Changes to the Québec Pension Plan: iA to update group insurance contracts
As of January 1, 2024, new provisions of the Act respecting the Québec Pension Plan will come into effect, changing the way Retraite Québec (RQ) disability benefits payable under the Québec Pension Plan (QPP) will be paid to disabled persons aged 60 to 65.
What is the impact on group insurance plans that offer disability insurance?
The Quebec government's changes to the disability pension have an impact on all group plans in the industry that offer disability insurance coverage.
To avoid any impact on its long-term disability plans and members, iA Financial Group will be sending a contract amendment to affected groups. This update is necessary to reflect the new provisions of the law.
We are also participating with the CLHIA in ongoing representations to government bodies.
Which groups are affected?
The changes will affect group policyholders offering long-term disability insurance to members residing in Quebec, regardless of where the organization is based in Canada.
What does this mean for members?
What are iA’s next steps?
We will soon be sending a detailed communication and a frequently asked questions document by e-mail to all our group policyholders offering long-term disability insurance, whether or not your plan is affected.
If you have any questions, please contact your iA Financial Group Client Relationship Manager.