YUFA members have been receiving a reprieve from paying a long-term disability (LTD) premium deduction on their net salary for the period of May 1, 2022, to March 31, 2023. As a result, YUFA members did not see a deduction for LTD premiums on their monthly pay notice over this period of time. This pause in LTD premiums was made possible as YUFA received a refund of earlier excess premiums from our LTD insurance carrier (Sun Life).
As the premium ‘holiday’ comes to an end your pay advice for the month of April will reflect the LTD premium deduction once again. In addition, a new benefits year will begin the following month, in May, and there will be a 10% increase in the LTD premium rate (to 1.496% of insurable salary) to reflect the higher claims experience and costs. YUFA’s LTD plan is fully funded by employee contributions.