Long-term Income Protection
Many teachers have long-term income protection (LTIP) agreements with their employers that provide coverage during a period of long-term disability (LTD). If you have such an agreement and become disabled, you'll continue to earn credit in the plan while you receive:
- sick pay or LTIP benefits through your employer; or
- payments for loss of earnings from the Workplace Safety & Insurance Board (WSIB).
In most cases, this applies even if you're on integrated sick leave or rehabilitative employment. As long as you're receiving WSIB loss of earnings benefits or benefits under a valid LTIP agreement with your employer, your credit can grow seamlessly until you start your pension.
If you began collecting LTIP through your employer as a result of a disability that occurred after August 31, 2001, your pension contributions are waived and your pensionable salary is adjusted automatically for inflation each subsequent school year at no cost to you. This helps you build the biggest pension possible during your absence from work.
If you're like most disabled members, you may find it best to stay on WSIB or LTIP benefits for as long as you can, especially if your employer continues to provide benefits such as health and life insurance. Carefully weigh your options before making any decisions.
Buying back credit
You only accumulate credit during a break in employment for health reasons if you're receiving WSIB loss of earnings payments, sick pay or LTIP benefits through an employer-sponsored program. If you have a break in employment where this is not the case, you can apply to buy back such absences. Contact us for more information.