
In addition, you are required by law to make Canada Pension Plan contributions. The current Canada Pension Plan contribution rate is 5.95% of earnings between the basic exemption (BE) of $3,500 and the YMPE.
Employee & Family Assistance Program (EFAP)
| University Paid | Employee Paid |
|---|---|
| 100% ($2.50 per employee/month) | 0% |
Notes:
Part-time employees are responsible for a portion of the benefit premiums that are paid 100 per cent by the University. For example, a part-time employee that works three days per week, year round, would have a FTE (full-time equivalency) of 60 per cent – the employee would be responsible for paying 40 per cent of the premiums.
All benefits continue while on an approved leave of absence, however employee paid benefits will need to be paid in advance for the duration of the leave (LTD and Optional Life insurance, and extended health and dental for part-time employees). Individuals who are members of the pension plan, have the option to waive pension contributions during the portion of their leave where they are not receiving pay from the University, however this may affect credited service.
Premiums for extended health, dental and LTD are waived as well as Pension contributions for individuals who are currently receiving LTD benefit payments. Optional life premiums are paid by the University while on LTD. Spousal life however must continue to be paid by the employee.