Benefit Calculation

If you are approved for D&R Benefits, you will receive 66 2/3% of your Monthly Earnings as of your last day worked, rounded up to the next dollar.

Monthly Earnings means a Covered Employee’s basic hourly rate of pay including academic allowance or qualification pay, as of the last day worked; multiplied by the average number of bi-weekly hours worked over the immediately preceding 26 pay periods exclusive of overtime, bonuses, premiums, and allowances, including northern allowances, whether paid periodically or by way of a lump sum payment; and divided by 12. Where a Covered Employee has been employed for fewer than 26 pay periods as of the last day worked, Monthly Earnings will be calculated based on the period of time actually worked.

Note: If you experience an employment status change within the 26 pay periods prior to your Date of Disability, your D&R Benefit will be calculated based on your average number of bi-weekly hours worked in your new employment status.

Other important information:

• The monthly D&R Benefit amount may be reduced by Plan offsets (see Offsets section)
• The maximum D&R Benefit amount is $10,000 per month
• D&R Benefits are taxable
• Monthly D&R Benefits are directly deposited into the member’s account on the last banking day of the month.