We’re proud to state that the IBEW Local 353 Benefit Plan (benefit plan) offers the highest relative value in a recent independent report compared to 11 peer plans in the construction and building trades industry in Ontario. This means for you as members, your IBEW Local 353 Plan has a generous benefit offering compared to peer benefit plans.
The Relative Value Comparison Report of the IBEW Local 353 Benefit Plan (the report) is based on an industry-leading benefit benchmarking study conducted by PBI Actuaries and Consultants which simplifies benefit plan designs into a comparable format, then compares your benefit plan against a group of peer plans operating in the same industry, in a sense comparing ‘Apples to Apples.’
What does this mean for you?
At a high level, it means your benefit plan has a generous benefit offering compared to peer benefit plans in the construction and building trade industry in Ontario. Your benefit plan offers a relative value of above 100% which means that your plan offers a benefit matching or in this case exceeding comparison plans in the industry. The report measures how benefit dollars across plans are being spent, and shows the benefits being used by members in the plan.
Alignment of Value
Your benefit dollars are spent where you most value them. In our last member research survey, plan members ranked the following benefits as highly valued dental, prescription drugs, paramedical, disability benefits and life insurance. This report demonstrates how your plan dollars are aligned with member expectations and needs. For example, your plan offers a relative value above 100% in Extended Health Benefits like prescription drugs and paramedical services.
Did you know? Your benefit plan offers the best value for disability benefits compared to other plans. This is primarily due to the following reasons: the benefit is linked to pre-disability income, pension credits keep accruing while on you’re on disability, members have their health benefits maintained while on disability at no cost to them, and no CPP offsets are applied to disability payments.
Protecting Your Future
Your benefit plan has a strong focus on Protecting Your Future. This focus resonates through providing plan members with industry-leading coverage within Ontario’s construction and building trades industry.
Read the new report to learn more.