Board Implements New Schedule For Benefit Reviews
The STF Pension and Benefits Board of Directors’ recent changes to the benefits and funding policy provide for a new schedule for benefit reviews that will see the Board considering changes to the Members’ Health Plan benefits every three to five years instead of annually.
This change allows the Board to perform more comprehensive reviews of benefits and the Plan’s design, and ensures the Plan continues to be sustainable and competitive with comparable plans.
Members can suggest changes to benefits by submitting their proposals to Council for consideration at the next Annual Meeting of Council, which if passed, will be forwarded to the Board for consideration. They can also submit proposals directly to the Board, a process the Federation will be streamlining in January with the launch of an online benefit change request tool. Members will be able to fill out and submit a form with their proposed change directly to the Board for consideration during the next benefit review.
Watch the Health Plan section of the STF’s website and an announcement in the What’s New at the Federation e-newsletter for more information.