The SILC negotiated the agreement with the Employer Pension and Insurance Advisory Committee on how the surplus in the fund would be used. 

These are the improvements to insurance coverage and costs that will take effect on May 1st, 2025. 

Premiums and costs: 

• Premiums for the Group Life Plan decrease to $0.20 per $1,000 of insurance coverage monthly from $0.23 per $1000 of coverage. 

• Cost sharing under the Group Life Plan on classes 1-4 changes from 27.5% employer funded to 30% employer funded. This means that employees will pay a lesser share of the premium for insurance coverage for the 1x through 4x salary classes of insurance. 

Paid up insurance: 

• Paid up insurance under the Group Life Plan increases from $6,000 to $8,000. At age 75, all employees and retirees in the plan will now have $8,000 of coverage. 

• On a plan member’s 75th birthday, their coverage becomes the paid-up amount of $8,000. 

Full insurance coverage for all active employees to age 75: 

• There are no longer any coverage reductions under the Group Life Plan up to age 75. (Insurance coverage was previously reduced to 75% for employees aged 65-69, and to 62.5% for employees aged 70-74.) 

Please download the Group Insurance Plan Booklet from the CSSB for all the information about the group life insurance plan.