Benefit Bits
The following information was provided at the Benefit Conference in Detroit, and we thought you may find it interesting.
Disability Insurance - 2003
· Sickness and Accident Leaves totaled 5570 with $122.49 million in benefits paid out.
· Extended Disability Leaves totaled 1390 with $35.38 million in benefits paid out.
Health Care
· For those enrolled in the traditional plan health option, in mid-May detailed information will be mailed concerning the ‘Traditional Care Network’ that is replacing Blue Cross Blue Shield effective July 1, 2004.
· A second communication will be mailed the first of June instructing enrollees how to locate a ‘TCN’ provider. In mid to late June a third and final communication will be mailed out, along with new ID cards.
Life Insurance Participation Coverage In Force Claims Paid Benefits Paid
Basic Life 334,485 19.12 billion 152.39 million
Optional Life 43,564 3.30 billion 475 23.73 million
Dependent Life 61,502 1.10 billion 985 12.11 million
Personal Accident 18,524 3.90 billion 35 3.42 million
Pension - 2003
307,273 Pension Plan Recipients
5,855 Under age 50
55,428 Age 50 - 59
104,760 Age 60 - 69
89,439 Age 70 - 79
45,802 Age 80 - 89
5,898 Age 90 - 99
91 Age 100 +
Credited Service Audits: 11,209 Ordered 10,868 Closed 522 Open
Personal Savings Plan (as of 2/29/04)
Eligible Employees 106,864
Participating Employees 53.00% (57,071)
Grand Rapids Metal 61.87% Participation Rate (7th Ranking - all GM)
Weekly Contributions 10.4 Million Dollars
Contribution Percent 1 - 9 % Favored by Largest Group of Employees
Grand Rapids Metal 10% Most Popular Contribution Rate
2003 Exchanges/Transactions 133,667
2003 Loan Defaults 3,597 Among Active Employees
6,319 Among Retired and Terminated Employees
$1,000,000 PSP Account Balance 2 GM Employees
Respectfully submitted,
Benefit Plan Reps
1st Shift: Stu Wilson, Jerry Reid, and Jolan Jackson
Alternates: Grant Holst and George Casarez
2nd Shift: Lauri Veneman, Alternate Denise DeBoer jmb/opeiu459/benrepmay04