Air Canada retirement health benefits

Dear Brothers and Sisters:
Air Canada is asking eligible retirees whether they will give up their life insurance and health benefits, both of which were guaranteed for life, for a one time cash payment for life insurance, and a health care spending account of $450 yearly for the retiree, and another $450 for eligible dependents for a total maximum of $900 for health benefits. The decision whether to take the Voluntary Buyout Program is a personal one, and we cannot make a recommendation about what to do. However, we suggest that our members consider the
following when making the decision:

Bulletin041_EN

Air Canada Life Insurance Company

“On Friday, August 10, 2018 Air Canada announced to their employees that they would be creating a new wholly owned subsidiary, Air Canada Life Insurance Company (ACLI). ACLI will be a fully registered and regulated insurance company under the terms and conditions of all existing Canadian financial and insurance regulations and will fall under the auspices of OSFI.”
Read the full bulletin as issued by the IAMAW here:

Bulletin No. 036 – ACLI _EN