OntarioTech University Benefits And Pension Plan Overview.pdf

The plans prioritize flexibility and competitiveness to attract and retain talent.

Key Components:

1. Benefits Plan:

Medical: Comprehensive coverage with 100% semi-private room coverage, 80% for most other expenses, up to $175 daily maximum. Includes a Health Spending Account (HSA) for tax-efficient payment of eligible health care costs.
Dental: 80% preventive/basic coverage, 50% major coverage ($1,200 annual maximum), and lifetime $1,500 maximum for children's orthodontia.
Disability: Short-term disability (STD) provides up to 75% of base salary for up to 52 weeks, followed by Long-Term Disability (LTD) offering approximately 85% of pre-disability net income (up to $8,000/month).
Life Insurance: Employee Basic Life Insurance provides one times base salary coverage (up to $250,000), with optional coverage available for purchase. Spouse and child options also available.
Accidental Death & Dismemberment (AD&D): Employee Basic AD&D offers one times base salary coverage (up to $250,000), with optional coverage available.

2. Flexibility:

HSA: Credits allocated annually, allowing use of pre-tax contributions for eligible health care expenses not covered by the plan. Two-year usage rule applies.
Customizable Coverage: Employees can tailor their benefits to individual needs through optional coverage purchases.

3. Pension Plan:

The University contributes credits equal to 2% of pensionable earnings, enhancing retirement savings.