Effective date: March 1, 2024
Application: Applies to workers injured on or after January 1, 1980 and dependent spouses of injured workers on or after January 1, 1989.
Policy subject: Annuities and pensions
Purpose:
To establish guidelines for providing annuities to compensate for the reduction of retirement income caused by a workplace injury.
Eligible compensation is the amount paid to compensate for earnings loss, which includes benefit payments made to:
Life annuity is a financial product that provides an individual with a monthly payment for the rest of their life. The amount of this monthly payment is based on the amount invested and the interest rates at the time the life annuity is purchased.
Qualifying period means a period exceeding 24 consecutive months in which the worker or dependent spouse receives eligible compensation for any portion of the month prior to reaching age 65. A single qualifying period may result from eligible compensation paid on more than one injury claim.
Salary Continuance
Suspension of Benefits
Interest
Recurrence of a Work-Related Injury
Death before Age 65
Purchase of an Annuity
Qualifying for Annuities after Age 65
Special Considerations
Alternate Annuities
Lump Sum Payouts
Reconsideration of Decisions
Annuity Supplement
Overpayment
Enforcement Measures
The Workers’ Compensation Act, 2013
Sections 2(1)(h), 73, 74, 75, 81
(1) Effective March 1, 2024, individuals currently receiving an annuity supplement will receive retroactive adjustments based on the percentage increase in minimum compensation to the date their annuity supplement began.
(2) POL and PRO 05/2020, Annuities (effective January 1, 2021 to February 29, 2024).
(3) POL and PRO 13/2013, Annuities (effective January 1, 2014 to December 31, 2020).
(4) Bill 58, an amendment to The Workers’ Compensation Act, 2013, to set the minimum annuity amount at $25,000 (effective January 1, 2014).
(5) POL 10/2008, Annuities (effective January 1, 2003 to December 31, 2013).
(6) PRO 04/2005, Annuities (effective January 1, 2003 to December 31, 2013).
(7) POL 04/2005, Annuities (effective January 1, 2003; however superseded by POL 10/2008 which was approved August 5, 2008 and made effective January 1, 2003).
(8) POL and PRO 04/2003, Annuities (effective January 1, 2003; however superseded by POL and PRO 04/2005 which was approved September 22, 2005 and made effective January 1, 2003).
(9) Bill 72, an amendment to The Worker’s Compensation Act, 1979, to state that if the amount set aside is less than $20,000, the worker or dependent spouse may receive a lump sum, in lieu of an annuity, at age 65 (effective January 1, 2003).
(10) POL and PRO 09/2002, Annuities (effective January 1, 2003; however superseded by POL and PRO 04/2003 which was approved May 13, 2003 and made effective as of January 1, 2003).
(11) POL and PRO 08/2000, Annuities (effective November 14, 2000 to December 31, 2002).
(12) POL 02/1999, Annuities (effective February 1, 1999 to November 13, 2000).
(13) POL 11/95, Modifications to Existing Policies on Annuity Provisions (effective 1995 to January 31, 1999). < /p>
PRO 01/2024 Annuities
POL 04/2010 Attachment of Compensation
PRO 04/2010 Attachment of Compensation
PRO 19/2023 Consumer Price Index (CPI) – Annual Increase
POL 07/2013 Consumer Price Index (CPI) – Annual Indexing
POL 03/2022 Injury Claims - Administrative Errors
PRO 09/2023 Minimum Compensation (Section 75)
POL 17/2016 Overpayment Recovery – Compensation
POL 10/2021 Suspension of Benefits
POL 10/2016 Suspension of Benefits – While Incarcerated
POL 09/2012 Termination – Age 63 and Over, Age 65, and Retirement