I am an employee with the grand-parented Short Term Disability Plan. What are my options?
Employees who are currently under a grand-parented Short Term Disability Plan will automatically transfer to the IIP effective January 1, 2010. Employees who have a frozen sick pay bank, eligible for payout, under the STD plan, will have the following options: a) to receive a payout of your sick bank based on its value, if any, at December 31, 2009, and in accordance with the terms and conditions of your grand-parented Short Term Disability plan. The minimum payment is $700. Following the payout, your sick bank will be eliminated; OR b) to retain your frozen sick pay credits, if any, as at December 31, 2009, in accordance with your grand-parented plan. Your frozen sick pay credits will be used to top-up or augment your IIP coverage, if necessary. If you have any remaining sick pay credits when you terminate your employment due to retirement, death or resignation, you may receive a payout in accordance with the terms and conditions of your grand-parented short term disability plan.
