The Beneplan Co-operative pays $1.3 million in patronage dividends to clients
FOR IMMEDIATE RELEASE.
Media Relations 416-863-6718 x252
TORONTO, Ontario – The Beneplan Co-operative has just issued $1.3 million in patronage dividends to its policy holders, who are small & medium businesses with group benefit plans.
The dividends were a result of a surplus between premiums and expenses which were paid to The Co-operators Life Ins Co, who underwrite the risk.
The dividend was split in the following ways:
- $255,000 came from a refund from the Life Insurance benefit.
- $90,000 came from an RST rebate which was recovered from Revenue Canada.
- $945,000 came from the difference between health & dental premiums paid, and claims, fees and taxes expensed.
Geraldine Espley CA was appointed as the independent auditor by the Board of Directors of The Beneplan Co-operative. The Board comprise of 12 plan sponsors, such as Business Owners, Controllers, and HR Directors of member organizations.
“The life insurance dividend is the largest that we’ve distributed to date,” said Yafa Sakkejha, GM of Beneplan Inc, which manages the Beneplan Co-operative. “This represents just under 20% of the life insurance premiums that our members paid. We’re proud to be giving that cash back to our 200 members.”
The total dividend of $1.3 million represents 9% of total health & dental premiums paid by members of the Beneplan Co-operative.
“We’re hoping to give back a larger percentage of premiums in 2015, due to a couple new initiatives we’re working on, which includes the launch of a multi-tiered drug formulary,” said Sakkejha. “If we can provide small businesses with more dividends, we will have delivered the value which our co-operative promises.”
About the Beneplan Co-operative
The Beneplan Employee Benefits Co-operative Inc is a member-owned organization, incorporated without share capital, which acts as a buying group for small & medium businesses purchasing group benefit plans. It was established in 2000 and has paid a cumulative total of $8 million of dividends to its member-owners in its lifetime. It has 210 member organizations representing 20,000 lives. The Beneplan Co-operative is controlled by its Board of Directors, which comprise of 12 member-owner representatives. The Beneplan Co-operative holds about $1.5 million in total reserves.
About Beneplan Inc
Beneplan Inc is the administrator of the Beneplan Co-operative Inc, a separate legal entity. Beneplan Inc was established in 1989 in Toronto, Ontario, and works with brokers to distribute its services. http://www.beneplan.ca