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 > Basic Group Life Insurance

Basic Group Life Insurance

Benefits

After you retire with an unreduced or reduced retirement benefit, you receive Basic Group Life Insurance coverage at no cost to you, provided you meet the eligibility requirements under your retirement plan.

Your coverage includes

Coverage

Your coverage begins to reduce on January 1 following one calendar year of retirement. The reduction rate is 25 percent each January 1 until it reaches 25 percent of the total life insurance benefit value at retirement. If you have at least 30 years of creditable service, your coverage cannot reduce below $8,000. This minimum will be increased annually based on the VRS Plan 2 cost-of-living adjustment calculation.

When... Then... Example

You retire;

Your life insurance benefit is equal to your compensation at retirement, rounded to the next highest thousand and then doubled

You retired on March 1, 2015. Your compensation at retirement was $49,780; for your life insurance coverage, that amount is rounded to $50,000 then doubled to equal $100,000 at retirement

On January 1 after you complete one calendar year of retirement (January through December)

Your life insurance coverage reduces 25 percent

Your first 25 percent reduction will be on January 1, 2017 with remaining coverage of $75,000

On January 1 after you complete two calendar years (January through December) of retirement

Your life insurance coverage reduces another 25 percent

Your next 25 percent reduction will be on January 1, 2018 with remaining coverage of $50,000

On January 1 after you complete three calendar years (January through December) of retirement.

Your life insurance coverage reduces a final 25 percent and remains at that value for the rest of your retirement.

Your final reduction will be on January 1, 2019 and your coverage will remain at $25,000 for the rest of your retirement.

Keep Your Beneficiary Up to Date

To change your beneficiary, complete the Designation of Beneficiary (VRS-2) and mail it to VIRGINIA RETIREMENT SYSTEM, P.O. Box 2500 Richmond, VA, 23218-2500.

Questions about Life Insurance Coverage

Richmond Office
Minnesota Life
P.O. Box 1193
Richmond, VA 23218-1193
1-800-441-2258

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