NEBS is a not-for-profit organization that provides group insurance and pension plan for other NGO’s across both NWT and Nunavut Territories. NEBS requires new employer members to have 3 full-time employees, with terms longer than 24 months, to join the plan. Employers that are interested in joining the plan should contact our office for further information. Approval is subject to meeting requirements and Board approval.
For an application, please send an email to admin@nebsnorth.com.
NEBS Group Plan
NEBS offers a basic plan that includes the following coverage. All eligible employees must enroll in the basic plan.
- Basic Life Insurance (Life)
- Accidental, Death, Disease and Dismemberment (ADD)
- Dependent Life Insurance (Dep)
- Long Term Disability (LTD)
Employers can also choose to add Short-Term Disability (STD) to the list of coverages, if STD is added all eligible employees must enroll.
Eligible Employees are:
- Permanent Full Time; or
- Permanent Part Time with minimum 20 hours per week; or
- Term Employees of more than 12 months, but less than 24 months eligible for all benefits except disability; or
- Term Employees of more than 24 months eligible for all benefits including disability.
Term employees of less than 12 months, seasonal employees, and casual employees are not eligible.
The employer has the choice to provide coverage at two levels for Life/ADD/LTD and STD.
Basic Life/ADD
- Option 1 – 3 Times Annual Salary to maximum benefit of $300,000.00
- Option 2 – 1.5 Times Annual Salary to maximum benefit of $150,000.00
LTD
- Option 1 – 60% Non-Taxable Benefits to maximum $6,600.00 per month ***
- Option 2 – 70% Taxable Benefits to maximum $6,600.00 per month
STD
- Option 1 – 60% Non-Taxable Benefits to maximum $1,535.00 per week ***
- Option 2 – 70% Taxable Benefits to maximum $1,535.00 per week
To maintain the non-taxable status the entire premium must be payable/deducted from the Employee. If any portion of the premiums for LTD and STD are payable by the employer, the benefit is taxable. This is per CRA/Taxation Canada.
The employer group can also add the following coverages which can be optional at the employee level. The employee would make their choice of adding this coverage to their core benefits (life, add, dep life, ltd and/or std) on the individual enrollment form.
- Optional Extended Health
- Optional Dental
- Optional Life Insurance
Northern Employee Benefits Services provides the services of two different underwriters. The Co-operators for Basic Life, Dependent Life, Long Term and Short-Term Disability, Optional Health & Vision Care, Optional Dental Care and Optional Life Insurance. Chubb Insurance is a specialty underwriter for Accidental Death, Disease and Dismemberment.
NEBS Pension Plan
The NEBS pension plan is a defined benefit pension plan. The pension received at retirement is based on a formula that utilizes years of service and 6 best consecutive years’ average earnings. The current contribution rate is 8% base salary by the employee with a matching 8% employer contribution. These contribution rates have been maintained for 20 years, and we complete an annual valuation to ensure that the current rate will provide the pension promise.
Eligible Employees are:
- Permanent Full Time; or
- Permanent Part Time with minimum salary of 35% of the current year’s YMPE (2023 $66,600 x 35% = $23,310 minimum salary for part time employees); or
- Term employee of greater than 12 months.
- Term employees of less than 12 months, seasonal employees, and casual employees are not eligible.