Beneplan: Presentation for EO Ottawa Nov 18 2014 - Employee Benefits in Ontario

EO Ottawa — The Beneplan Co-operative !

Managing employee benefits like a F500 co.

��1November 2014

Who are we?

Bayview Glen School

Perennial

Audit Committee

Agenda !

- Strategy - Structure - Reducing premiums w/o cutting benefits - Morale boosters

Why do you even have a benefit plan? !

Why not give ees cash?

Which plan which will attract the best talent? !

��5 Photo credit Richard Pardon / 500px !

Teachers want travel insurance !

��6 Photo credit Lori Denehy 500px !

White collar needs psychologists (but wont’ ask for it) !

��7 Photo credit Jesus Municio/ 500px !

Depends on your industry. !

Teachers want travel insurance. !

Truckers want disability insurance. !

Fitness pros want physiotherapy. !

New immigrants want dental. !

White collar needs psychology (but won’t tell you).

Which benefits do employees want? !

The young want DEN/PAR/VSN The old want DRG/LTD Regardless of the industry.

How do you please them all?��10

Should you ask your employees which benefits they want? !

Never.

The CRA invented our industry. !

First, you must understand that all you are doing is hiring an insurance co to pay your claims.

Insurance companies are paranoid. !

They think that we are trying to take advantage of them. !

When really, we think it’s the other way around!

!Our industry is the only one where you can give someone $100k and

they are by law not allowed to show you where that money went!

To what extent should employees share the cost of the plan? !

Employees should never pay a portion of the premium (Disability excluded) - tax inefficient.

Instead: !

Share costs at POS.

Driving down premiums.

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Where did your $3,000 per employee go?

How insurers set premiums. !

Group benefits are not insurance. !

They are the opposite of insurance.

Premiums are set in the same way that your hydro bill is calculated. !

Usage == Premiums.

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The Jargon. !

��22

IBNR !

Trend / Inflation !

Broker commissions

Refunds on… !

Life Insurance Stop-Loss Premiums

Ask for annual refunds of premiums if claims < premiums. !

Ask if claims > premiums, can they absorb that risk?

Retail Sales Tax Rebate

Drug Rebates from Manufacturers (Reformulary)

Oral chemo !

Biologic Drugs !

Trillium Drug Program !

Drug co-insurance / caps

Patient assistance programs

What do you do when an employee needs to take a sick leave?

Never pay their full payroll. Top up EI if you can afford it.

EI Premium Reduction Program

http://www.servicecanada.gc.ca/eng/cs/prp/010.shtml

Discount (multiply x payroll)

New multiplier (Instead of 1.4)

http://www.servicecanada.gc.ca/eng/cs/prp/0300/0300_170.shtml

E.x. !

$1 million in payroll x 0.33% discount = $3,300 annual savings

http://www.servicecanada.gc.ca/eforms/forms/sc-nas5022(2014-07-004)e.pdf

Avoiding over-insuring the LTD benefit

CPP Disability

Instead of: “66.67% of salary to a max of $6,000” !

Use: “66.67% of the first $2,250, 50% of the remainder, to a max of $6,000”

Owners’ LTD - the dilemma !

“85% all source maximum”

Boosting Morale !

…at little cost

• Formed in 2000 based on customer demand

• 250+ member-owners

• Members are Ontario SMEs w/ 20-200 employees

• Annual growth rate 35%

• 60% blue-collar industries; 40% white collar

• The only benefits co-operative in Canada of its kind

The Beneplan Co-operative

• On average, 10% of premiums are refunded as patronage dividends

• 80% of members receive dividends

• Other 20% of members have deficits (claims > premiums) absorbed by co-op

• $8 million in distributions since 2000 as of CY2013

• Source of dividends: health, dental, life ins premiums, tax rebates

• Future sources: drug rebates, paramedical rebates

Patronage Dividends

“As an auto-parts supplier, business has been tough. The $30,000 dividend we received in 2009 helped us through payroll.”

Clover Tool Manufacturing

“Our teachers pay half the premium. We used our $38,000 dividend to subsidize gym memberships for them.”

Bayview Glen School

An Engaged & Active Board of Directors

2013 Board at the AGM

• 100% Transparency

• Full accountability

• Decision making focused on members first

• Helping small business owners

• Low premiums enabled by mutual ownership

Our Co-operative Values

Who Runs Beneplan?

A small business, co-operative member, 10 employees, since 1989

Thank You !!

Yafa Sakkejha General Manager

yafa@beneplan.ca !

The Beneplan Co-operative 150 Ferrand Drive Suite 500

Toronto Ontario M3C 3E5 1.800.387.1670

beneplan.ca

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Beneplan: Presentation for EO Ottawa Nov 18 2014 - Employee Benefits in Ontario

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