A Benefits Plan to serve more in 2025

What’s new for 2025

Benefits Plan enhancements

The 2025 Benefits Plan includes benefits enhancements that better serve employers and their employees:

• Death and disability benefits and pension credit accruals will be calculated using one median effective salary, improving benefits for some employees and supporting parity among all plan members.
• Death benefits through the Death and Disability Plan have increased:
• minimum benefit for beneficiaries of retired members has been increased from $10,000 to $12,500
• maximum salary has been increased from $110,000 to the IRS compensation limit ($345,000 in 2024)
• value of the benefit has been increased for survivors of members aged 50 to 64
• Supplemental death benefits dues have been reduced by 10%.
• The waiting period for temporary disability benefits has been reduced from 14 to seven days.
• The benefit provided by the Death and Disability Plan, Long-Term Disability Plan, and Temporary Disability Plan has been increased from 60% to 70% of the member’s salary or the median salary (whichever is greater).
• Term life coverage will be available at higher amounts, and accidental death and dismemberment coverage is now included with that coverage.


Learn more about these enhancements.

Introducing the Covenant Package: Income protection with added value

For 2025, employers can offer the Covenant Package — a new, bundled set of income protection benefits — at an exceptional value.

• Defined Benefit Pension Plan
  
• Death and Disability Plan
  
• Temporary Disability Plan
  
• Employee Assistance Plan


Members of the Benefits Plan also receive access to assistance and education programs that support their holistic well-being.

Any employee working 20 hours or more per week is eligible to participate.


Learn more about the Covenant Package.

Why a new Benefits Plan With the goal of redesigning the Benefits Plan to serve employers’ needs better and support the holistic well-being of a broader range of members, we developed plan changes to enable employers to include more people in our high-value benefits offerings. The new plan is effective Jan. 1, 2025.