New program discontinues maternity and parental leave top up payments, employment assistance program.
The following memo was sent to all Postmedia staff on Mar. 9, 2017.
Across Postmedia we currently have numerous and varied benefit programs, pension plans and other human resources policies like vacation that apply to various employee groups. In order to both achieve harmony across our operations and to ensure the affordability of these programs going forward, we are making changes that will apply to everyone. Once complete, Postmedia will have a harmonized program that is aligned across the organization.
The following is a snapshot of some of the upcoming changes. More details can be found in the attached document.
Summary of Upcoming Changes:
· There will be one Postmedia defined contribution pension plan open for all eligible non-union employees to enroll in and contribute to.
· Current defined benefit pension plan accruals will stop.
· Participation in other defined contribution plans, group RRSPs and the DPSP Plan will cease.
· Harmonized Health and Dental Plan to include:
o Employee Paid Long Term Disability Premiums
o Employer Paid Group Life Insurance
o Pay Direct Card for Prescription Reimbursement
o Employee Paid Optional Life Insurance
o Employer Paid Paramedical and Vision Care reimbursement
· Discontinuation of Retiree Benefits
· Discontinuation of the Employee Assistance Program
· Discontinuation of Maternity and Parental Leave Top Up Payments
· Harmonized Vacation Leave Policy
For unionized employees, timing and program details will be discussed in contract negotiations.
Over the coming weeks you will receive more information about specific changes. We have also set up an area on Postmedia Link where we will post more information as it becomes available. Attached is a more detailed overview of the planned changes and timing of the implementation.
Further information about the pension changes will be provided directly to impacted plan participants over the coming months.