Annual Earnings Update

Under the Life Insurance Plan, coverage and premium deductions are determined based on either:

  • Your prior year’s annual earnings (rounded to next higher $1,000) if you had a full year of continuous (uninterrupted) earnings in the prior calendar year in an eligible position, or
  • Your estimated annual earnings (rounded to next higher $1,000) for your EFT at the time you were newly hired, became eligible for Life Insurance benefits (e.g. due to an employment status change to an eligible position) or returned to work from an unpaid LOA.

In most cases, premium deductions will remain the same for each pay period and will not change until the Annual Earnings Update.

Each April, coverage and premium deductions will be adjusted as a result of the Annual Earnings Update to reflect any change in earnings from the previous year worked. If premiums are calculated based on estimated EFT earnings, coverage and premium deductions will remain in effect until you have one year of earnings in the prior calendar year.

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